A $979.5 Billion Global Opportunity for Biorefinery by 2026 - New Research from StrategyR

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Feb 22, 2022, 10:30 ET

SAN FRANCISCO, Feb. 22, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Biorefinery - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 7; Released: February 2022
Executive Pool: 372
Companies: 53 - Players covered include Abengoa Bioenergia SA; Neste Corporation; Pacific Ethanol, Inc.; Renewable Energy Group, Inc.; Valero Marketing and Supply Company and Others.
Coverage: All major geographies and key segments
Segments: Technology (Industrial Biotechnology, Physico-Chemical, Thermochemical)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

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ABSTRACT-

Global Biorefinery Market to Reach US$979.5 Billion by the Year 2026
Biorefineries are facilities engaged in converting biomass feedstock into bio-energy and a spectrum of various bio-based and value-added products like chemicals, feed, food and materials. Biorefineries exhibit the potential to play an important role towards the development of a carbon neutral economy. In the recent years, various companies have move ahead with encouraging developments that are anticipated to shape and drive the domain. While some of the companies are looking forward to set up new biorefineries, others are coming up with innovative technologies intended to exploit biomass for desirable bio-products. In a major development in this direction, Petron Scientech, Inc. and SBI Bioenergy, Inc. have joined hands for licensing of differentiated, sustainable, integrated and energy-efficient technologies for conversion of biomass into clean hydrogen along with production of low-carbon biofuels. Biorefineries engaged in converting biomass feedstock into biofuels and bio-products are likely to receive desirable financial impetus from government agencies. In a recent development in this direction, the US Department of Energy announced plans to come up with a second 'Scale-Up' Funding Opportunity Announcement (FOA). Offered by the Bioenergy Technologies Office (BETO), the funding is anticipated to play an important role in expediting the scale-up of biorefineries producing biofuels and bio-products.

Amid the COVID-19 crisis, the global market for Biorefinery estimated at US$647.2 Billion in the year 2022, is projected to reach a revised size of US$979.5 Billion by 2026, growing at a CAGR of 9.8% over the analysis period. Industrial Biotechnology, one of the segments analyzed in the report, is projected to grow at a 9% CAGR to reach US$546.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Physico-Chemical segment is readjusted to a revised 10.2% CAGR for the next 7-year period. This segment currently accounts for a 36.8% share of the global Biorefinery market.

The U.S. Market is Estimated at $182.8 Billion in 2022, While China is Forecast to Reach $155.2 Billion by 2026
The Biorefinery market in the U.S. is estimated at US$182.8 Billion in the year 2022. The country currently accounts for a 28.3% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$155.2 Billion in the year 2026 trailing a CAGR of 11.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.6% and 8.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 10.6% CAGR while Rest of European market (as defined in the study) will reach US$137.9 Million by the end of the analysis period. Strict government regulations, particularly in North America and Europe, that discourage the use of synthetic and chemical-based lubricants is expected to act as a demand driver. While the US and Europe are expected to remain the key markets for biolubricants in the near future, developing regions such as Asia-Pacific and Latin America are poised to generate the fastest demand growth for these bio-based products.

Thermochemical Segment to Reach $107.2 Billion by 2026
Thermochemical biorefineries convert biomass feedstock into pyrolysis oil or synthesis gas. The thermochemical conversion process is known for high degree of complexity and uses specific operating conditions, components and configurations. The process concerts biomass into syngas that can be converted into ethanol-rich blend. In the global Thermochemical segment, USA, Canada, Japan, China and Europe will drive the 12.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$42.3 Billion will reach a projected size of US$99.4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$9.7 Billion by the year 2026. More

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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
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