Global Biorefinery Market Set to Reach Nearly $1.2 Trillion by 2029: Products and Applications

Biorefinery products derived from biomass are vital in the $4 trillion bio-based economy. The U.S. leads in biomass use, the EU imposes restrictions, China enhances protection, and Brazil aims to increase utilization.

BOSTON, Aug. 7, 2024 /PRNewswire/ -- According to the latest BCC Research study, the demand for "Biorefinery Products and Applications: Global Markets" is expected to grow from $775.2 billion in 2024 to nearly $1.2 trillion by 2029, at a compound annual growth rate (CAGR) of 8.8% from 2024 to 2029.

The market for biorefinery products is segmented based on product type, source, and application. Product types are classified into energy-driven and material-driven categories, while sources are categorized into primary, secondary, and tertiary biomass. The applications of biorefinery products span across various sectors, including biofuel, biobased chemicals, biomaterials, bioenergy, and medicines and healthcare. Geographically, the market is divided into four key regions: North America, Europe, Asia-Pacific, and the Rest of the World. This report focuses exclusively on biorefinery products as end-use products and their applications, excluding revenue generated from technologies used in biorefineries. The analysis considers the base year of 2023, with estimates and forecasts extending from 2024 to 2029. Market estimates are provided in U.S. dollars, valued in billions, offering a comprehensive overview of the financial landscape and potential growth in the biorefinery products market.

The relevance of this report is underscored by the fact that, in January 2024, global surface temperatures rose by 1.5°C above the average, highlighting the severe impact of climate change. The surge in energy demand is leading to the depletion of conventional resources, particularly fossil fuels. In response, there is a strategic shift towards biorefined products to tackle multiple global challenges. This approach not only addresses the urgent need for environmental sustainability but also enhances economic resilience and energy security. With dedicated support from regulatory frameworks and shifting consumer trends, the biorefining industry represents a significant move towards a more sustainable economy.

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The following factors drive the global market for biorefinery products and applications:

Dwindling Fossil Fuel Resources: Fossil fuels are finite, and their availability decreases as global energy demand rises. This drives the need for alternative energy sources. Biorefineries offer a solution by using renewable biomass to produce biofuels, chemicals, and other products, helping to mitigate climate change and achieve net-zero emissions.

Easy Availability of Biomass: Biomass, such as organic materials from plants, animals, and microorganisms, is abundant and accessible. Biorefineries utilize this resource to produce biofuels, biochemicals, and biomaterials. This reduces reliance on fossil fuels and supports sustainable energy and material production.

Investment in Green Energy and Products: Governments, private companies, and research institutions are increasingly investing in green energy technologies and sustainable products. Biorefineries align with these investments by promoting circular economies, minimizing waste, and supporting the transition to cleaner energy sources, contributing to environmental goals, and reducing greenhouse gas emissions.

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Report Synopsis

Key Interesting Facts about the global market for biorefinery products and applications:

• Only 10%-15% of petroleum refinery output is used for the petrochemical industry to synthesize organic chemicals, with 85%-90% going to fuel production. This presents a significant opportunity for biorefineries to compete in producing organic compounds and fuels.
• The European bioeconomy employs over 19 million people.

The global market for biorefinery products and applications report includes in-depth data and analysis addressing the following important queries:

1. What is the projected market size and growth rate of the market?
   •  The global biorefinery products and applications market was valued at $715.7 billion in 2023 and will reach $1,184.1 billion by 2029, and the growth rate is 8.8% for the forecast period 2024-2029.
2. What are the key factors driving the growth of the market?
   •  Dwindling fossil fuel resources
   •  Easy availability of biomass
   •  Investment in green energy and products
   •  Growth of bioeconomy
3. What segments are covered in the market?
   •  The biorefinery products and application market is segmented based on source, product, and application. The source segment is categorized into primary biomass, secondary biomass, and tertiary biomass. The product category includes material-driven and energy-driven as the major segments; and the application segment includes biofuel, bio-based chemicals, biomaterials, bioenergy, and medicines and healthcare.
4. By product, which segment will dominate the market by 2029?
   •  The material-driven segment dominates the product segment.
5. Which region has the highest market share in the market?
   •  North America has the highest market share in the market; the market is holding the highest share based on various factors such as the presence of the largest number of biorefineries, high R&D expenditure in biorefinery technologies, and key presence of companies that are bio-based products in the region along with favorable government support for bio-based industry.

Some of the Key Market Players Are:

• BASF SE
• BP P.L.C.
• CARGILL INC.
• CHEVRON RENEWABLE ENERGY GROUP
• ENVIVA INC.
• HONEYWELL UOP (HONEYWELL INTERNATIONAL INC.)
• NESTE
• NOVOZYMES A/S
• PLANET BIOTECHNOLOGY INC.
• POET LLC.
• PETROBRAS
• SEABOARD ENERGY
• VANCE GROUP LTD.
• VALERO ENERGY CORP.
• WILMAR INTERNATIONAL LTD.

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