The increase in environment awareness is a significant factor driving the growth of the Global Biorefinery market in the forecast period of 2024-2028.
According to the TechSci Research report, “Biorefinery Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028F“, the Global Biorefinery Market is anticipated to expand in the coming years.
The rapid increase in population poses significant challenges, such as steadily increasing demand for food, energy, and water, contributing to climate change and it becomes an alarming situation for the world. Therefore, the government and world needs to take action to reduce greenhouse gas emissions (GHG).
Society and the economy rely heavily on energy, from fossil fuels. According to EIA, 84% of the world’s energy comes from fossil fuels, and demand is expected to rise as global energy consumption rises by 53% by 2035. Moroever, unconventional fossil resources such as tar sand oil, shale gas, arctic and deepwater oil may become economically feasible to extract as prices rise, but they are ultimately a constrained resource with health and environmental risks. Therefore, Bioenergy, which is derived from plants, uses sunlight and CO2 to absorb carbon into biomass, has emerged as a potentially sustainable energy source with low climate impact.
Moreover, the transformation of biomasses of agricultural, industrial, or natural origin enables the production of substances that can be used as biofuels and intermediate chemical products, which, in turn, can be transformed into further products such as sugars and sugar alcohols, glycerine, furfurals, cellulose fiber and derivatives, carbonaceous materials, resins, bioplastics. In the long run, usingnew technologies will be able to close the gap between economic growth and environmental sustainability.
However, one barrier is the production of high-quality biomass that can be economically transformed into useful energy products.
Some of the innovations in biorefineries are:
Eni’s biorefinery project in Venice’s industrial area, which is converting an old refinery into a biorefinery capable of converting organic raw materials into high-quality biofuels. The biorefinery will be able to process up to 560,000 tonnes of raw materials, including cooking oils, vegetable oils, and animal fats, and will produce green diesel, green naphtha, LPG, and possibly turbojet fuel..
UPM-Kymmene Oyj is one of the biorefineries which has a production of advanced biofuels that are renewable and of high quality. UPM manufactures its advanced wood-based biofuel, UPM BioVerno, at its biorefinery in Lappeenranta, Finland. The biorefinery is using its own innovations to transform tall oil. UPM BioVerno is a high-quality renewable diesel that can be used in all diesel engines as a blending component or as 100% fuel. When compared to fossil diesel, it reduces greenhouse gas emissions by 80%.
Furthermore, sustainable technological developments and innovations may not always result in the complete reduction of the environmental burden of industrial production. To start sustainable production on a long-term basis, technological innovation is a crucial factor.
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The Global Biorefinery Market is segmented into Product, Production Facility Size, Feedstock, Process, By Region, and By Competition.
In 2021, the thermochemical process segment contributed significantly to the market’s overall revenue. Bioenergy is regarded as a sustainable alternative to fossil fuels. Advanced conversion technologies and biomass feedstocks are designed to effectively convert biomass to energy.
According to regional analysis, Biorefinery market is segmented into North America, Europe, South America, Asia-Pacific, and Middle east and Africa. North America is expected to grow during the forecast period. According to the United Nations, the current global population of 7.2 billion is expected to increase to 8.1 billion, by 2025. Therefore, there would be more demanding consideration to ensure the practice of sustainable development in this region. This population growth requires additional requirements for energy, transportation, and many other needs. This growth has resulted economies such as US, Canada, Mexico focusing on the implementation of advanced clean technologies to improve business processes and promote sustainable development. The market for Biorefinery is anticipated to grow and companies operating in North America will likely benefit from adaptable economic conditions, government policies, industrialization and globalisation, and growing digitalization.
Major market players operating in the Global Biorefinery Market are:
- Valero Energy Corporation
- Honeywell UOP
- Renewable Energy Group
- Neste
- Abengoa
- Godavari Biorefineries Ltd.
- Sekab
- TotalEnergies
- Borregard AS
- Vivergo Fuel
Some of the recent developments by key players are:
In January 2022, Honeywell and Lanaz Company partnered, to use Universal Oil Products modular naphtha hydrotreating and fixed-bed Platforming process units to upgrade its refinery in Iraq.
In January 2022, Honeywell and LUKOIL-Permnefteorgsintez, partnered to use Honeywell UOP process technologies at its refinery to convert vacuum gasoil into gasoline and propylene.
“Global Biorefinery Market is expected to thrive as, since the industrial revolution, the rapid development of human activities has depleted natural resources in a relatively short period of time. Mass consumption and large production have profoundly impacted earth’s ecology, diminishing nonrenewable resources and resulting environmental issues by polluting the air, water, and soil.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
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“Segmented By Product (Energy, Chemical and Material), By Production Facility Size (Small and medium-sized production facility, and large production facility), By Feedstock, (Primary Biomass and Secondary Biomass), By Process (Thermochemical, Biochemical, Chemical, and Mechanical & Thermomechanical), By Region, By Competition”, has evaluated the future growth potential of Global Biorefinery market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Biorefinery Market.
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