Global biorefinery market set to reach USD 319.95 billion by 2033 due to increasing demand for renewable energy sources

From GlobeNewswire: 2024-07-03 08:00:00

The global biorefinery market is set to grow from USD 136.22 billion in 2023 to USD 319.95 billion by 2033, with a CAGR of 8.91%. Biorefineries convert biomass into energy and valuable products, driven by concerns about energy security. Biofuels and biochemicals are primary products. Improving life quality has a positive impact on the biorefinery business.

The starch & sugar segment is expected to dominate the biorefinery market, offering advantages over other feedstocks. Biochemical processes are set to dominate the market, using biological processes to create bioenergy products. The energy segment is expected to hold the largest market share due to the growing attraction of renewable energy sources.

In Asia Pacific, increased urbanization and industrialization drive the need for renewable energy sources, making it the largest market share holder in the biorefinery sector. North America is expected to see the fastest growth, supported by government initiatives and strong infrastructure for biorefineries. Major players in the market include Valero, Neste, Borregard AS, and more.

The Global Biorefinery Market is segmented on different criteria including feedstock, process, product, and region. With regions like North America, Europe, Asia Pacific, Latin America, Middle East, and Africa being analyzed, the market is set to witness significant growth over the forecast period. Competitive analysis shows key players and their strategies to maintain market dominance.



Read more at GlobeNewswire: Global Biorefinery Market Size To Worth USD 319.95 Billion