Global Biorefinery Market Size, Share, Development, Growth and Demand Forecast to 2020 Industry Insights by Technology
- December 2015 •
- 59 pages •
- Report ID: 4402353 •
- Format: PDF
In addition, the implementation of stringent environmental regulations across the globe is propelling the demand for efficient renewable energy sources. Several international organizations are framing strict guidelines and standards, in order to reduce the greenhouse gases emission, thus fuelling the growth of the global biorefinery market. However, the requirement of high initial capital investment and uncertain global economic conditions are expected to hinder the growth of the market to some extent.
Biorefinery refers to the facilities, which converts biomass into fuels, power, heat, chemicals and materials, food, and several other useful products. Biorefinery is analogous to the conventional petroleum refineries producing a variety of fuels and other useful products from petroleum feedstock. A biorefinery utilizes different kinds of biomass, such as agricultural crops, wood, forest residues, algae, sea weeds, and organic residues. Several types of energy crops, such as woody and herbaceous plants are required to be grown for input in biorefinery. These crops are developed using fertilizers, chemicals for crop protection, and others. This creates abundant growth opportunities for the market players in chemical industries. Moreover, biomass production also offers abundant opportunities of revenue generation for farmers and companies involved in biomass plantation. Different processes and techniques, such as pyrolysis, gasification, fermentation, esterification, acid hydrolysis and fractionation are used for the conversion of biomass into useful products including energy, chemicals, and materials.
Among the various technologies, the thermochemical segment is expected to witness the fastest growth (17.3% CAGR) during 2015 – 2020 in the global biorefinery market. The industrial biotechnology segment held the largest market share with $ 224.8 billion in 2014, and it is expected to reach $ 447.3 billion by 2020, growing with a CAGR of 13.0% during the period 2015-2020.
Some of the major players operating in the global biorefinery market are Abengoa Bioenergy SA, Neste, Pacific Ethanol Inc., Renewable Energy Group Inc., UOP LLC, and Valero Energy Corporation.