The Global Biorefinery Products Market size is projected to grow at a CAGR of 8.7% during the forecast period 2021-2028. As of 2018, the global biorefinery products market was worth $14 billion USD and it is projected to reach a value of $27 billion by 2028. Increasing demand for renewable energy and reducing reliance on fossil fuels has led to an increase in the production of biofuels and bioenergy which further increases the demand for biorefinery products such as biodiesel, ethanol, and hydrogen fuel cells. The increasing population growth coupled with rising disposable income levels across the Asia Pacific region is expected to have a positive impact on the global biorefinery product market size over the next few years.
Biorefinery Products are a group of chemicals and bio-products which are manufactured from biomass. Biorefinery products are renewable sources for the production of bulk chemicals, pharmaceuticals, food additives, and other goods. Biomass can be used as raw material to produce biochemicals such as ethanol through a process called biochemical conversion or it could also be transformed into fuel by thermochemical processes like gasification or pyrolysis.
Biorefinery products are the forthcoming commodity in the global chemical industry and will contribute to a significant portion of the total revenue generated by this market. Biochemicals, biofuels, and other biomass-derived chemicals such as pharmaceuticals food additives, etc., are used for industrial production.
On the basis of Type, the market is segmented into Biochemical and Thermochemical. The biochemical segment is anticipated to dominate the global market by 2028 owing to its low-level fuel cost and easy availability.
Biochemicals can be produced from the process of agricultural, animal, or forestry products. Biochemicals are typically used for food additives which means they have been proven to add nutritional value and flavor to the end product, but not in a nutrient way.
Biochemicals may also go through chemical reactions without heat while retaining their original form, this process is called "cold processing". For example, citric acid (CIT) undergoes cold-processing by reacting with potassium salt (KCI), water (H20), and sugar cane juice to produce CIT crystals. These crystals are then dried into powder form before being dissolved in deionized water again prior to consumption as an ingredient at various levels depending on its usage. Biochemicals can also be found in other products like pharmaceuticals, water treatment chemicals, detergents, and cosmetics as well.
The Thermochemical segment is a product of gasification, pyrolysis, and others. This process involves using heat or catalytic reaction under high temperatures with pressure (typically greater than 100 degrees Celsius) which results in chemical conversion into different product forms that could not otherwise have been obtained through biochemical processes alone. The chemical products that are produced through thermochemical processes include ammonia, methanol, and hydrogen.
On the basis of Application, the market is segmented into Bulk Chemicals, Biomaterials, Biofuel, and Pharmaceuticals & Food Additives.
The Bulk chemicals segment is the largest application for biorefineries worldwide because it has high demand from various industries such as paints and coatings, plastics production, and textiles. This type of product contains a range of different substances including monomers like styrene which can be used to produce polystyrene or acrylonitrile that could be responsible for making nitrile rubber.
Biomaterials used in orthopedics surgery procedures include platelets which can be derived from animal blood donation with less chance of infection (in comparison with using cells harvested from bone marrow). Bio-based plastics are used in the manufacturing of self-healing materials. Biomaterials are materials such as plastics, metals, or ceramics that can be used in medical treatments to replace damaged tissues and bones due to injury or disease. This growing industry will lead to increased use of biorefinery products in manufacturing biomaterials which provides a lucrative opportunity for manufacturers supplying bioethanol feedstock from different sources like corn, sugarcane, etc., In addition to providing an alternative source for biodiesel production by converting biomass into liquid fuels such as diesel.
Biofuel is a renewable fuel that is produced from biomass. Biofuel can be categorized as either first-generation biofuels or second-and third-generation biofuels. First and Second Generation (Bioethanol; Biogas) are the most common types of fuels used in today’s cars and truck engines while Third Generation fuels do not exist yet commercially but are still being developed for use in transportation.
On the basis of Region, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The North American market is expected to dominate the global market in terms of revenue, owing to its large production capacity and high consumption rate. The Asia Pacific market is expected to grow at the fastest CAGR due to its large production base for biomass-based products. In terms of volume, Latin America will witness high demand for biorefinery products because of environmental and economic issues.
The market is driven by a growing need for sustainable fuel, which has given rise to biofuel demand, and the consequent increase in production of other renewable energy sources like electricity through thermochemical processes. Growth in customer awareness about environmental sustainability also aids growth as consumer preferences shift from traditional fossil fuels to cleaner options such as renewables. Technological developments will result in improved product efficacy over time, and emerging economies with vast biomass resources are expected to drive future industry expansion on account of their relatively low-cost raw materials.
High production costs and the lack of efficient methods to collect biomass are some challenges faced by this industry. The value chain is also fragmented, with many small players in all segments, which makes it difficult for market participants to enjoy economies of scale benefits. Regulatory uncertainties regarding the mandatory use of biofuel as a fuel source limit opportunities for growth in certain markets such as Europe and North America.
Up Market Research published a new report titled “Biorefinery Products Market research report which is segmented by Types (Biochemical, Thermochemical), By Applications (Bulk chemicals, Biomaterial, Biofuel, Pharmaceuticals and food additives), By Players/Companies Abengoa Bioenergy Corp, Pacific Ethanol, Neste Oil OYJ, Renewable Energy Group, UOP LLC, Valero Energy Corp”.
|Report Attributes||Report Details|
|Report Title||Biorefinery Products Market Research Report|
|By Type||Biochemical, Thermochemical|
|By Application||Bulk chemicals, Biomaterial, Biofuel, Pharmaceuticals and food additives|
|By Companies||Abengoa Bioenergy Corp, Pacific Ethanol, Neste Oil OYJ, Renewable Energy Group, UOP LLC, Valero Energy Corp|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||219|
|Number of Tables & Figures||154|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type Biochemical, Thermochemical and By Application Bulk chemicals, Biomaterial, Biofuel, Pharmaceuticals and food additives.
Some of the companies that are profiled in this report are:
Biorefinery Products Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Biorefinery Products Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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