The global biorefinery market was valued at US$432.4 billion in 2014, and has been predicted to grow with a CAGR of 14.0% between 2015 and 2020, according to a new report from P&S Market Research. The factors driving the growth of the global market include government initiatives and increasing pressure for environmental sustainability, need for geopolitical energy security, technological advancements and increasing investment in the biorefinery market, and increasing need for energy independence.
Currently, there are very few large scale biorefineries, as compared to conventional petroleum based refineries across the globe. Hence, the massive unexplored biorefinery market across the world is expected to attract more investors and new players to explore the potential of the market. Moreover, the high rate of depletion of fossil fuels is creating demand for sustainable and ecofriendly energy sources, thus providing abundant opportunities for the major players in the global market.
Biorefineries facilitate the conversion of different bio-based feedstocks into several useful products, such as energy, chemicals, and materials. The different processes used for the conversion of biomass into energy and other products are thermochemical processes, biochemical processes, chemical processes and mechanical processes.In 2014, North America held the largest share in the global market. The major reasons behind the growth of the biorefinery market in the region are high demand for energy independence and energy security, stringent environmental regulations, and high investment for the development of biorefineries. Moreover, Asia Pacific is anticipated to witness the fastest growth with a CAGR of 17.2% during the forecast period.
Among the various technologies, the industrial biotechnology segment held the largest share in the global market in 2014, and is expected to witness a CAGR of 13.0% between 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.
Adapted from press release by Francesca Brindle
Read the article online at: https://www.hydrocarbonengineering.com/refining/05012016/global-biorefinery-market-to-grow-14-percent-by-2020-2066/