Biorefinery Market will Escalate Rapidly in the Near Future

Hydrogen Energy Storage Market

The global biorefinery market is expected to witness significant growth during the forecast period due to increased government initiatives and increased need for environmental sustainability as well as technological advancements and increased investments in the biorefinery market.

The global Biorefinery Market is projected to grow from USD 141.8 billion in 2022 to USD 210.3 billion by 2027, at a CAGR of 8.2% during the forecast period.

Increasing demand for biofuels to achieve net zero emissions are the primary driver for the global biorefinery market across the globe. Governments of various countries across the globe are focused on reducing greenhouse emissions. With the help of biofuel, greenhouse emissions can be reduced by up to 65%. Several countries around the world are trying to move away from dependence on oil imports. The implementation of stringent environmental regulations in several countries has also created the demand for efficient and less polluting energy sources, thus driving the growth of the biorefining market worldwide. This will drive the market for biorefinery as there will be an increase in the production of energy-driven products.

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Energy driven segment is expected to occupy the majority share in the biorefinery market.

Energy driven segment accounted for the largest share in the global biorefinery market, by product segment. The key factor expected to drive the growth of the segment is the shift in government policies to support the use of renewable energy across industries. However, other factors, including increased cost of fossil fuel, rise in demand for fuel for automobiles, and specialized policy designed to encourage the use of biofuel, impact the growth and boost the use of biofuel globally.

Americas is expected to be the largest region in the biorefinery market

Americas accounted for the largest share of the global biorefinery market during the forecast period. The Americas is expected to dominate the market due to the increasing efforts to develop forest-based biorefineries in the region. Countries, such as the US, Canada, and Mexico are investing significantly in new projects related to the production of biofuels and developing new technologies to produce bio-based products. The region has witnessed a rapid growth in electricity demand in recent years, due to the growing population, increasing per capita income, and a growing number of bio-based refineries, coupled with urbanization.

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Key Market Players:

Major players operating in the Biorefinery Market include Renewable Energy Group (US), Neste (Finland), TotalEnergies (France), Valero (US) and Vivergo Fuels (England).