In 2014, the global biorefinery market stood at $432.4 billion, which is projected to witness a growth rate at a CAGR of 14.0% during the forecast period. This significant growth rate is ascribed to the need for geopolitical energy security, increasing energy independence, government initiatives schemes, pressure for environmental sustainability, technological advancements and increasing investment in the biorefinery market.
Biorefinery converts several bio-based feedstocks into various end use energy products, including energy, chemicals and materials. In order, to refine the initial feed stock, there are several processes to be used in the refinery including chemical processes, mechanical processes, thermochemical processes and biochemical processes.
On the basis of technology type, the industrial biotechnology accounted largest market share in terms of both value and volume in the global market in 2014, which is expected to witness a CAGR of 13.0% during the forecast period.
Based on the region, North American biorefinery market accounted largest market share in terms of both volume and value in the global market in 2014. The key factors for the significant market share are high demand for energy independence and high investment for the development of biorefineries, and stringent environmental legislation.
The biorefinery market is at its nascent form. At present, there are very less large scale biorefineries globally, as compared to petroleum-based refineries. In addition, the high rate of depletion of fossil fuels is generating demand for ecofriendly energy source. Thus, the massive unexplored biorefinery market across the global is anticipated to attract more new players and investors to explore the potential of the market.
Globally, the key market players operating in the biorefinery market include UOP LLC, Neste, Renewable Energy Group Inc., Pacific Ethanol Inc., Abengoa Bioenergy SA and Valero Energy Corporation.
The information and data in the publication “Global Biorefinery Market Size, Share, Development, Growth and Demand Forecast to 2020”, represents the research and analysis of data from various secondary and primary sources. An amalgamation of top-down and bottom-up approach has been used to calculate the market size. P&S Intelligence analysts and consultants interacted with leading companies of the concerned domain to substantiate every value of data presented in the report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is followed by informed and detailed, online and offline research.
GLOBAL BIOREFINERY MARKET SEGMENTATION