There is an impending need for renewable sources of energy in order to maintain the sustainability of the environment. One such advancement is the emergence of biorefinery application industry. According to International Energy Agency (IEA), Biorefining is the sustainable processing of biomass into a spectrum of marketable products and energy. The product segment includes chemicals, materials, food and feed, while the energy segment includes biofuels, electricity and heat. The society is facing energy crisis due to the rising demands and prices of the fossil resources. Moreover, there is an unmet market need for alternative materials and chemicals, to protect the environment from hazardous effects of pollution and emission of greenhouse gases. The anticipated depletion of fossil resources in near future, would witness a global shift from fossil based economies to bio-based sustainable economies. The key factors for the global biorefinery applications market are; growing world population, urbanisation, industrial revolution, and increased modes of transportation. Furthermore, public and private initiatives and environmental regulations across the globe would further drive the market. However, the high cost associated with the establishment of bio refineries, lack of awareness about biorefinery applications and reluctance to adopt newer technologies, are likely to restrain the market growth.
The global biorefinery applications market is segmented on the basis of raw material, technology, end product and geography. On the basis of raw material, the market is segmented into, Agricultural Biomass such as; Oil Crops, Starch Crops, Sugar Crops, Grasses, Wood and Woody Biomass, Marine Biomass such as Algae, and Residuals & waste materials. The market, on the basis of technology, is segmented into Thermo chemicals such as Combustion, Gasification, Pyrolysis, Thermolysis, and Hydrothermal processes, Biotechnologicals such as Fermentation and Enzymatic conversion, Chemical and Mechanical. On the basis of end product, the market is segmented into Energy products such as Biofuels Electricity and Others, and Material products such as Chemicals, Fertilizer, Polymers, Foodstuff and Others. Geographically, the market is segmented across four regions namely North America, Europe, Asia Pacific, and LAMEA.
Few strategies adopted by industry players are collaborations and agreements. Recently, Elevance Renewable Sciences, has collaborated with Genting Plantations, for the production of renewable, high-performance olefins and specialty chemicals. As a part of the collaboration agreement, Elevance will provide technology and consulting support to Genting Plantations. Similarly, Numaligarh Refinery Limited (NRL), a subsidiary of Bharat Petroleum has signed a joint partnership Agreement with Chempolis Ltd to build a world class biorefinery in the North East India. The companies profiled in the report include, Novozymes A/S, Lanxes A.G, Bayer AG, E. I. du Pont de Nemours and Company, Renewable Energy Group, Inc., Permolex Ltd, Green Plains Inc. Dominion Energy Solutions, Valero Energy Corp., Sofiproteol and Archer Daniels Midland Company.
KEY MARKET BENEFITS
The global biorefinery applications market is segmented below:
Global Biorefinery Applications Market - By Raw Material
Global Biorefinery Applications Market - By Technology
Global Biorefinery Applications Market - By End Product
Global Biorefinery Applications Market - By Geography
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