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The biorefinery market share is expected to increase by USD 651.89 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 11.56%.
This biorefinery market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers biorefinery market segmentation by technology (industrial biotechnology, physico-chemical, and thermochemical) and geography (North America, Europe, APAC, South America, and Middle East and Africa). The biorefinery market report also offers information on several market vendors, including Abengoa SA, Cargill Inc., China Petroleum and Chemical Corp., Darling Ingredients Inc., Honeywell International Inc., Neste Corp., ALTO INGREDIENTS INC., POET LLC, Renewable Energy Group Inc., Valero Energy Corp., and BP Plc among others.
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The increasing demand for sustainable energy resources is notably driving the biorefinery market growth, although factors such as unexpected plunge in crude oil and natural gas prices may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the biorefinery industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Biorefinery Market Driver
One of the key factors driving the global biorefinery industry growth is the increasing demand for sustainable energy resources. According to the World Bank Group, the global population is anticipated to grow by 34% from 2015 to 2050 to reach 9.2 billion in 2050. The urbanization rate is increasing at a rapid pace. The income levels of people are multiplying, which has led to an increase in the demand for energy. According to the recent data published by the International renewable energy agency (IRENA), in 2021, the global energy demand was expected to increase by 48% in the next 20 years, owing to an increase in the global population. Currently, 80% of the energy demand is met by fossil fuels. However, rapidly depleting fossil fuel reserves coupled with the negative environmental impact have driven research toward biofuel production. Thus, the growth of the global biorefinery market is expected to be highly driven by the increasing demand for sustainable energy resources.
Key Biorefinery Market Trend
Energy independence is one of the key biorefinery market trends that is expected to impact the industry positively in the forecast period. For instance, in 2015, the Brazilian government took actions to counterbalance the bleak prospects for biofuels by increasing the quantity of ethanol that should be blended into gasoline from 25% to 27% and in biodiesel from 5% to 7%. The government has also raised taxes on gasoline to promote the production of biofuels. Other countries, such as Indonesia and Argentina, have also amplified their biofuel mandates from 5% to 10% and 8% to 10%, respectively. Numerous governments across the globe are spending heavily on enhancing the production of biofuels to reduce their reliance on energy imports. For instance, in 2019, the Indian government proposed to invest heavily in biofuels to establish 12 new biorefineries in the country. Such factors will further support the market growth in the coming years.
Key Biorefinery Market Challenge
One of the key challenges to the global biorefinery industry growth is the unexpected plunge in crude oil and natural gas prices. For instance, In early 2015, oil prices dropped below USD 52 per barrel from USD 100 per barrel in the mid of 2014. Crude oil prices fell further to USD 41 per barrel at the end of 2015 despite the futile efforts of OPEC to cut down production as a strategy to revive the dropping oil prices and reduce the mounting global supply surplus. Due to increasing tensions between Iran and Saudi Arabia and the economic slowdown in China, crude oil prices slumped further down to USD 30 per barrel in January 2016, which was the lowest price since February 2004. COVID-19 led to a decline in global industrial production mechanism, causing lower oil consumption, which decreased the barrel price furthermore in 2020. Such factors will challenge the market growth in the forecast period.
This biorefinery market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global biorefinery market as a part of the global oil and gas refining and marketing market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the biorefinery market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the biorefinery market encompasses successful business strategies deployed by the key vendors. The biorefinery market is concentrated and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The biorefinery market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the biorefinery market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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58% of the market's growth will originate from North America during the forecast period. US, Canada, and Mexico are the key markets for biorefineries in North America. Market growth in this region will be faster than the growth of the market in Europe and MEA.
The rising environmental concerns to reduce greenhouse gas emissions and the stringent regulations in place to monitor the consumption of non-renewable products at the domestic level will facilitate the biorefinery market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The COVID-19 outbreak in 2020 slightly impacted the biorefinery market in this region due to disruption in the international supply chain and a reduction in investment for the upcoming projects as a result of extended factory closures. However, in 2021, successful vaccination drives across this region, and an increase in investment inflows from various sources in the renewable energy sector resulted in the resumption of operations across plants, which would contribute immensely toward the growth of the biorefinery market in North America in the forecast period.
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The biorefinery market share growth by the industrial biotechnology segment will be significant during the forecast period. The application of industrial biotechnology in biorefining has made a significant contribution to reduce the impact of climate change. It aids in reducing greenhouse gas emissions during the entire lifecycle of products primarily due to its use of renewable raw materials. Thus, the industrial biotechnology segment is expected to exhibit significant demand that would boost the growth of the global biorefinery market during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the biorefinery market size and actionable market insights on post COVID-19 impact on each segment.
Industrial Biomass Boiler market - The market size is expected to grow by $ 246.02 mn and record a CAGR of 4% during 2021-2025.
Biorefinery Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.56% |
Market growth 2022-2026 |
$ 651.89 million |
Market structure |
Concentrated |
YoY growth (%) |
10.81 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 58% |
Key consumer countries |
US, Canada, Mexico, China, Japan, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Abengoa SA, Cargill Inc., China Petroleum and Chemical Corp., Darling Ingredients Inc., Honeywell International Inc., Neste Corp., ALTO INGREDIENTS INC., POET LLC, Renewable Energy Group Inc., Valero Energy Corp., and BP Plc |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Technology
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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