As per analysts at Zion Market Research, the global bio-refinery products is expected to reach USD 855.16 billion by the end of 2026, growing at a CAGR of 9.3% during the forecast period 2020–2026. A biorefinery aids in the biomass conversion process, thus producing chemicals, power, and fuel amongst others from biomass with lesser waste and emissions. The main technology of this procedure is a typical thermal reactor that provides sequential and linear biomass fractionation through the steam autohydrolysis. The thought of biorefinery is the same as the modern petroleum refinery that produces many products and fuel from petroleum. Furthermore, the bio-refinery aids in the production of several components together with electricity generation and heat processing. These products are later utilized to create fibers, adhesives, bio detergents, biodegradable surfactants, polymers, and enzymes. The fuel from biorefineries is utilized to meet the energy requirement whilst the power produced aids in reducing energy costs and lowering greenhouse gas emissions. —
Some of the leading players in this market are Pacific Ethanol, Abengoa Bioenergy Corp, Renewable Energy Group, Neste Oil OYJ, UOP LLC, and Valero Energy Corp.
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Surging Awareness Related To Bio-Based Products Boosting The Global Bio-Refinery Products Market
The global bio-refinery products market is boosted owing to the stringent environmental policies related to the use of biofuels, augmenting apprehensions for energy security, volatility in fossil fuel prices, and accessibility of cheap raw materials. Numerous geographical drivers are also responsible for the development of the market. The surge in promotional activities about bio-based products by chemists and biotechnologists globally is likely to create considerable opportunity in the global bio-refinery products market in the coming years. Additionally, the small scale producers in emerging nations will further boost the opportunities of this market. The development in the bio-refinery is anticipated to produce more co-products, feedstock, and technologies. It will also offer all kinds of economic opportunities certainly. The research and development activities will accelerate agricultural & rural development, surge industrial development, and open newly created & existing markets.
The global bio-refinery products market is bifurcated on the basis of type, applications, and regional analysis. Based on the type, the market is divided into thermochemical and biochemical. Based on the applications, the market is divided into biofuels, biomaterials, bulk chemicals, and pharmaceuticals & food additives.
The North America Region Expected To Dominate The Global Bio-Refinery Products Market
Based on the geographical analysis, the global bio-refinery products market is divided into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. At present, the global market is ruled by the North America region in terms of profits, accompanied by Europe and Asia-Pacific. Nevertheless, the Asia Pacific region is likely to develop at a considerable rate in the coming few years, primarily owing to strict government regulations and existence of the small number of contenders in the market for the bio-refinery products.
The global bio-refinery product market is segmented as follows:
Pharmaceuticals & food additives
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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