Visiongain has published a new report entitled Biorefinery Report 2024-2034: Forecasts by Feedstock (Primary Biomass, Secondary Biomass), by Product (Chemicals, Materials, Food, Animal Feed, Energy), by Processes (Biochemical, Chemical, Mechanical And Thermomechanical, Thermochemical) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies.

The global biorefinery market is estimated at US$220.2 in 2024 and is projected to grow at a CAGR of 8.8% during the forecast period 2024-2034.

Increasing Investment to Open New Avenues for the Biorefinery Industry

Increasing investment in the biorefinery industry is expected to open new avenues and drive significant growth. Biorefineries are facilities that convert biomass into fuels, chemicals, and other products, offering a sustainable alternative to fossil fuels. Many governments are implementing policies and providing financial incentives to promote the development of biorefineries. These include subsidies, tax credits, and grants aimed at encouraging the use of renewable resources and reducing carbon emissions.

In March 2024, Ireland’s ClonBio announced to invest $500m in new US biorefinery. The new plant built by ClonBio in the US state of Wisconsin will create around 1,000 jobs once the expansion is completed. The new investment is part of ClonBio’s expansion plans in Wisconsin, after the company bought the refinery site in 2022. The latest investment follows another round of $100m spent on its upgrade. ClonBio earns revenues of about €400 million a year making proteins, animal feed, biofuel, ethanol and alcohol from grain in Europe and the US, and renewable gas at a plant in Co Kildare.

How will this Report Benefit you?

Visiongain’s 280-page report provides 92 tables and 145 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the biorefinery market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Biorefinery. Get financial analysis of the overall market and different segments including feedstock, product, and processes and capture higher market share. We believe that there are strong opportunities in this fast-growing biorefinery market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.

What are the Current Market Drivers?

Increasing Demand for Sustainable Aviation Fuel to Drive the Market

The increasing demand for sustainable aviation fuel (SAF) is expected to significantly drive the growth of the biorefinery market. Governments and international bodies are implementing stringent environmental regulations to reduce carbon emissions. These policies promote the use of SAF, which is produced from renewable resources and has a lower carbon footprint compared to traditional jet fuels.

Many airlines are committing to reducing their carbon emissions by adopting SAF. Major airlines have entered into agreements to purchase SAF, demonstrating their commitment to sustainability and creating a stable demand for biorefineries. Advancements in biorefining technologies are improving the efficiency and cost-effectiveness of producing SAF. Innovations in feedstock processing, conversion technologies, and refining methods are making it more feasible to produce SAF at a commercial scale.

Volatile Fossil Fuel Prices to Spur the Market

One of the major driving factors for the biofuel industry is the volatility of fossil fuel prices. The price of crude oil, which is the primary feedstock for liquid fuels such as gasoline and diesel, is subject to frequent fluctuations due to a variety of factors including geopolitical tensions, supply and demand imbalances, and economic shifts. These fluctuations can have significant impacts on the economy, and industries that rely heavily on fossil fuels for their operations are particularly vulnerable to these price swings.

Biofuels offer a more stable alternative to traditional fossil fuels. The feedstocks for biofuels, such as corn, soybeans, sugarcane, and other crops, are produced domestically and can be grown consistently from year to year. This provides a degree of stability to the biofuel industry, which is less dependent on global commodity markets and price volatility. Additionally, as technology improves and production efficiencies increase, the cost of producing biofuels is becoming more competitive with traditional fossil fuels.

Where are the Market Opportunities?

Partnerships & Collaborations to Offer Opportunities for Biorefinery Industry

Partnerships and collaborations are pivotal for the growth and innovation in the biorefinery industry. Joint ventures between academia, research institutions, and private companies can accelerate the development of new technologies and processes for converting biomass into biofuels, chemicals, and materials. Collaborative projects often attract funding from governments, private investors, and international organizations, providing the financial resources needed for large-scale projects and commercialization.

In November 2023, Origin by Ocean and AFRY entered a collaborative engineering collaboration to plan an industrial-scale biorefinery for processing bio-based seaweed products in Finland. The conceptual study phases aim to define production concepts and the steps required to construct a biorefinery. Origin by Ocean’s first algae biorefinery in Finland is projected to reach full production capacity by 2027.

Competitive Landscape

The global biorefinery market is competitive in nature as large number of well-established companies are operating in this industry. Some of the leading companies present in this industry are Valero, TotalEnergies, Neste, Chevron Renewable Energy Group, Vivergo Fuels, Borreggard, Wilmar International, Godavari Biorefineries, Assam Biorefinery Private Ltd, SEKAB, Green Plains, Cargill, and Abengoa. Companies operating in this industry are adopting new refinery development, production expansion, investment, and partnership to stay competitive in this industry and gain competitive advantage over other companies.

Recent Developments

On January 2023, Valero Energy Corporation and Darling Ingredients Inc. announced that the companies have made the final investment decision on a Sustainable Aviation Fuel (SAF) project at the DGD Port Arthur plant, which is owned and operated by Diamond Green Diesel Holdings LLC, a 50/50 joint venture between Valero and Darling. Upon completion of the project, which is expected in 2025, the DGD Port Arthur plant will have the capability to upgrade approximately 50 percent of its current 470 million gallon annual production capacity to SAF.

Notes for Editors

If you are interested in a more detailed overview of this report, please send an e-mail to contactus@visiongain.com or call +44 207 336 6100.

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