August 07, 2024
Boston: “According to the latest BCC Research study, the demand for “Biorefinery Products and Applications: Global Markets” is expected to grow from $775.2 billion in 2024 to nearly $1.2 trillion by 2029, at a compound annual growth rate (CAGR) of 8.8% from 2024 to 2029.”
The market for biorefinery products is segmented based on product type, source, and application. Product types are classified into energy-driven and material-driven categories, while sources are categorized into primary, secondary, and tertiary biomass. The applications of biorefinery products span across various sectors, including biofuel, biobased chemicals, biomaterials, bioenergy, and medicines and healthcare. Geographically, the market is divided into four key regions: North America, Europe, Asia-Pacific, and the Rest of the World. This report focuses exclusively on biorefinery products as end-use products and their applications, excluding revenue generated from technologies used in biorefineries. The analysis considers the base year of 2023, with estimates and forecasts extending from 2024 to 2029. Market estimates are provided in U.S. dollars, valued in billions, offering a comprehensive overview of the financial landscape and potential growth in the biorefinery products market.
The relevance of this report is underscored by the fact that, in January 2024, global surface temperatures rose by 1.5°C above the average, highlighting the severe impact of climate change. The surge in energy demand is leading to the depletion of conventional resources, particularly fossil fuels. In response, there is a strategic shift towards biorefined products to tackle multiple global challenges. This approach not only addresses the urgent need for environmental sustainability but also enhances economic resilience and energy security. With dedicated support from regulatory frameworks and shifting consumer trends, the biorefining industry represents a significant move towards a more sustainable economy.
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The following factors drive the global market for biorefinery products and applications:
Dwindling Fossil Fuel Resources: Fossil fuels are finite, and their availability decreases as global energy demand rises. This drives the need for alternative energy sources. Biorefineries offer a solution by using renewable biomass to produce biofuels, chemicals, and other products, helping to mitigate climate change and achieve net-zero emissions.
Easy Availability of Biomass: Biomass, such as organic materials from plants, animals, and microorganisms, is abundant and accessible. Biorefineries utilize this resource to produce biofuels, biochemicals, and biomaterials. This reduces reliance on fossil fuels and supports sustainable energy and material production.
Investment in Green Energy and Products: Governments, private companies, and research institutions are increasingly investing in green energy technologies and sustainable products. Biorefineries align with these investments by promoting circular economies, minimizing waste, and supporting the transition to cleaner energy sources, contributing to environmental goals, and reducing greenhouse gas emissions.
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Report Synopsis
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Report Metrics |
Details |
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Base year considered |
2023 |
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Forecast Period considered |
2024-2029 |
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Base year market size |
$715.7 Billion |
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Market Size Forecast |
$1.2 Trillion |
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Growth rate |
CAGR of 8.8% from 2024 to 2029 |
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Segment Covered |
By Source, Product Type, Application, and Region |
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Regions covered |
North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
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Countries covered |
North America, Europe, Asia-Pacific, and the Rest of the World |
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Key Market Drivers |
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Key Interesting Facts about the global market for biorefinery products and applications:
The global market for biorefinery products and applications report includes in-depth data and analysis addressing the following important queries:
1. What is the projected market size and growth rate of the market?
2. What are the key factors driving the growth of the market?
3. What segments are covered in the market?
4. By product, which segment will dominate the market by 2029?
5. Which region has the highest market share in the market?
Some of the Key Market Players Are:
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Biorefinery Products and Applications: Global Markets( EGY117E )
Publish Date: Jul 2024
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