The global biorefinery market was valued at $432.4 billion in 2014, and it is expected to grow with a CAGR of 14.0% during 2015 - 2020.
New York, NY -- (SBWIRE) -- 12/17/2016 -- The global Biorefinery market was valued at $432.4 billion in 2014, and it is expected to grow with a CAGR of 14.0% during 2015 - 2020. The factors driving the growth of the global market include government initiatives and increasing pressure for environmental sustainability, need for geopolitical energy security, technological advancements and increasing investment in the biorefinery market, and increasing need for energy independence. The global biorefinery market is at its nascent form. Currently, there are very few large scale biorefineries, as compared to conventional petroleum-based refineries across the globe. Hence, the massive unexplored biorefinery market across the world is expected to attract more investors and new players to explore the potential of the market. Moreover, the high rate of depletion of fossil fuels is creating demand for sustainable and ecofriendly energy source, thus providing abundant opportunities for the major players in the global market.
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Biorefinery facilitate the conversion of different bio-based feedstocks into several useful products, such as energy, chemicals, and materials. The different processes used for the conversion of biomass into energy and other products are thermochemical processes, biochemical processes, chemical processes and mechanical processes.
In 2014, North America held the largest share in the global market. The major reasons behind the growth of the biorefinery market in the region are high demand for energy independence and energy security, stringent environmental regulations, and high investment for the development of biorefineries. Moreover, Asia-Pacific is anticipated to witness the fastest growth with a CAGR of 17.2%, during the forecast period.
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The information and data in the publication "Global Biorefinery Market Size, Share, Development, Growth and Demand Forecast to 2020", represents the research and analysis of data from various primary and secondary sources. A top down approach has been used to calculate the market size. P&S Market Research analysts and consultants interacted with leading companies of the concerned domain to substantiate every value of data presented in this report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is followed by informed and detailed, online and offline research.
Among the various technologies, the industrial biotechnology segment held the largest share in the global market in 2014, and is expected to witness a CAGR of 13.0% during 2015 – 2020.
Some of the major players operating in the global biorefinery market are Abengoa Bioenergy SA, Neste, Pacific Ethanol Inc., Renewable Energy Group Inc., UOP LLC, and Valero Energy Corporation.
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