Global bio-refinery technologies market refers to the market of different technologies employed in bio-refineries for the conversion of biomass into fuels, value-added chemicals, power or heat. The bio-refining process is based on the use of different types of bio-based feedstock that are converted with the help of various technological concepts that are based on biochemical, chemical and thermochemical transformations. The bio-refining process is used to produce bio-based products that are both environmentally and economically beneficial.

The global bio-refinery technologies market generated a revenue of $559.97 billion in 2018 and is projected to reach $1,230.71 billion by 2027, at a CAGR of 9.11%. The base year considered for the market study is 2018 and the forecasted period is between 2019 and 2027. Several drivers are responsible for the market advancement which are:

• Hastening depletion of fossil fuels across the world
• Favorable government policies
• Active investments by governments & private companies towards bio-refineries
• Growth in greenhouse gas emissions
• The rise in demand for energy across the world

However, depleting fossil fuel reserves is leveraging huge growth prospects in market growth. As per the International Energy Agency (IEA), biorefining is the sustainable dispensation of biomass into a range of marketable energy and products. The depleting fossil fuel resources would increase the adoption of bio-based fuel. Depletion in fossil fuel reserves has resulted in a decrease in the production of fossil fuel globally. According to Our World in Data, in 2011, the total production of coal globally was XX MWh per person per year which was decreased to XX MWh per person per year in 2016.

Moreover, the annual coal production in North America and the Asia Pacific was XX TWh equ. and XX TWh equ. in 2013, which reduced to XX TWh equ. and XX TWh equ. in 2016. Due to such depletion of fossil fuel, the economy is expected to witness a shift towards a bio-based sustainable economy. Thus, depletion of fossil fuel is one of the major driving factors in the market.

Material products dominate the product segment of the market by capturing a market share of over 60% in 2018. The material product is primarily driven by increasing focus on biodegradable products, restriction on burning and dumping of waste products and growing GHG emission due to the use of petroleum-based products (plastic, polymer). Various regulations are aimed at reducing the usage of non-biodegradable polymers & promoting bio-degradable products. Governments of different countries such as Germany, China, Brazil, India, the United States, and others have taken the initiative towards promotion of the use of biomass for various products by providing incentives. Further, the growing production of bio-plastics has provided a major impetus to the material market. For instance, as per European Bioplastics, the global production of bioplastics is expected to increase from XX million tonnes in 2018 to XX million tonnes by 2023. These investments and growing policy consensus towards sustainable development are likely to augment growth in the material product market.

Factors like high initial investment coupled with complexities in the deployment of bio-refinery technologies, uncertainty in global economic conditions, the environmental dependency of bio-refinery technologies on raw materials & variability of feedstock in bio-refineries, are likely to thwart the growth of the global biorefinery technologies market during the forecast period. Market growth is restricted by environmental dependencies of the raw material. Biorefineries uses a large amount of biomass as a source for the production of biofuel. Biomass production relies on environmental conditions that act as an important parameter for deciding the cost and availability of biomass. It includes the availability of water and land resources for irrigation, annual rainfall, and other climatic conditions. Hence, such factors tend to restrict the adoption of biorefinery technologies thereby impending the market growth.

Report scope of global bio-refinery technologies market covers segmentation analysis of end-product, technology and raw material.

Market by End product:

• Energy product
  • Biofuels
  • Electricity
• Material product
  • Chemical
  • Fertilizers
  • Polymer
  • Foodstuff
  • Other

Market by Technology:

• Biotechnology
  • Fermentation
  • Enzymatic conversion
• Chemical
• Mechanical
• Thermochemical
  • Combustion
  • Gasification
  • Pyrolysis
  • Thermolysis
  • Hydrothermal process

Market by Raw Materials:

• Agriculture biomass
  • Grasses
  • Oil Crops
  • Starch Crops
  • Sugar Crops
  • Wood and woody biomass
• Marine biomass
• Residuals and waste materials

The total market revenue is calculated on the basis of net adoption of bio-refinery technologies across various biorefineries globally.

Geographically, the global bio-refinery technologies market has been segmented on the basis of four major regions, which includes:

• North America Bio-refinery Technologies Market : the United States & Canada
• Europe Bio-refinery Technologies Market : the United Kingdom, Germany, France, Spain, Italy, Russia & Rest of Europe
• Asia Pacific Bio-refinery Technologies Market : China, India, Japan, Australia, South Korea & Rest of Asia Pacific
• Rest of World: Latin America, Middle East & Africa

Geographically, North America leads the market by capturing the largest market share in terms of revenue of around 38% in 2018. The market in North America is primarily driven by proactive support by the government to fund the bio-refinery technologies amid high research and development funding along with high production and consumption of biofuel and bioplastic in the region. In 2018, U.S. Department of Energy announced to grant a combined fund of $XX million for 36 projects to support early-stage bioenergy research and development. Similarly, according to the U.S. Department of Energy in September 2017, U.S. Department of Energy (DOE) has selected eight projects supplemented with an investment of $XX million to optimize integrated biorefineries.

Moreover, Asia Pacific is anticipated to be the fastest growing region with a CAGR of XX% during the forecast period. The primary driver for the growth of bio-refinery technologies market in the Asia Pacific is the raw material availability, proactive government policies for the promotion of bio-based products, promotion on use of biofuels and growing investment in biorefineries in the region. According to the Agriculture Utilization Research Institute, the government of Japan introduced Kyoto Protocol in June 2002 covering strategies such as Biomass Nippon Strategy and Biotechnology Strategic Scheme with an aim to promote the use of biomass to reduce the consumption of fossil resources and mitigate global warming.

Additionally, the policy aims to replace approximately XX, i.e. XX million tons per year of conventional plastics with plastics from renewable resources by 2020. Further, bio-based materials are included in the new material frontline research field in the Made in China 2025 strategy launched by the Chinese Government. Proactive government stance to promote biofuels has provided a major impetus to capacity expansion for biofuels in the region.

Global bio-refinery technologies market has been segmented on the basis of the end product, technologies, and raw material. The end product segment is further sub-segmented into energy products and material products. Material products market refers to various end-user material products that are being generated from the biorefineries that include bio-chemicals, fertilizer, polymers, foodstuff and others. Market by technology comprises of several technologies that are involved in bio-refinery for processing the biomass into end user products, technologies, namely, biotechnological, chemical, mechanical, and thermochemical. Different raw materials majorly include agriculture biomass, marine biomass, residual & waste materials.

The market has a number of players, and some of the major key players involved in global Bio-refinery technologies market are:

• Abengoa Bioenergy
• Bayer Material Science
• BP BioFuels
• Beta Renewables
• Sinopec Group
• And others

Market share analysis along with company profiles of prominent market players are discussed in detail. Most of the companies are looking for strategies such as merger & acquisition, partnership, contracts, agreements, & new product launch, to gain a competitive edge over other companies. For instance, in September 2018, Novozymes has made the acquisition of Organobalance GmbH which specializes in microbial screening as well as assay development. In June 2018, DuPont introduced its three new product “DuPont Synerxia Thrive GX, DuPont Distillase DXT and DuPont Optimash AX to enhance biorefinery efficiencies. In July 2018, DuPont’s industrial Biosciences’ bio-based, high-performance polymer Sorona signed a partnership agreement with Bluesign that unites the textile supply chain to decrease impact on the environment. In January 2018, Sinopec acquired “Eni Slurry Technology (EST)” and basic engineering project from Eni to enter into refining industry worldwide.

Key findings of the global bio-refinery technologies market:

• North America leads the global bio-refinery technologies market by capturing the largest market share in 2018.
• With the next generation biofuels gaining importance at a global level, Inkwood Research expects to see new refineries with better technologically advanced processes, and older refineries being retrofitted to produce advanced biofuels.
• Increasing demand for energy across the globe is one of the major factors that is expected to provide growth opportunities during the forecast period.
• Increase in biofuel production and consumption have been considered as one of the crucial points for the growth of the market.