North America Leads the Charge: Biorefinery Market worth $314.62 Billion by 2029

The global Biorefinery Market is expected to grow from estimated USD 212.05 billion in 2024 to USD 314.62 billion by 2029, at a CAGR of 8.2% during the forecast period. The US biorefinery market is an emerging sector in the global market and is expected to grow exponentially with increased demand for renewable energy fuels that biorefineries can produce biofuels and bio-based products. Feedstocks in the US, such as corn stover, wheat straw, and forest residues, are abundant for use in biorefinery operations. The emerging markets for new opportunities involve industries in growth: bioplastics, bio-lubricants, and bio-based textiles. Focus on waste management and resource efficiency further accelerates the usage of waste streams as feedstocks for biorefineries. Together, these factors fuel more uptake of sustainable solutions toward energy independence and environmental objectives for the U.S. market for biorefineries. 

According to the USDA, for commercial-scale purposes, it has an influence on global markets while the country generates and utilizes renewable energy from agricultural and forestlands. Among them, biofuel is a great contribution, taking a significant amount from gasoline usage within the US transportation sector. Significant biofuels are ethanol, mainly from maize, biodiesel, and renewable diesel, both of which are derived from vegetable oils, animal fats, waste oils, and greases. In 2022, the United States produced approximately 15.4 billion gallons of ethanol and 3.1 billion gallons of biodiesel/renewable fuel.

 

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The latest bioenergy report by IEA reveals that 637 biorefineries have been discovered in the United States in 2022. It has more biorefineries in the world than other significant countries. The total production capacity of biofuels as of January 2023 stood at 23 billion gallons per year (gal/y), according to the EIA. Compared to the same time in January 2022, this reflects a growth of 6%. Of these, fuel ethanol enjoys the highest market share with 78%, renewable diesel and other biofuels are 13%, and biodiesel holds a 9% market share. As stated in the IEA's report on bioenergy, the US has 637 biorefineries up to 2022. Among major countries, the largest share of biorefineries is accounted for by the US. Total biofuel production capacity was at 23 billion gallons per year as of January 2023, 6% above that of January 2022. Fuel ethanol accounted for 78% of the biofuel production capacity, followed by renewable diesel and other biofuels at 13%, and biodiesel at 9%.

 

Many key players in the industry are shaping the United States' biorefinery industry through strategic activities, and companies are using innovation, partnership, and expansion plans for market share and industry leader position. These activities also contribute to innovation in renewable energy sources and the relative positioning of the United States globally. In August 2022, Chevron began building an expansion of its biorefinery at Emden, Germany. This capacity-expanding expansion includes the addition of a pretreatment system at the site and should further position the company to be able to more readily handle a greater diversity of feedstocks that are expected to come to the production line in biodiesel form. The Emden expansion initiative benefits both facilities, allowing the enterprise to upgrade certain feedstocks associated with low carbon intensity, such as those categorized as 'Generation 3' feedstocks under the RED II. Therefore, it will also play a great role in making market growth possible.

 

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There are several players headquartered in the US that offer hydrogen energy storage, such as Chevron, ADM, Valero, Honeywell International Inc., and Green Plains Inc., among others. To establish a strong product portfolio for the biorefinery market, these companies adopt strategic developments such as collaboration, agreements, and contracts, among others. Chevron is one of the major fuel cell manufacturing and sales companies. The company has a broad product portfolio. The company is making significant investments in research & development. It spent approximately 0.16% of its revenue on R&D activities to gain its position in the market. Similarly, ADM is one of the major companies operating in human and animal nutrition. The company is also considered one of the world's largest nutrition companies. It utilizes the power of nature to transform crops into ingredients and solutions for food, beverages, and supplements for people across the globe. The company also offers a wide-ranging set of solutions and services for livestock, aquaculture, and pets. The company is a link in the global food supply chain that provides ingredients for food, animal feed, industrial applications, and renewable fuels. In October 2021, ADM and Solugen joined forces to meet the growing demand for sustainable products by establishing its first biomanufacturing facility in the U.S. Midwest. ADM is to supply dextrose as feedstock to enable the production of plant-based organic acids for various industrial and consumer applications. The use of this feedstock to produce lower-carbon organic acids at scale and in developing new molecules as sustainable alternatives to fossil fuel-based materials represents an important step forward for both companies committed to sustainable solutions and minimized environmental impact. Such strategic partnerships will boost the biorefinery market in the US.

 

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The expansion of biorefineries in the U.S. is driven by favorable governmental policies like the Renewable Fuel Standard and ample supply of feedstocks in the form of agricultural residues and forestry byproducts, which are boosting the growth of biorefineries within the United States. Improvement in the field of biotechnology, together with the ever-rising demand for renewable energy sources and bio-based products, accelerates this growth further. Corporate sustainability objectives, the circular economy drive, and innovations in waste management add to the enhanced adoption rates of biorefineries. These work together to favor energy independence, environmental sustainability, as well as low-carbon alternatives advancing in the American biorefinery industry.

Biorefinery Market Projected to Garner Significant Revenues by 2029

The global Biorefinery Market is anticipated to grow from estimated USD 212.05 billion in 2024 to USD 314.62 billion by 2029, at a CAGR of 8.2% during the forecast period. The growth in the market will be attributed to the rise of demand for biofuels and biobased chemicals and material across various geographies. Government policies and regulations for the adoption of biofuels across various countries boost the market growth. All the digital technologies, including advanced sensors, data analytics, and automation, have been optimized in the operations of biorefineries. These technologies have led to lowered energy usage, decreased waste generation, and optimum process control-cum-effecting substantial financial savings. Technological advances in biorefineries have dramatically accelerated the market, as it has been instrumental in making things more efficient and less expensive while diversifying their products and making it more sustainable.

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Technology Segmentation

 

Physico-chemical technology prescribes chemical processes, such as hydrolysis, transesterification, hydrogenation, hydrotreating, oxidation, and pulping, in addition to physical processes such as pressing, pretreatment, milling separation, and distillation. Due to their ability to convert biomass efficiently and at scale as well as their compatibility with existing industrial processes, physico-chemical technologies will expand more rapidly than those using biological or biological conversion mechanisms while also containing multiple high value product deliverables (i.e., biofuels and biochemicals) for various feedstocks, reducing the overall price of the products.

 

Type Segmentation

 

The type segment is further bifurcated into 3 types: First generation, second Generation, and third generation. The first generation segment is expected be the largest growing market. First-generation biofuels are derived directly from food crops through conventional agricultural processes and are primarily produced from sugars, starches, and vegetable oils. The most usual types are produced from crops, such as bioethanol, which is derived from corn, sugarcane, wheat, and soybeans; biodiesel, which is manufactured from oil crops like soybeans; and biogas, a product formed from organic wastes. Among all the renewable fuels developed so far, these biofuels are the earliest and the most widely adopted, contributing to a milestone reduction in dependence on fossil fuel and decreased greenhouse gas emissions.

 

Regional Analysis

 

North American region contains enormous agricultural resources, which has open large-scale production of corn, soybeans, sugarcane, among many others as key feedstocks for first-generation biorefineries to ethanol and biodiesel. This region also contains a significant amount of agricultural residues for corn stover, forest residues, and waste, which would be of feedstock to second-generation biorefineries. The U.S. government, through the Environmental Protection Agency (EPA), had created renewable fuel standards that compel the blending of biofuels such as ethanol and biodiesel in the fuel supply. This policy has significantly upped the demand for biofuels and also for the Biorefinery Market. These are some of the key factors which boosts the growth of Biorefinery Market in North America.

 

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Key Players

 

Some of the major players in the Biorefinery Market are Chevron (US), ADM (US), Valero (US), Neste (Finland), and TotalEnergies (France) among others. The major strategies adopted by these players include new product launches, acquisitions, contracts, agreements, partnerships, joint ventures, collaborations, investments, and expansions.

 

Chevron :

Chevron is one of the prominent players in the biorefinery market. The company acquired the Renewable Energy Group in 2022 and became the second-largest producer of bio-based diesel in the US. It offers a wide range of products, such as InfiniD, REG Biodiesel Blends, and UltraClean BlenD, among others. The company has nine active biorefineries in the US and Europe. It produced 408 million gallons of biodiesel and renewable diesel in 2023. The company has a significant presence in Europe and North America.

 

ADM:

 

ADM is one of the most prominent companies operating in both the human and animal nutrition sector. It is considered one of the World's largest nutrition companies. The company harnesses the power of nature to transform crops into ingredients and solutions for food, beverages, and supplements for people worldwide. ADM operates through several business segments, namely Ag services and oilseeds, Carbohydrate solutions, nutrition, and others. It offers biorefinery products through two different segments: Ag services and oilseeds and carbohydrate solutions.

 

Valero:

 

Valero is one of the World's largest low-carbon fuels producers, the World's 2nd largest corn ethanol producer, and the World's 2nd largest renewable diesel producer. The company is also developing a large-scale sustainable aviation fuel project, which is expected to be completed in the fourth quarter of 2024. Valero is a leading producer of transportation fuels and petrochemical products, such as low-carbon fuels, jet fuel, ethanol, gasoline, and renewable diesel. The company operates its business through three segments, namely, Refining, Renewable Diesel, and Ethanol. It offers its products from two business segments: Renewable Diesel and Ethanol.