The global biorefinery market is expected to reach USD 210.3 billion by 2027 from an estimated USD 141.8 billion in 2022, at a CAGR of 8.2% from 2022 to 2027. The global biorefinery market is expected to witness significant growth during the forecast period due to increased government initiatives and increased need for environmental sustainability as well as technological advancements and increased investments in biorefinery market.
The biorefinery markets are differentiated into three segments such as technology, product, and type. There is a difference between these in terms of regulations, impact, and share in the market, among other factors. Technological advancement and increasing investment in biofuel projects is helping to drive the market for biorefinery market. A few major players have a wide regional presence and dominate the biorefinery market. The leading players in the biorefinery market include Renewable Energy Group (US), Neste (Finland), TotalEnergies (France), Valero (US), and Vivergo Fuels (England).
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Acquisitions, product launches, and expansions are among the key growth strategies adopted by leading companies such as Renewable Energy Group (US), Neste (Finland), TotalEnergies (France), Valero (US), and Vivergo Fuels (England) to boost their position in the biorefinery market. The companies in the biorefinery market focus majorly on partnerships, agreements, product launches, acquisitions, and collaborations to grab a strong foothold in the market.
TotalEnergies is a leading global producer and refining company of oil & gas. It operates through five business segments, namely, Integrated Gas, Renewables & Power; Exploration & Production; Refining & Chemicals; Marketing & Services; and Corporate. The major products and solutions provided by the company include solar solutions, industrial solutions, natural gas, and power solutions. Biorefinery comes under Refining & Chemicals as well as Integrated Gas, Renewables & Power segments. The total production capacity of Biofuels of the company was 500 kt in 2021. The company provides refining, base petrochemicals (olefins and aromatics); polymer derivatives which include polyethylene, polypropylene, polystyrene, and hydrocarbon resins; biopolymers and recycled polymers obtained from chemical or mechanical recycling; and biofuels from biomass. The company has a strong presence in Europe and North America with 16 production plants and around 30 offices across the globe. The company strives to uphold the strictest standards of safety, ethics and integrity, management, and social performance wherever its subsidiaries operate. TotalEnergies offers a wide range of products, and the company is continuously increasing its focus on improving the quality of its existing and new products to meet customer requirements through extensive R&D.
Valero is focused on the making 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. The company provides offers low-carbon renewable fuel services and products for transportation & logistics & and is mainly focused on producing renewable diesel including distillers grains - dried or modified (wet), fuel and feed-grade corn oil, and ethanol. Valero has a strong global presence with corporate offices in the US, the UK, Canada, Ireland, Peru, and Mexico and Valero has been providing solutions to more than 100 countries. It focuses on collaborations, contracts, and partnerships to increase its market presence.
Biorefinery Market by Type (First Generation, Second Generation, and Third Generation), Technology (Industrial Biotechnology, Physico-Chemical, and Thermochemical), Product (Energy driven, and Material driven) and Region - Global Forecast to 2027
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