Bio Refinery Products Market to Witness Exponential Growth by 2023
A
bio refinery facilitates biomass conversion process, thereby
producing power, chemicals and fuel among others from biomass with
minimum emissions and waste. The core technology of this process is a
distinctive thermal reactor which provides linear and sequential
biomass fractionation through steam auto hydrolysis. The concept of
bio refinery is similar to modern petroleum refinery that produces
multiple products and fuel from petroleum. Moreover, bio refinery
assists in production of numerous components along with heat
processing and electricity generation. These products are further
used to produce adhesives, fibers, biodegradable surfactants, bio
detergents, enzymes and polymers. The fuel obtained from bio
refineries is used to congregate the energy requirement while the
power produced helps in lowering energy costs and reducing greenhouse
gas emission.
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The
major driving factors for bio refinery products market are strict
environmental laws related to usage of bio fuels, increasing concern
for energy security, accessibility of cheap raw materials and
volatility in fossil fuel prices. Different geographical drivers are
also accountable for the growth of the market. Increasing promotional
activities for bio based products by biotechnologists and chemists
worldwide is expected to create significant opportunity for the bio
refinery products market in the future. In addition, small scale
manufacturers in developing countries will further strengthen the
opportunities of this market. However, huge initial investment and
less availability of buyer and supplier are hindering the growth of
the market.
Global
bio refinery products market can be broadly classified on the basis
of products, feedstock, application and geography. By feedstock, the
market for bio refineries product has been segmented into green bio
refineries, lignocellulosic and whole crop. Green bio refineries use
biomass and green crops as raw material for feedstock.
Lignocellulosic segment uses reed, straw, grass and wood among others
as raw materials. Whole crop uses cereals and crops, such as wheat,
rye and maize as raw materials. By products, the market for bio
refinery products has been subdivided into energetic products and
non-energetic products. Energetic products include biodiesel,
electricity and ethanol.
The
non-energetic products segment comprises of chemicals used in
manufacturing of resins, plastics, alcohols and solvent among others.
The market by application can be classified into transportation,
materials (resins, and plastic), chemicals (alcohol, solvent,
surfactants and acids), herbals (drugs, aroma and body care) and
energy (electricity and heat). By geography, the global bio refinery
product market has been classified into North America, Europe, Asia
pacific and Rest of the World. In the present scenario, the market
for bio refinery product is dominated by North America in terms of
revenue, followed by Europe and Asia-Pacific. However, Asia Pacific
is anticipated to grow at a significant rate in the future, primarily
due to severe government policies and existence of small number of
players in the market for bio refinery products.
Some
of the key players in this market are Du Pont De Nemours (United
States), Lanxes A.G (Germany), Bayer Material Science LLC (Germany),
Green Plains Renewable Energy, Inc. (U.S.), Dominion Energy Services
Company, Inc. (U.S.), Sinopec (China), Valero Marketing and Supply
Company (United States), Archer Daniels Midland Company (U.S.) and
DSM NV (Netherlands).
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report has been compiled through extensive primary research (through
interviews, surveys, and observations of seasoned analysts) and
secondary research (which entails reputable paid sources, trade
journals, and industry body databases). The report also features a
complete qualitative and quantitative assessment by analyzing data
gathered from industry analysts and market participants across key
points in the industry’s value chain.
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