The biorefinery market share will post an incremental growth of USD 651.89 million, progressing at a CAGR of 11.56% during the forecast period. The increasing demand for sustainable energy resources will offer immense growth opportunities to market vendors. The biorefinery market is fragmented, and the vendors are deploying growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market.
Technavio’s report on “Biorefinery Market by Technology and Geography - Forecast and Analysis 2022-2026” provides a detailed analysis of the prevalent market forces, trends, and challenges likely to impact the market in focus.
The biorefinery market is segmented by technology (industrial biotechnology, physicochemical, and thermochemical) and geography (North America, Europe, APAC, South America, and the Middle East and Africa).
The growth of the biorefinery market size in the industrial biotechnology segment will be significant during the forecast period. Factors such as the rising environmental concerns to reduce greenhouse gas emissions and the stringent regulations in place to monitor the consumption of non-renewable products at the domestic level will drive the biorefinery market growth in North America. 58% of the market's growth will originate from North America during the forecast period. The US, Canada, and Mexico are the key markets for biorefineries in North America.
The increasing demand for sustainable energy resources will directly influence the sales of the biorefinery market. In addition, energy independence is one of the major biorefinery market trends that will positively impact market growth. However, unexpected plunges in crude oil and natural gas prices will hamper the biorefinery market growth.
The market is concentrated due to the presence of several players. Some of the major biorefinery market vendors are Abengoa SA, Cargill Inc., China Petroleum and Chemical Corp., Darling Ingredients Inc., Honeywell International Inc., Neste Corp., ALTO INGREDIENTS INC., POET LLC, Renewable Energy Group Inc., Valero Energy Corp., and BP Plc
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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Precise market size estimation during the forecast period 2022-2026.
CAGR of the biorefinery market forecast during 2022-2026.
Market-level data on units, average selling prices, and values of the biorefinery market share.
Prediction on the upcoming trends, drivers, and factors that challenge the growth of the biorefinery market.
Biorefinery market industry growth across North America, Europe, APAC, South America, and Middle East and Africa.