Biorefinery Market Share

APAC Market Statistics

The market share of biorefinery in Asia Pacific, amongst the market in all the other regions, is projected to be the largest with a share of about 32% by the end of 2037. The growth of the market can be attributed majorly to the increasing demand for reducing carbon emission. The Union Cabinet presided over by Prime Minister Shri Narendra Modi, has accepted India's revised Nationally Determined Contribution (NDC), which would be reported to the United Nations Framework Convention on Climate Change (UNFCCC). India has now pledged to lower its GDP's emissions intensity by 45 percent by 2030. Furthermore, it is a step towards India's long-term objective of reaching net-zero emissions by 2070. On the other hand, the growing production of biofuels is also expected to drive market growth in the region. Owing to increased exports, China's biodiesel output is expected to reach 1.7 billion liters in 2021, up more than 54 percent from 2020.

North American Market Forecast   

The North American biorefinery market is estimated to be the second largest, registering a share of about 29% by the end of 2037. The growth of the market can be attributed majorly to the increasing demand for electricity. Total power end-use consumption in the United States in 2022 was around 3% higher than in 2021. Retail electricity sales to the residential sector were approximately 4% higher in 2022 than in 2021, while retail power sales to the commercial sector were approximately 3% higher in 2022 than in 2021. On the other hand, the rise in the number of biorefineries is also expected to drive market growth in North America. In 2022, the United States had around 199 operational ethanol biorefineries. Furthermore, the Renewable Fuel Standard (RFS) in the United States, requires a certain amount of renewable fuels, such as biodiesel, and ethanol to be added to the transportation fuel supply.

Europe Market Forecast

Further, the market in the Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2037. The growth of the market can be attributed majorly to the rising interest in the circular economy, which aims to reduce waste and maximize the use utilization of resources. Biorefineries are an integral part of the transition to a circular economy, as they can convert waste materials and biomass into valuable products. Moreover, the growing production of renewable energy is also expected to boost the market growth. The European Union’s Renewable Energy Directive mandates the increase of the share of renewable energy in their energy ix to 32% by 2030.