Biorefinery Market Size

Biorefinery Market size was valued at USD 166.93 billion in 2024 and is set to exceed USD 465.04 billion by 2037, expanding at over 8.2% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of biorefinery is evaluated at USD 177.88 billion.

The growth of the market can be attributed to the increased conversion of waste into energy. Biorefineries employ waste to produce biofuels, platform chemicals, and other bio-based materials. It can also drastically lessen a major environmental load while also providing electricity. In 2021, 64 power plants in the United States created approximately 13.6 billion kilowatt-hours of electricity by burning around 28 million tons of combustible MSW for electricity generation. Moreover, biomass materials represented approximately 61% of the combustible MSW weight and approximately 45% of the electricity generated.

In addition to these, factors that are believed to fuel the market growth of biorefineries include the rising government initiatives to encourage the use of biorefineries. Governments from all over the world are implementing regulations and policies to boost the development of biorefineries. These policies include incentives and subsidies for the production of renewable energy, as well as mandates for the use of biofuels. On the other hand, the surging popularity of bio-based products is also expected to drive market growth. Several bio-based products, such as plastics, chemicals, and materials are produced from biorefineries. Moreover, the consumers are becoming more conscious of the product they are using and are more inclined to sustainability.