Report Code: A07244 | Pages: NA | Mar 2023 | 1694 Views | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Biorefinery Technologies Market
Request Now !A biorefinery is a facility that converts biomass into energy and other beneficial chemicals such as polylactic acid, succinic acid, and astaxanthin. Biorefineries can provide multiple chemicals such as tall oil, vanillin, and lignosulfonates. This is done by fractioning an initial raw material into multiple intermediates that can be further converted into different products. Various methods such as fermentation, pyrolysis, esterification, gasification acid hydrolysis, and fractionation are employed for the conversion of biomass into useful products.
The key driving factor of the global biorefinery technologies market is rise in demand for sustainable sources of energy. With surge in population all over the world and improvement in standard of living, the demand for energy has escalated notably. Thus, due to extensive use of conventional sources of energy majorly fossil fuels, they are depleting fast, creating a major disproportion in the demand and supply of energy. This has forced mankind to seek for alternative sources of energy, and thus biorefinery emerged as a viable option to meet the demand for energy and create a sustainable environment in the long run.
Presently, several countries depend on other nations for imports to meet their energy demands. A country can prevent itself for major shocks and upsets in the global market by making itself self-sufficient in terms of production of energy that is required to cater to the demand. Thus, many countries are investing significantly for finding renewable sources of energy, and biomass has turned out to be one of the most reliable resources of energy production.
Moreover, the implementation of stringent environmental regulations in several countries such as the target set by the Renewable Energy Directive (RED) of the European Union for production of at least 20% of the energy from renewable sources are generating the demand for efficient and less polluted energy sources, which fuels the growth of the biorefinery market globally. However, the requirement of high initial capital investment and uncertain global economic conditions are expected to hinder the growth of the market to some extent.
Key benefits of the report
Biorefinery Technologies Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights
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Key Market Players | Renewable Energy Group Inc., Neste, Abengoa Bioenergy SA, UOP LLC, Valero Energy Corporation, Pacific Ethanol Inc |
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