Biorefinery Market

The biorefinery market is expected to grow from an estimated in USD 212.05 billion in 2024 to USD 314.62 billion by 2029, at a CAGR of 8.2% during the forecast period. Growing access of biomass feedstock, including agricultural waste, forestry residues, and dedicated energy crops, supports the expansion of biorefineries. Increased demand for biofuels and bio-based products across various countries such as U.S., Brazil, Indonesia, among others to propel the growth of the biorefinery market. These are the few drivers responsible for the growth of the biorefinery market.

A few major players that have a wide regional presence dominate the biorefinery market. The leading players in the biorefinery market are Chevron (US), ADM (US), Valero (US), Neste (Finland), and TotalEnergies (France), among others. The major strategies these players adopt include new product development, contracts, agreements, investments, expansions, joint ventures, partnerships, and collaborations. Contracts and agreements were the two most adopted strategies from 2020 to 2024.

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Chevron is one of the prominent players in the biorefinery market. The company acquired the Renewable Energy Group in 2022 and became the second-largest producer of bio-based diesel in the US. It offers a wide range of products, such as InfiniD, REG Biodiesel Blends, and UltraClean BlenD, among others. The company has nine active biorefineries in the US and Europe. It produced 408 million gallons of biodiesel and renewable diesel in 2023. The company has a significant presence in Europe and North America.

ADM is one of the most prominent companies operating in both the human and animal nutrition sector. It is considered one of the World's largest nutrition companies. The company harnesses the power of nature to transform crops into ingredients and solutions for food, beverages, and supplements for people worldwide. ADM operates through several business segments, namely Ag services and oilseeds, Carbohydrate solutions, nutrition, and others. It offers biorefinery products through two different segments: Ag services and oilseeds and carbohydrate solutions.

Valero is one of the World's largest low-carbon fuels producers, the World's 2nd largest corn ethanol producer, and the World's 2nd largest renewable diesel producer. The company is also developing a large-scale sustainable aviation fuel project, which is expected to be completed in the fourth quarter of 2024. Valero is a leading producer of transportation fuels and petrochemical products, such as low-carbon fuels, jet fuel, ethanol, gasoline, and renewable diesel. The company operates its business through three segments, namely, Refining, Renewable Diesel, and Ethanol. It offers its products from two business segments: Renewable Diesel and Ethanol.

Neste is among the leading producers of sustainable fuels and renewable feedstocks solutions. The company provides engineering services, and licenses production technologies. It operates its business through four business segments, namely, oil products, renewable products, marketing & services, and others. Biorefineries fall under the renewable products business segment of the company. Under the renewable products business segment, the company provides renewable aviation, renewable polymers and chemicals, and renewable road transportation.

TotalEnergies is a global multi-energy company that produces and markets fuels, natural gas, and electricity. It is engaged in oil & gas exploration and production, renewable energy, refining and chemicals, marketing, distribution, and others. The company operates through the Refining & Chemicals; Marketing & Services; Integrated Gas, Renewables & Power; Exploration and Production; and Corporate segments. It produces and generates biogas from a wide range of feedstocks, such as straw, tree bark and branches, food waste, roadside grass, sewage sludge, and animal manure.

Related Reports:

Biorefinery Market by Technology (Industrial Biotechnology, Physico-Chemical, Thermochemical), Product (Energy, Material), Type (First Generation (Corn, Vegetable Oils, Sugarcane), Second Generation, Third Generation) and Region - Global Forecast to 2029

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