Sustainable Future: North America Biorefinery Market to Exceed $314 Billion by 2029

Thu, 12 Dec 2024 13:15:50 +0000

The global Biorefinery Market is expected to grow from estimated USD 212.05 billion in 2024 to USD 314.62 billion by 2029, at a CAGR of 8.2% during the forecast period. The US biorefinery market is an emerging sector in the global market and is expected to grow exponentially with increased demand for renewable energy fuels that biorefineries can produce biofuels and bio-based products. Feedstocks in the US, such as corn stover, wheat straw, and forest residues, are abundant for use in biorefinery operations. The emerging markets for new opportunities involve industries in growth: bioplastics, bio-lubricants, and bio-based textiles. Focus on waste management and resource efficiency further accelerates the usage of waste streams as feedstocks for biorefineries. Together, these factors fuel more uptake of sustainable solutions toward energy independence and environmental objectives for the U.S. market for biorefineries. According to the USDA, for commercial-scale purposes, it has an influence on global markets while the country generates and utilizes renewable energy from agricultural and forestlands. Among them, biofuel is a great contribution, taking a significant amount from gasoline usage within the US transportation sector. Significant biofuels are ethanol, mainly from maize, biodiesel, and renewable diesel, both of which are derived from vegetable oils, animal fats, waste oils, and greases. In 2022, the United States produced approximately 15.4 billion gallons of ethanol and 3.1 billion gallons of biodiesel/renewable fuel.