Global biorefinery market seen growing 14% CAGR through 2020

In New York, the global biorefinery market was valued at $432.4 billion in 2014, and it is expected to grow with a CAGR of 14.0% during 2015 – 2020, according to a new report from P&S Market Research. The factors driving the growth of the global market include government initiatives and increasing pressure for environmental sustainability, need for geopolitical energy security, technological advancements and increasing investment in the biorefinery market, and increasing need for energy independence.

The global biorefinery market is at its nascent form. Currently, there are very few large scale biorefineries, as compared to conventional petroleum-based refineries across the globe. Hence, the massive unexplored biorefinery market across the world is expected to attract more investors and new players to explore the potential of the market. Moreover, the high rate of depletion of fossil fuels is creating demand for sustainable and ecofriendly energy source, thus providing abundant opportunities for the major players in the global market.