Wellesley, Mass, March 20, 2017 (GLOBE NEWSWIRE) — New proprietary research by BCC Research reveals that the bioproducts industry will grow at eight times the global GDP growth rate in 2021. Additionally, the global market for bioproducts should gain almost $250 billion from 2016-2021, growing at an 8.9% compound annual growth rate (CAGR).
BCC Research’s Biorefinery Products: Global Markets reports many energetic bioproducts are going commercial, with production technologies such as direct combustion in stoker boilers, low-percentage co-firing, municipal solid waste incineration with combined heat and power, dry/wet milling, fermentation and esterification becoming commercially available.
- EPA proposal (2016) predicts a 4% increase of the total renewable fuel volume between 2016 and 2017.
- The production of second-generation (2G) biofuels has finally reached commercial scale.
- Energetic bioproducts can therefore help countries meet their policy goals for secure, reliable and affordable clean energy.
“The bio-based products industry remains in its early stages of development. In 2016 it had a market penetration of only 5.5%,” says Kevin Fitzgerald, BCC Research editorial director. “It’s got a long journey to make to achieve the efficiency of fossil-based processes. Several companies are strategizing with the intent of deploying a host of technologies that should increase market penetration to 6.5% in 2021.”
Biomass Volume to Gain 8 Billion Tons by 2021
The rapid increase in energy demand continues to dep lete conventional resources, mainly fossil fuels. This imbalance in energy demand and supply has placed immense pressure not only on consumer prices, but also on the environment, prompting mankind to look for sustainable energy resources.
“Biomass is at the heart of the biorefining industry. BCC Research estimates that volume demand for it will increase at a 6.5% CAGR over the next five years, to reach 30.0 billion tons in 2021,” Fitzgerald says. “The markets for material products are open and unprotected, and market access is determined largely by technical suitability and price.”
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.
CONTACT: Editors and reporters who wish to speak with the analyst should contact Steven Cumming at email@example.com.