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Asia Pacific Biorefinery Market was valued at USD 24.4 billion in 2023 and is anticipated to grow at a CAGR of 7.7% from 2024 to 2032, owing to increasing awareness about environmental sustainability and the need to reduce dependence on fossil fuels, fostering the demand for bio-based products. Additionally, government initiatives promoting renewable energy sources and biofuels are encouraging investments in biorefinery projects across the region. As the world's third-largest consumer and importer of oil, India is making concerted efforts to diminish its reliance on crude oil by shifting towards eco-friendly options like biofuels. The nation has set a goal to ramp up the blending of ethanol with gasoline to 20% by 2025.
The abundant availability of biomass resources, such as agricultural residues and forest residues, further fuels market expansion. Technological advancements are also playing a crucial role, enhancing the efficiency and cost-effectiveness of biorefinery processes. Moreover, the rising demand for bio-based chemicals, materials, and biofuels in various industries, including pharmaceuticals, food and beverages, and automotive, is driving market growth.
Report Attribute | Details |
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Base Year: | 2023 |
Asia Pacific Biorefinery Market Size in 2023: | USD 24.4 Billion |
Forecast Period: | 2024 - 2032 |
Forecast Period 2024 - 2032 CAGR: | 7.7% |
2032 Value Projection: | USD 45.4 Billion |
Historical Data for: | 2021 - 2023 |
No. of Pages: | 350 |
Tables, Charts & Figures: | 15 |
Segments covered: | Type, Technology, and Product |
Growth Drivers: |
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Pitfalls & Challenges: |
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