North America Biorefinery Market Size

North America Biorefinery Market Size

North America Biorefinery Market Size in 2023 was valued at USD 60.4 billion and is anticipated to grow at a CAGR of 6.9% between 2024 and 2032. There is increasing awareness about environmental sustainability and the need to reduce reliance on fossil fuels have led to a surge in demand for bio-based products. Biorefineries offer a sustainable solution by converting biomass into a wide range of valuable products, including biofuels, biochemicals, and biomaterials. This growing emphasis on sustainability and renewable resources is driving investment in biorefinery infrastructure across North America.

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Supportive government policies and incentives are propelling the growth of the biorefinery market in the region with various initiatives, such as renewable energy targets, carbon reduction goals, and subsidies for bio-based industries, are incentivizing companies to invest in biorefinery projects, thereby increasing the production of biofuels.  For instance, in 2023, as per Environment Protection Agency (EPA), the U.S. production of biomass-based diesel, including renewable diesel, biodiesel, heating oil, and SAF, reached to 4 billion gallons in 2023. The production and advanced bio-based diesel utility witnessed a substantial rise of 1 billion gallons in 2023 compared to its previous year.