(MENAFN- GlobeNewsWire - Nasdaq) North America is expected to have a leading lignocellulosic biomass market share of 20.8% by the end of 2034. The sales of lignocellulosic biomass in Brazil are estimated to surge at a 4.5% CAGR through 2034.
NEWARK, Del, Feb. 07, 2024 (GLOBE NEWSWIRE) -- The global lignocellulosic biomass market is valued at US$ 4,273.9 million in 2024 and is anticipated to reach US$ 9,057.5 million by 2034. As per the estimates, the lignocellulosic biomass market size is likely to expand at a CAGR of 7.8%.
Lignocellulosic biomass is essential to the sustainable use of resources as bioeconomy grows, transforming industries in the process. Businesses that strategically integrate biomass goods into their operations benefit from this shift's economic potential. This trend promotes long-term growth and resilience in a world with dwindling resources by positioning companies as environmentally responsible and responsive to changing market needs. It also corresponds with global sustainability goals.
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To maximize the economic feasibility of lignocellulosic biomass consumption, ongoing advancements in bioenergy technologies-such as novel biochemical and thermochemical processes-are essential. Advances in fermentation processes, effective enzymatic hydrolysis, and better pretreatment techniques are raising production yields, cutting expenses, and increasing profitability for industry participants. Businesses that allocate resources to research and development in order to include and utilize these innovative technologies have a competitive advantage, positioning them to generate biofuels and bioproducts with increased efficacy and less environmental impact.
The transition to decentralized biomass processing represents a calculated risk for businesses looking to maximize profits and maintain operational flexibility. Localized energy production can be achieved by establishing modular processing units and smaller-scale biorefineries, which also optimize resource usage and lower transportation costs. This trend gives businesses a competitive edge in a fast-paced business climate by strengthening supply chains' resilience, encouraging flexibility to regional differences in biomass availability, and positioning them as nimble competitors in the changing bioenergy industry.
Key Takeaways from the Lignocellulosic Biomass Report:
The global market size expanded at a 5.2% CAGR from 2019 to 2023. North America is projected to hold a dominant value share of 20.8% in the global market by 2034. The wood source segment garnered 35.7% of market shares in 2024. The bioenergy product segment captured 14.7% of market shares in 2024. The market size in the United States is projected to increase at a 5.0% CAGR through 2034. The market size in Brazil is anticipated to develop at a 4.5% CAGR through 2034. The market size in Canada is estimated to surge at a 4.0% CAGR through 2034. The market size in China is expected to thrive at a 6.5% CAGR through 2034.
“The lignocellulosic biomass market is poised for growth, driven by increasing demand for sustainable bioenergy and bio-based products. Technological advancements and global interest signal a promising trajectory .” - Nandini Roy Choudhury , Client Partner at Future Market Insights
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Competitive Landscape:
The lignocellulosic biomass market is extremely competitive.
Ecovia Renewables Versalis ETIP Bioenergy The Dow Chemical Company Nippon Paper Group Fortum Circa LyondellBasell Novozymes Fulcrum Bioenergy
are among the key lignocellulosic biomass manufacturers listed in the report. These companies use strategies such as mergers & acquisitions, partnerships, distribution agreements, collaborations, and advertisements to gain a competitive edge in the market.
Lignocellulosic Biomass Market Segmentation:
By Source:
Wood Crop Residues Grass Agricultural Residues
By Application:
Bioenergy Production Bioproducts Materials and Composites Animal Feed and Bedding Soil Amendment and Erosion Control Biomass Power Generation
By Region:
North America Latin America Europe East Asia South Asia Oceania Middle East & Africa
Recent Developments:
In September 2023, Versalis acquired Italy-based bioplastics manufacturer Novamont. Furthermore, the company announced its partnership with Technip Energies to convert plastic waste into purified pyrolysis oil. In February 2023, Estonian startup New Standard Oil successfully commissioned their first industrial-scale prototype for drying and torrefaction of biogenic feedstock with superheated steam at atmospheric pressure.
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Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global lignocellulosic biomass market, presenting historical demand data (2019 to 2024) and forecast statistics for the period from 2024 to 2034.
The study incorporates compelling insights on the Lignocellulosic Biomass market based on Source (Wood, Crop Residues, Grass, and Agricultural Residues), Application (Bioenergy Production, Bioproducts, Materials and Composites, Animal Feed and Bedding, Soil Amendment and Erosion Control, and Biomass Power Generation), across various regions.
Authored by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor's Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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