The worldwide biorefinery technology market will grow to USD 714.6 billion (EUR 645.6bn) in 2021 from USD 466.6 billion in 2016, according to BCC Research.

The market will expand at a compound annual growth rate (CAGR) of 8.9% over the five-year period, the company says in a new report.

Biorefineries use various technologies in which biomass is converted into biofuels such as ethanol, and in energy, chemicals and other compounds. There are four main approaches -- physicochemical, biological, thermochemical and hybrids.

BCC Research says that the biological technology platform will dominate the market in 2016 with a 52.6% market share, which will remain relatively unchanged over the coming years. The biological platform is seen to account for USD 376.4 billion, or 52.7%, of the market in 2021. It uses processes such as fermentation, enzymes and genetic modifications, which occur under mild operating conditions.

Roughly USD 274.7 billion of the biorefinery technology market in 2021 will come from the physicochemical platform. It includes processes such as pressing, milling and distillation that do not change the chemical structure of biomass.

The market for thermochemical solutions and for hybrid platforms will grow to USD 50.1 billion and USD 13.4 billion, respectively, in 2021.