Biofuels and Renewable Refineries Continue to Gain Momentum – Market Trends and Outlook

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Biofuels and Renewable Refineries Market Report Overview

The five renewable fuels that are most prevalent within the current market are ethanol, FAME biodiesel, renewable diesel, bio-methanol, and sustainable aviation fuels (SAFs). These fuels are generated through the processing of biomass. The decarbonization potential of biofuels and growing policy support has led to their increasing demand encouraging many refiners to consider venturing into renewable fuels. Converting existing refineries offers potential cost savings compared to building new refinery facilities. However, there are several challenges that accompany conversion.

The biofuels and renewable refineries market research report provides an assessment of conventional biofuels within the current market and their limiting factors. The report also offers insights on key market players with respect to each biofuel, upcoming biofuel policies, and deals and company filings data.

Five Fuel Alternatives ·       Ethanol

·       FAME Biodiesel

·       Renewable Diesel

·       Biomethanol

·       Sustainable Aviation Fuels (SAFS)

Active and Upcoming Projects ·       Martinez Renewable

·       Musi Renewable

·       Chalmette Renewable

·       Strathcona Renewable

·       Come By Chance Renewable

Key Companies (Retrofitting Crude Oil Refineries Capacity) ·       Marathon Petroleum

·       HF Sinclair

·       Pertamina

·       Preem

·       ENI

·       Imperial

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Biofuels Market Briefing

Ethanol, FAME biodiesel, renewable diesel, bio-methanol, and Sustainable Aviation Fuels (SAFS) are the five fuel alternatives. These are the most conventional biofuels within the current market. Biofuels have lower emissions over a lifetime than fossil fuels, thus getting support from policy markers. For instance, the Adopted Renewable Identification Number (RIN) system in the US. By this regulation refiners, producers, and importers are required to accumulate a certain number of RINs to fulfill their volumetric obligations. POET, REG, NESTE, OCI, and SAFs are the leading players in the biofuels market.

Biofuels Market Outlook

Biofuels will experience a strong increase in consumption, facilitated by policy shifts and the increasing scale of production, which will alleviate some of the cost barriers for this technology. In 2022, FAME biodiesel consumption was the highest. However, SAFs are expected to overtake FAME Biodiesel in the coming years. This strong growth will be facilitated by policies aimed at decarbonizing the aviation sector such as the Refuel EU Aviation Initiative.

There has been an uptick in activity within the biofuels sector in terms of deals, with a notable increase in the volume and value of deals. 71 M&A deals related to bio-ethanol since 2020. An increasing number of oil and gas players can also be seen mentioning biofuels within their company filings, which could indicate concerns over product diversification within the sector.

Renewable Fuel Consumption, 2022 – 2040

Renewable Fuel Consumption, 2022 – 2040

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Renewable Refineries Market Outlook

Production of renewable diesel and SAFS fuels is expected to rise significantly between 2020 and 2030. The growth will be facilitated by an increasing number of renewable refineries becoming operational. The conversion of small oil and gas refineries will contribute to the increase in the total number of refineries.

The United States was the dominant global player in 2020 in terms of production. Other leading countries include the Netherlands, Sweden, Spain, Turkey, and Italy among others. In addition, standalone renewable projects will make up the most of future capacity.

Renewable Fuel Production Capacity and Projects, 2020 – 2030

Renewable Fuel Production Capacity and Projects, 2020 – 2030

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Crude Refineries Converted and Co-Processing: Active and Upcoming Projects

Some of the active and upcoming projects in crude refineries converted and co-processing are Martinez Renewable, Musi Renewable, Chalmette Renewable, Strathcona Renewable, and Come by Chance Renewable among others. North America currently dominates active and upcoming refinery conversion projects

Biofuels Market – Competitive Landscape

Some of the top companies retrofitting crude oil refineries capacity include Marathon Petroleum, HF Sinclair, Pertamina, Preem, ENI, and Imperial among others. Marathon Petroleum has undergone the largest conversion of renewable diesel from refinery conversion projects.

Top Companies Retrofitting Crude Oil Refineries Capacity

Top Companies Retrofitting Crude Oil Refineries Capacity

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  • Assessment of conventional biofuels within the current market and their limiting factors.
  • Key market players with respect to each biofuel.
  • Upcoming biofuels policies.
  • Biofuel deals and company filings data.
  • Renewable fuel consumption and production forecasts.
  • Geography of active and upcoming renewable refinery projects.
  • The current renewable refinery conversion trend and its challenges.
  • Leading companies that are converting crude oil refineries.

Key Highlights

  • SAFs are expected to overtake FAME Biodiesel in 2037. The strong growth will be facilitated by policies aimed at decarbonizing the aviation sector such as the Refuel EU Aviation Initiative.
  • Ethanol will show a more gradual increase over the same time frame which reflects some of this fuel’s drawbacks such as its use of edible crops and comparatively lower energy content than conventional fuels, which increases fuel consumption and overall running costs.
  • Neste Corp recorded the highest number of mentions of biofuels within its filings since 2020, recording 134 across this time frame.
  • The United States will remain the dominant player in terms of production of renewable fuel production capacity in 2030.

Reasons to Buy

  • Obtain the most up to date information on recent developments and policies related to the oil refinery conversion trend.
  • Identify the opportunities of challenges associated with the switch from oil refining to renewable refineries.
  • Assess competitors based on their active and pipeline capacities for renewable fuel production and gain an overview of the largest upcoming renewable refinery project.
  • Develop business strategies by identifying the most promising route to renewable fuel conversion

Aventine renewable energy Inc
Valero Energy Corp
Green Plains Renewable Energy Inc
Cerradinho Bioenergia S.A
Renewable Energy Group
Ag Processing Inc
Cargill Inc
World Energy LLC
Neste Corp
Diamond Green Diesel LLC
UPM Corp
Eni SpA
TotalEnergies SE
Moller-Maersk AS
Waterfront Shipping Ltd
Alder Fuels
FutureFuel Corp
Darling Ingredients Inc
Bangchak Corporation PCL
Borregaard ASA
Amentis Inc
Suncor Energy Inc
Repsol SA
Marathon Petroleum Corp
PT Pertamina
Exxon Mobil Corp
Cresta Fund Management LLC
Shell plc
Global Clean Energy Holdings Inc
Corral Petroleum Holdings AB
BP Plc
HF Sinclair Corp
Preem AB
Imperial Oil Ltd
PBF Energy Inc
North Atlantic Refining Ltd.

Table of Contents

  • 1. Executive Summary
  • 2. Biofuels Briefing

    • 2.1. Introducing our five focus biofuels
    • 2.2. Advantages and disadvantages of biofuels
    • 2.3. Key players in the biofuels market
    • 2.4. Biofuel policies driving increasing consumption

  • 3. Biofuels Market Outlook

    • 3.1. Biofuel consumption trends
    • 3.2. Biofuel deal activity
    • 3.3. Biofuel filing trends

  • 4. Renewable Refineries Outlook

    • 4.1. Production capacity outlook
    • 4.2. Renewable fuels market landscape
    • 4.3. Largest active and upcoming renewable refineries
    • 4.4. Renewable refinery projects by type

  • 5. The switch to renewable refineries

    • 5.1. Oil and gas sector strategies amid the rise of renewable fuels
    • 5.2. Advantages and disadvantages of refinery conversion
    • 5.3. Active and upcoming conversion projects
    • 5.4. Top companies converting refineries

  • 6. Standalone vs conversion projects

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