Globally, the consumption of renewable fuels is increasing amid growing environmental concerns about the usage of fossil fuels and government policies supporting renewable fuels. As a result, global renewable refinery capacity additions are growing rapidly, with North America set to witness the highest capacity additions among all the regions, forecasts GlobalData, a data and analytics company.
GlobalData’s latest report, ‘Renewable Refineries Capacity And Capital Expenditure (CapEx) Forecast By Region, Companies And Projects, 2023-2027’, reveals that North America is expected to witness a renewable refinery production capacity of 13,142 million gallons per year (mmgy) in 2027, followed by Europe and Asia with 3,882 mmgy and 3,522 mmgy, respectively.
The US is expected to witness the highest renewable refinery production capacity additions in North America as well as globally, with 8,987 mmgy capacity expected to be added by 2027 from several planned and announced projects.
Panama, Canada, and the Netherlands are the other key countries where considerable renewable refinery production capacity additions are expected to take place through 2027 with 1,733 mmgy, 1,347 mmgy, and 872 mmgy of capacity additions, respectively.
