The role of renewable chemicals and biofuels in building a bioeconomy

The emergence of lignocellulosic biorefineries (LBRs) over the past few decades has shown tremendous potential for the development of sustainable renewable resources. Lignocellulosic biorefineries not only meet energy needs but also mitigate environmental problems by replacing conventional petroleum sources. Round the year availability of lignocellulosic biomass (LCB) with affordable price is a major factor in the development of biorefineries. It consists primarily of sugar polymers (cellulose and hemicellulose) and lignin, which can be used to produce second‐generation (2G) biofuels such as bioethanol, biohydrogen, biobutanol, and renewable chemicals like lactic acid, succinic acid, and 5‐hydroxymethylfurfural, the compound annual growth rate (CAGR) of which is predicted to be 16.43% by 2025. Several multinational companies, such as Raizen, Du Pont, BASF AG, Cargill, Braskem, and others have embarked on bio‐based chemicals / biofuels production. However, biochemicals and even biofuels have not achieved the desired commercial goals due to a lack of feasibility and a lack of innovative techniques for bioprocessing or genetic engineering. Inappropriate feedstock logistics and lack of accurate life‐cycle analyses of processes / products were also major drawbacks in developing commercially viable technologies from LCB. In this paper, therefore, recent technological advancements in LBRs, the current bio‐renewable commercialization situation, and the intrinsic role of biorefinery in the circular bioeconomy have been elucidated. © 2020 Society of Chemical Industry and John Wiley & Sons, Ltd