Lignocellulose in future biorefineries: Strategies for cost-effective production of biomaterials and bioenergy

•An overview of general aspects of lignocellulose based biorefinery.•Significance of nanotechnology aspects in developing value-added products.•Importance of selection of biomass for techno-economical feasibility discussed.•Exploitation of high yield energy-driven and material-driven concepts. Lignocellulosic biomass has been emerging as a biorefinery precursor for variety of biofuels, platform chemicals and biomaterials because of its specific surface morphology, exceptional physical, chemical and biological characteristics. The selection of proper raw materials, integration of nano biotechnological aspects, and designing of viable processes are important to attain a cost-effective route for the development of valuable end products. Lignocellulose-based materials can prove to be outstanding in terms of techno-economic viability, as well as being environmentally friendly and reducing effluent load. This review should facilitate the identification of better lignocellulosic sources, advanced pretreatments, and production of value-added products in order to boost the future industries in a cleaner and safer way.