Abstract
Humans from the very beginning of existence utilized natural resources for various daily needs. As years have gone by and with the continuous rise in population, both the natural resources and the biodiversity of this world are at the brink of exhaustion and collapse. Circular Economy (CE) is one such method that tackles both these problems at the same time. Worldwide energy production focuses on the shift from petroleum derivatives to biomass-based biofuels for the emerging sustainable bio-based economy. However, the concept of the biomass-based bio-refinery is in the early stages of development in many parts of the world. To confront global challenges environmentally and economically, the paradigm shift from biofuel production to bio-refinery is inevitable. This review summarizes various alternative feedstocks’ availability and their chemical potential for bio-refinery, application of recent developments like Big Data, blockchain technology and Internet of Things on bio-refinery framework. Furthermore, an emphasis has been made on the strategies and challenges in the production of the broad spectrum of platform chemicals and their incomparable global market value as it is an intermediate that bridges between the biomass and the value-added bio-based products. Thus, this review is an important key resource for researchers as it is a comprehensive analysis of the vital areas in bio-refinery.
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