Abstract
AbstractIn this paper, eight optimal biorefinery concepts for biofuels and biochemicals production are critically analyzed and compared in terms of their techno‐economic performance and associated economic risks against historical market fluctuations. The investigated biorefinery concepts consider different combinations of biomass feedstock (lignocellulosic versus algal) and conversion technologies (biochemical versus thermochemical). In addition, the economic performance of each biorefinery concept is tested assuming a sudden drop in oil prices in order to compare the fitness/survival of each concept under extreme market disturbances. The analyses reveal amongst others that: (i) lignocellulosic bioethanol production is not economically feasible considering a drop in oil prices (a negative internal rate of return); (ii) a multi‐product biorefinery concept, where bioethanol is upgraded to higher value‐added chemicals (diethyl ether and 1,3‐butadiene), provides an improved resilience and robustness against market price fluctuations by reducing economic loss by 140 MM$/a (17% IRR); (iii) the economic analysis favors biochemical conversion technologies for a small production/processing capacity, whereas the thermochemical conversion platform is favored for a relatively larger production capacity; and (iv) the microalgae‐based biorefinery concept performed worse in terms of economics compared to the others, which is largely due to the cost of algae production and harvesting. In general, we recommend that a comprehensive economic risk analysis, using for example the Monte Carlo technique, should be an integral part of the conceptual design, development, and optimization of biorefineries to help improve their economic robustness in view of the competitive market for chemicals and fuels. © 2016 Society of Chemical Industry and John Wiley & Sons, Ltd
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
