Techno-economic analysis of developing miscanthus biorefinery for the production of platform chemicals and renewable resins

Abstract

Biorefining to produce chemical materials is a viable path to a renewable and sustainable future. The energy crop Miscanthus is grown with high yield and low cost. In this study, platform chemicals (acetic acid, glycolaldehyde, and acetol) and novolac resins were produced using Miscanthus at a baseline plant capacity of 15 t/h. The profitability of different biochar applications (soil amendment, heat supply, and activated carbon) was investigated by mass balance and energy consumption analysis and economic assessment. The heat supply scenario had the best profitability with an internal rate of return (IRR), payback period, levelized cost, and minimum selling price of 24.5%, 4.32 years, CNY 8,480/t, and CNY 10,840/t. Sensitivity analysis showed that IRR was most sensitive to resin price, plant capacity, and capital costs. The minimum plant capacity with an IRR over 25% was 25 t/h. Monte-Carlo simulation results showed a low investment risk for soil amendment and heat supply scenarios.