All materials, chemicals and fuels made from fossil fuels can be made from sustainably sourced biomass. Biorefineries are key infrastructure developments needed to unlock the value from biomass and accelerate the transition to a Bioeconomy. The Forestry, Timber, Pulp & Paper industry produces lumber, pulp and paper bulk commodities to market. However, there are notable value-adding opportunities for Forestry biorefineries, since about 50% of the harvested tree biomass ends up as residues and waste. In order to assess the opportunity for Forestry biorefineries, this paper reviewed the various processing pathways, technologies and products that can be produced from wood residues and wastes from the FTPP industry (sawdust & offcuts, bark, leaves, sludge, black liquor, dregs and ash). A total of 129 chemical, thermochemical, biological and mechanical processing pathways were identified to generate 78 different unique products. We assessed the technical maturity of these processing pathways in terms of the technology readiness level and evaluated the market potential of these products to identify and classify Forestry biorefinery products as: true commodities, pseudo-commodities, fine chemicals and speciality chemicals. This study provides strategic focus for the development of Forestry biorefineries by distinguishing between un-established markets and lack of technology or innovation. (C) 2020 Published by Elsevier Ltd.