Advanced Biofuel Market: Current Analysis and Forecast (2022-2028)

Advanced Biofuel Market: Current Analysis and Forecast (2022-2028)

Global Advanced Biofuel Market is expected to grow at a significant rate of around 35% during the forecast period. Advanced biofuels are the key components of low carbon transportation system development to meet emissions reduction. Advanced biofuel which is also called second-generation fuel is used as a blending material in traditional fuels such as gasoline and diesel. The second-generation biofuels are derived from lignocellulosic crops which allows the cellulose and lignin plants to separate and form alcohol. In recent years, the demand for advanced biofuel has increased due to its blending applicability with gasoline and diesel.

Furthermore, the demand for advanced biofuel is anticipated to grow due to the rising government’s focus on lower carbon emissions as there are several regulations implemented in the different parts of the world to promote advanced biofuel for vehicles. For instance, in India, the government reduce the tax on biofuels from 18% to 5%. Also, to promote advanced biofuel in Europe the government takes several measures such as implementing a 10-year long-term stable policy, minimization in the competition between the first-generation biofuels and advanced biofuels and supporting offtakes for the advanced alternative fuels.

DowDuPont Inc., Bangchak Petroleum Plc., Clariant, Inbicon A/S, TMO Renewables, Sinopec, Vinythai Public Company Limited, Chemtex company, LanzaTech, and Fujian Zhongde Energy Co., Ltd. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
 
Insights Presented in the Report
"Amongst raw material, algae category to witness robust CAGR during the forecast period”

Based on raw materials, the advanced biofuel market has been classified into lignocellulose, jatropha, camelina, algae, and others. The algae segment witnesses a significant market share in 2021 and is expected to remain the same during the forecast period owing to the higher oil content compared to the other segment and the cultivation ability such as it can cultivate into the ocean and wastewater land. Also, the algae have a lower cultivation cycle which is around 10 days and has approximately 300 times more oil content than the traditional crops.
"Amongst biofuel type, the biodiesel segment to hold a significant share in the market in 2020”

Based on biofuel type, the market is segmented into biobutanol, cellulose advanced biofuel, biodiesel, and others. The biodiesel category witnessed higher market growth during the forecast period owing to its utilization in diesel and jet fuels. Also, the blending of biodiesel in diesel gives economic advantages and helps to reduce greenhouse gas emissions. The increasing demand for energy and depleting energy resources around the world are expected to drive the demand for biodiesel in the future.
"North America to hold a significant share in the market”

In 2020, North America held a significant share of the global advanced biodiesel market. This is mainly due to the growing demand for cleaner burning transportation fuels, particularly in developed countries like U.S. and Canada. Additionally, the presence of the major market player in the region and strict regulation towards carbon emission coupled with the increasing demand for energy in the region is further expected to drive the demand for the advanced biofuel market in the region.

In addition, the increasing demand for renewables, government support, and increasing investment in the region are supporting the advanced biofuel market in North America. For instance, North America implements Advanced Biofuel Payment Programs which enables any individuals, foundations, organizations, joint stock companies, government entities, and others to produce and sell advanced biofuels meeting the desired specification. Also, the North American government provides Biomass Crop Feedstock Incentives which provide financial assistance to the operator and landowners to establish, produce and deliver biomass feedstock crops for the production of advanced biofuel production facilities.  

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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