The advanced biofuels market, in terms of value, is projected to grow at a healthy CAGR of 38.5% from 2021 to 2030. The market was accounted for US$ 32.6 billion in 2020 and is expected to reach a market size of US$ 848.6 Billion by the end of 2030. In this study, 2020 has been considered the base year and 2021 to 2030 the forecast period for estimating the market size of the market.
The global advanced biofuels market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2021 to 2030. The study analyzes and forecasts the market size, in terms of volume (units) and value (USD million), of the market. The report segments the market and forecasts its size, by volume and value, on the basis of Process, Advanced Biofuel Type, Raw Material, and Regional Outlook. The report discusses the market for advanced biofuels in terms of volume & value. The regions covered in the report are North America, Europe, Asia Pacific and Rest of the Worlds.
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Advanced biofuels are fuels derived from different biomass types, including agricultural, municipal, and other waste. They are also termed as biofuels of the second generation. Advanced biofuels are produced from woody/ lignocellulosic crops with biomass, non-starch sugars, as well as the residues of the agricultural, making it more difficult to extract the fuel needed. Biofuels of the next generation are engineered to overwhelm the constraints of the maximum temperature freezing and the adverse effects of on the environment of biofuels of 1st generation including biogas, vegetable oil, bio alcohols among others are capable of supplying vast amounts of fuel sustainably, with greater environmental benefits. Liquid biofuels produced from sources like non-petroleum and can decrease carbon intensity relative to a petroleum, according to the California Air Resources Board. Certain of the dynamic factors for target market growth are the rising renewable energy market, government support, and increasing investment in second generation biofuels.
- Among the advanced biofuels type segment, biodiesels segment is dominated the overall market. The growth is attributed to growing use of biofuels as the engine fuel in the leading countries worldwide.
- Among the raw material, algae segment was expected to register maximum share during the forecast period of time 2021 to 2030, owing to its quality of possessing more oil content and it can be grown using ocean or wastewater.
- Fujian Zhongde Energy Co., Ltd. accounted for a significant share of the global advanced biofuels market.
Advanced biofuels are inexpensive and help increase the energy mix and reduce the petroleum industry’s reliance. These variables lead to fostering greater acceptance by various governments and institutions. One of the most significant reasons for moving to advanced biofuels is that they are made from locally available feedstock that can be easily generated in any environment that supports them. Not only do they reduce dependency on energy sources dependent on petroleum, but they also benefit the agricultural sector by providing a way to make their waste financially beneficial. Alternative fuels are gaining more interest because of uncertainties in global fuel markets, energy security, and the gradual rise in reducing carbon emission levels. Advanced biofuels are renewable sources of energy that dramatically reduce carbon emissions and provide commercial opportunities, leading to increased interest in their production. Increased R&D activities are gradually paving the way for the commercialization of advanced biofuels on a wide scale.
Biofuel blends are used in standard cars with little or no engine change, which encourages the use of blended fuels in vehicles. Governments across the globe are actively attempting to broaden the use of renewable energy sources, with a positive impact on the advanced biofuels industry. Via grants, tax credits, incentives, special loans, renewable energy adopters are encouraged, thereby boosting the development of the advanced biofuels industry. Some countries have set regional goals for the use of biofuels as a pure mix or as blends. In countries such as Germany and India, governments are directing the use of biodiesel and bioethanol in their public transport systems. The Renewable Energy Directive (RED) of the European Union (EU) aims to allow 10 percent of the transport system to use renewable energy by 2020. All above factors will projected to enhance the target market in the coming years.
The industrial report mentions about the influence of the ongoing COVID-19 pandemic. The outbreak has caused disturbances in several industries and has hammered the logistics, resulting in delayed deliveries and cancellation of product demand. The advanced biofuels report proficiently explains about the resulting factors and concerns of manufacturers. Researchers have also well-explained about how the producers and providers will tackle with the ongoing epidemic and the key strategies to be adopted post pandemic for turning their businesses back to normal.
The research report deals with the industry prospects of advanced biofuel products around regions including Europe, North America, Latin America, Asia-Pacific, and Middle East and Africa. North America will dominate the global industry due to rising demand for the cleaner burning transportation fuels in the U.S. and Canada of the North America. Presence of leading players in the region along with strategies that are implemented by the major players in the countries of North America is expected to witness substantial growth in the target industry in the near future.
Asia Pacific is likely to list the noteworthy CAGR, on account of rising awareness about the usage of advanced biofuels in emerging economies. Also, most of the key players operating in the industry are investing heavily in order to get the competitive edge in the advanced biofuels market in Asia Pacific. For instance, in 2020, The Asian Development Bank has approved a $2.5 million technical assistance in order to support advanced biofuel development in India. Further, stringent government regulations associated with the emission of GHG is among major factor expected to boost growth of the target industry in the Europe.
Key Market Players and Strategies:
The major companies functioning in the worldwide advanced biofuels are GranBio, Inbicon A/S, Clariant, A2BE Carbon Capture, LLC. Fujian Zhongde Energy Co., Ltd, Bangchak Petroleum Plc. Algenol Biotech, Abengoa Bioenergy, DowDuPont Inc., Chemtex Company among others. Enormous investment in the study of the advanced biofuels accompanied bystrategic collaborations like as mergers; company acquisitions are business approaches commenced by the major companies in the advanced biofuels market.
Major Market Segments Covered:
- Biochemical Process
- Thermochemical Process
By Advanced Biofuel Type
- Cellulosic Advanced Biofuels
By Raw Material
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Why should you invest in this report?
The company’s expert’s team has been always monitoring the advanced biofuels market for few years, which has assisted them to include actionable insights that can consult the regarded reader with the influence to grow their venture with a high CAGR and gain stellar Return on initial capital investment in the market.
If you are aiming to enter the global advanced biofuels market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for advanced biofuels are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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