Biodiesel Segment is Expected to Dominate the Global Next Generation Biofuels Market
Demand for secure, sustainable, and clean energy
coupled with government mandates for increasing blending in automotive fuels
are major factor attributable to the growth of the market.
According to TechSci
Research report, “Global Next Generation Biofuels Market - Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Next Generation
Biofuels is anticipated to project robust growth in the forecast period with a
CAGR of 22.47% through 2028, The next
generation biofuel market is majorly driven by rise in necessity to produce
sustainable and clean energy, with negligible environmental impact. Second
generation biofuel production technology allows manufacturing of commercially
acceptable fuel that is developed with the help of inedible biomass. The key
feedstocks that are used for next generation biofuels are non-food crop
residues and agricultural residues, energy crops, wastes procured from forestry
industry and algae. Based on Biofuel Type, Biodiesel Fuel Type to Witness
Significant Growth. Biodiesel is a mixture of monoalkyl esters of long-chain
fatty acids derived from renewable biological sources such as vegetable oils.
It emerged as an alternative fuel for the transportation sector in recent
years. The conventional method of producing biodiesel is through homogeneous
catalytic transesterification. However, increased production costs associated
with downstream purification steps have led to the development of more
cost-effective and environment-friendly technologies. These advanced production
technologies involve heterogeneous or enzymatic catalysts to produce biodiesel,
as well as no catalysts in supercritical conditions. In the last two decades, the
production and consumption of liquid biofuels increased exponentially
worldwide. The rising consumption of biofuels is driven by public policies that
authorize and, in many cases, advocate for their use. One of the most used instruments
by major countries is biofuel use mandates. Indonesia, the United States, and
Brazil are among the largest biodiesel producers in the world, totaling some
9.5, 6.9, and 6.2 billion liters, respectively, in 2021. Global biodiesel
production reached 734 thousand barrels of oil equivalent per day, i.e., an
increase of about 3% when compared to 2020 (712 thousand barrels of oil
equivalent per day). Based on Region, North
America plays a significant role in the global Next Generation Biofuels market,
The North American region houses one of the biggest aviation markets and a
well-established terrain transportation infrastructure primarily on fossil
fuels. North America has been at the forefront of lowering emissions to limit
the greenhouse effect. In North America, the United
States is the largest producer of advanced biofuels, with significant
investments in R&D with a substantial number of patents for biofuels to
their credit. In 2021, according to the BP Statistical Review of World Energy 2022,
the United States produced 643 thousand barrels of oil equivalent of biofuel
per day, i.e., an increase of about 7.1% when compared to the previous year's
value (602 thousand barrels of oil equivalent per day). Strong mandates drive
the advanced biofuel market in the country. There are policies that specify
reductions in fuel life-cycle carbon intensity, such as California's low carbon
fuel standard. These policies may boost the demand for biofuel and support the
deployment of novel and advanced biofuels.
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data Figures spread through 188 Pages and an in-depth TOC on " Global Next Generation Biofuels Market"
The new US Renewable Fuels
Standard (RFS), signed recently as part of the revised Energy Bill, set high
goals for the country's biofuel industry. It set a production target of 36
billion gallons of biofuels annually, mainly ethanol and biodiesel, with 21
billion gallons coming from "advanced biofuels," which can be
produced using multiple feedstocks and technologies. Based on the above
factors, North America is expected to witness significant growth in the global
advanced biofuel market during the forecast period.
Key market players in the
Global Next Generation Biofuels Market are
following:-
- Abengoa Bioenergy
- Chemtex Group
- Bankchak Petroleum
- Clariant Produkte GmbH
- DuPont Industrial
Biosciences
- Fujian Zhongde Energy Co.
Ltd
- INEOS Bio
- KiOR Inc.
- Sundrop Fuels Inc.
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“Global next-generation
biofuels are driven by a convergence of factors aimed at addressing critical
challenges like climate change, energy security, and sustainability.
Environmental concerns are a primary driver, with the need to reduce greenhouse
gas emissions and combat climate change pushing the development of cleaner,
low-carbon biofuels. Energy security is another key motivator, as countries
seek alternatives to reduce their dependence on imported oil and stabilize
energy prices. Policy initiatives, such as renewable energy mandates and
incentives, provide a regulatory framework that encourages investment in
biofuel production. Technological advancements, including improved feedstock
diversity and more efficient conversion processes, make biofuels increasingly
competitive. Additionally, growing public awareness and support for sustainable
energy sources, along with research and development funding, are propelling the
biofuel industry forward. As global concerns about environmental sustainability
and energy independence continue to mount, next-generation biofuels are
well-positioned to play a vital role in the future of renewable energy.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
Next Generation Biofuels Market – Global Industry
Size, Share, Trends, Opportunity, and Forecast Segmented by Raw Material
(Jatropha, Lignocellulose, Algae, and Other Raw Materials), Biofuel Type
(Cellulosic Biofuel, Biodiesel, Biogas, Biobutanol, and Others), Technology
(Biochemical and Thermochemical), By Region, Competition 2018-2028 has evaluated the future growth
potential of Global Next Generation
Biofuels Market and provides statistics and information on market structure,
size, share, and future growth. The report is intended to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Global Next Generation Biofuels Market.
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