Allied Market Research published a new report, titled, Second Generation Biofuels Market generated $5.5 billion in 2020, and is anticipated to generate $54.8 billion by 2030, witnessing a CAGR of 26.4% from 2021 to 2030.
Favorable government regulations on SOx and NOx in addition to GHG emissions drive the growth of the global second generation biofuels market. However, acquisition of economical feedstock hinders the market growth. On the other hand, the energy sector incorporates new opportunities for next generation biofuels in the coming years.
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Population growth, rise in disposable income, and industrialization have boosted the global demand for oil, but due to resource constraints, most countries rely on imports for oil supplies. Expanding the use of biofuels not only reduces oil consumption, but also expands the sources of liquid fuel imports, making biofuels a viable solution for resolving oil security concerns. It is considered as one. Furthermore, improved fuel advancements give farmers with extra chances to boost their income. The aforementioned trends and drivers are propelling market growth. The increase in adoption of ethanol as an alternative vehicle fuel and the benefits of applying advanced fuels in the transport sector create employment opportunities in rural areas and reduce pollution and trade deficits. Increase in innovation and development of commercially viable technology has led to the production of cellulosic ethanol from urban solid waste and some agricultural waste.
The research offers a detailed segmentation of the global Second Generation Biofuels market. Key segments analyzed in the research include Feedstock, Type, Process and by Applicationand geography. Extensive analysis of sales, revenue, growth rate, and market share of each segment, and geography for the historic period and the forecast period is offered with the help of tables.
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Based on application, the transportation segment held the highest market share in 2020, accounting for 85% of the global second generation biofuels market, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to its distribution channel as they can be easily distributed through the current infrastructure with minor modifications. Moreover, the power generation segment is projected to manifest the highest CAGR of 26.7% from 2021 to 2030.
Based on region, North America held the highest market share in terms of revenue 2020, accounting for more than two-fifths of the global second generation biofuels market. This is because Bioethanol is one of the majorly produced and utilized biofuel in the country which is produced from corn grain and is abundantly available in the U.S. Moreover, the LAMEA region is expected to witness the fastest CAGR of 30.4% during the forecast period. This is because Brazil is the second largest biofuel producing nation after the U.S.
The market player positioning segment provides an understanding of the current position of the market players active in the Second Generation Biofuels industry.
The research offers an extensive analysis of key players active in the global Second Generation Biofuels industry. Detailed analysis on operating business segments, product portfolio, business performance, and key strategic developments is offered in the research. Leading market players analyzed in the report include Algenol Biofuels, Clariant AG, DuPont Nutrition & Biosciences, Fiberight LLC., GranBio, Ineos Group, Orsted AG, POET-DSM Advanced Biofuels LLC, Reliance Industries, and Zea2 LLC. These players have adopted various strategies including expansions, mergers & acquisitions, joint ventures, new product launches, and collaborations to gain a strong position in the industry.
Get detailed COVID-19 impact analysis on the Second Generation Biofuels Market Request Here
Covid-19 Scenario
- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global second generation biofuels market, especially during the initial phase.
- Factors such as closure of manufacturing facilities, decrease in demand for many non-essential products, disruptions in the supply chain, presence of low labor force, and shut down of construction activities hampered the market growth, especially during the initial phase.
Key offerings of the report:
- Key drivers & Opportunities: Detailed analysis on driving factors and opportunities in different segments for strategizing.
- Current trends & forecasts: Comprehensive analysis on latest trends, development, and forecasts for next few years to take next steps.
- Segmental analysis: Each segment analysis and driving factors along with revenue forecasts and growth rate analysis.
- Regional Analysis: Thorough analysis of each region help market players devise expansion strategies and take a leap.
- Competitive Landscape: Extensive insights on each of the leading market players for outlining competitive scenario and take steps accordingly.
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