Global second generation biofuels market is projected to reach $54.8 billion by 2030, growing at a CAGR of 26.4% from 2021 to 2030. Second generation biofuels are also known as advanced fuels which can be manufactured from various types of biomass. These feed-stocks include lignocellulosic biomass, agricultural residue, as well as dedicated non-food energy crops grown on marginal land unsuitable for food production. The goal of second-generation biofuel processes is to extend the amount of biofuel that can be produced sustainably by using biomass consisting of the residual non-food parts of crops, such as stems, leaves, and husks that are left behind once the food crop has been extracted, as well as other crops that are not used for food purposes (non-food crops), such as switchgrass, grass, jatropha, and whole crop maize.
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.
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The second generation biofuels market is segmented into feedstock, type, process, application, and region.
On the basis of feedstock, the global second generation biofuels market is categorized into simple lignocellulose, complex lignocellulose, syngas, algae, and others. By type, the global market is categorized into cellulosic ethanol, biodiesel, bio butanol, bio DME, and others. By process, the global market is categorized into biochemical process and thermochemical process. On the basis of application, the market is categorized into transportation, power generation and others.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the largest share of the market in 2020, with Asia-Pacific being the fastest growing region. The major companies profiled in this 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..
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In addition to the abovementioned companies, there are Algae. Tec, Chemrec Inc., Gevo, Inc., and Muradel are competing for the share of the market through product launch, joint venture, partnership, and expanding the production capabilities to meet the future demand for the Second generation biofuels in the forecast period.
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Impact Of Covid-19 On The Global Second Generation Biofuels Market
- Emergence of COVID-19 had a negative impact on the growth of the global second generation biofuels market during this period.
- This impact is mostly attributed to the significant disruptions in the raw material transportation, presence of low-labor, led to shutdown of many manufacturing industries led to decline of demand for second generation biofuels during this period.
- The decrease in demand for many non-essential products and shut down of construction has created a negative impact on the development of global second generation biofuels market.
- Thus, the abovementioned factors are expected to have negative impact the global second generation biofuels market growth during the pandemic period.
Key findings of the study
- By region, North America accounted for the largest second generation biofuels market share in 2020.
- By type, others segment holds the largest market share in 2020.
- By feedstock, complex cellulose segment accounted for the largest market share in 2020.
- By process, thermochemical process segment accounted for the largest market share in 2020.
- By application, transportation segment accounted for the largest market share in 2020.
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