The global next generation biofuels market has driven by the factors, such as the sustainable and clean source of fuel, easy availability of raw materials that are non-food crops & wastes, the lesser concentration of greenhouse gases as compared to conventional fuels, and governmental incentives that support the development of advanced biofuel production technologies.
Biofuels are fuels produced by a biochemical reaction using biological sources such as raw materials. By production, biofuels can be categorized into first-, second-, and third-generation biofuels. First-generation biofuels, also known as conventional biofuels, are prepared using food crops, such as soy, rapeseed, corn, and similar others. Second-generation or advanced biofuels are produced from non-food crops and waste, such as forest residues, non-edible oils, crops, such as Miscanthus, and others. Third-generation biofuels are derived from algae, which have proven to be the most efficient source for biofuel production. The market is expected to register a double-digit growth rate during the forecast period, attributed to the increased demand from the transportation and power generation industry.
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The next generation biofuels market is segmented into the process, biofuel type, raw materials, application, and region.
By process, the next generation biofuels market is divided into biochemical processes and thermochemical processes. The thermochemical process segment accounted for the largest share in 2020, while the biochemical process segment is projected to grow at the highest CAGR of 26.7%.
By biofuel type, the market is classified into biodiesels, biogas, biobutanol, and others. In 2020, biodiesel fuel type held the largest share of the market. Biodiesels are anticipated to maintain the biggest sales proportion because of the developing use of biofuels because the engine fuel. This is because of the utilization of wonderful yield algae raw material and the massive capacity of biodiesels to lessen the discount greenhouse gas emission.
By raw material type, the algae segment is expected to witness robust growth. It grows because it contains more oil and can be grown using seawater or sewage. It can produce 300 times more oil than traditional crops, and it takes up to 10 days to harvest because its growth rate is almost 30 times that of other raw materials.
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By application, the next generation biofuels market is divided into transportation, power generation, and others. The transportation segment accounted for the largest share in 2020, while the power generation segment is projected to grow at the highest CAGR of 26.7%.
Next generation biofuel markets have held a notable share in North America. The U.S. is one of the prominent producers of next generation biofuels in North America. Governments of many countries in the region are taking initiatives to increase next generation biofuel production to ensure energy security and a cleaner environment.
By region, the North American region is expected to witness robust growth. The U.S. has been one of the leading countries in the development and utilization of biofuels on a global level. Bioethanol is one of the majorly produced and utilized biofuels in the country which is majorly made from corn grain and is abundantly available in the U.S.
The major companies profiled in next generation biofuels industry include Algenol Biofuels, Chemtex Group, Abengoa S.A., Enerkem, Gevo, GranBio, Joule United, Inc., POET-DSM, Solazyme and Sundrop Fuels Inc. The players in the market have adopted several strategies, such as product launches and business expansion, to sustain the market competition.
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Key findings of the study
– By region, North America is projected to grow at the highest CAGR of nearly 25.7%, in terms of revenue, during the forecast period.
– By biofuel type, the biodiesel segment accounted for the largest market share in 2020.
– By application, the transportation segment accounted for the largest market share in 2020.
– By process, the thermochemical process segment garnered the largest market share in 2020.
– By raw material, the lignocellulose segment garnered the largest market share in 2020.
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