Next Generation Biofuels Market, Biofuel Type (Biodiesels, Biogas, Biobutanol, and Others), Process (Biochemical Process and Thermochemical Process), Raw Material (Lignocellulose, Jatropha, Camelina, Algae, and Others), and Application (Transportation, Power Generation and Others) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Next Generation Biofuels Market Overview
The global Next Generation Biofuels Market size was estimated at USD 7.26 billion in 2023 and is projected to reach USD 49.7 billion in 2030 at a CAGR of 27.2% during the forecast period 2023-2030.
Biofuels, as a product of modern biological processes like anaerobic digestion, represent an alternative to fossil fuels that are produced by geological means. The second generation of biofuels is derived from non-food crops including biomass crops, organic waste, wood, and food crop waste. Meanwhile, the third generation of biofuels involves improving biomass production and utilizing engineered energy crops, such as algae, as a feedstock. The projected diversity of algae-based biofuels is expected to encompass various fuel types, including but not limited to petrol, diesel, and jet fuel.
The market's growth is expected to be propelled by the demand for cleaner fuel and the increasing governmental regulations for desulphurization of petroleum products. Biofuels, which are derived from plants, animal waste, or algae material, are categorized as renewable fuels due to the replenishable feedstock material. The global market is expected to be driven by a limited availability of fossil fuel-based resources and a growing awareness of curbing carbon emissions.
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The recent outbreak of coronavirus has adversely affected the next generation biofuels market, owing to the pandemic's significant impact on the wind power industry's supply chain. The worldwide coronavirus pandemic outbreak has expedited the transformation of the next generation biofuels market. As previously noted, the advanced features and technical progressions of the luxury car market exert an influence on the operation of the next-generation biofuels technology market. The current situation is internationally challenging due to the implementation of strict limitations and changes to business working hours and circumstances. Consequently, the global market functions are unable to generate in accordance with the expected demand owing to operational constraints. This, in turn, leads to operating problems and losses, compounded by the decline in luxury car sales in key regions worldwide.
Delvens Industry Expert's Standpoint
The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. The rise in necessity to produce sustainable and clean energy, with negligible environmental impact, is a major driving force behind the next generation biofuel market. This market is facilitated by second generation biofuel production technology, which allows for the manufacture of commercially acceptable fuel using inedible biomass. Non-food crop residues and agricultural residues, energy crops, wastes procured from forestry industry, and algae are key feedstocks used for the development of next generation biofuels. The market growth of next generation biofuels is primarily affected by the acquisition of economical feedstock. However, feedstock cost contributes to 80-90% of the final fuel cost, rendering it challenging to increase market growth. Additionally, countries with little or no petroleum reserves are experiencing growth in the production of next generation biofuels. It serves as a means for these countries to reduce spending on biofuel imports. These factors have led to the expansion of the market and increased demand for Next Generation Biofuels solutions.
Key Findings
- The biofuel type segment is further fragmented into Biodiesels, Biogas, Biobutanol, and Others. The biodiesel segment is expected to account for a larger market size during the forecast period. The market for next generation biodiesel, that is, biomass-based biodiesel is expected to grow during the forecast period, due to the blending mandates imposed by governments.
- The process segment is further bifurcated Biochemical Process and Thermochemical Process. The thermochemical process is the largest market during the forecast period. The upcoming expansion of the biofuels industry will be propelled by the confluence of two factors: straightforward implementation and economic efficiency in comparison to other available alternatives.
- The raw material segment is further bifurcated into Lignocellulose, Jatropha, Camelina, Algae, and Others. Lignocellulose to account for a larger market size during the forecast period. Lignocellulose pertains to a type of biomass that encompasses a variety of materials, including the non-starch based fibrous component of plant matter. These materials are characterized by unique physical and chemical attributes.
- The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to account for the largest market share during the forecast period owing to rising demand mainly form countries such as Canada, U.S., and others.
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Next Generation Biofuels Market Regional Analysis
North America to Dominate the Market
North America is estimated to account for the largest market share during the forecast period owing to rising demand mainly form countries such as Canada, U.S., and others.
Next Generation Biofuels Market Competitive Landscape
- ABB
- Abengoa Bioenergy S.A.
- Accelergy
- Alstom
- Archer Daniels Midland Company
- Cargill Incorporated
- Ciris Energy
- Clean Coal Technologies Inc.,
- Cortus
- E3 Clean Technologies
- ExxonMobil Corporation
- Gasliner
- General Electric
- GreatPoint Energy
- Hygen
- JaworskiEnergyServices
- LanzaTech
- POET, LLC
- Renewable Energy Group, Inc.
- Schneider Electric
- Shell PLC
- Siemens
- Tracxn Technologies Limited
Next Generation Biofuels Market Recent Developments
- In April, 2023, Cepsa awarded a contract for the engineering, procurement, and construction management support of the second-generation (2G) biofuels plant in southern Europe to the Técnicas Reunidas. This new plant will use agricultural waste and used cooking oils as feedstock. it will have two pre-treatment units and a flexible production capacity of around 500,000 tons of renewable diesel and sustainable aviation fuel (SAF) for use in air, sea, and land transport.
- In January, 2023, Zagros Petrochemical Company and China’s Dalian Petrochemical Company entered into the deal to establish a methanol-to-synthetic ethanol conversion plant in Iran, which would be the first plant of ethanol for Iran. The plant is estimated to have a production capacity of 300,000 tons and would be commissioned within three years.
Next Generation Biofuels Market Reasons to Acquire
- Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
- Gain authentic and granular data access for the Next Generation Biofuels Market to understand the trends and the factors involved in changing market situations.
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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The Next Generation Biofuels Market Report answers a number of crucial questions, including:
What are the years considered to study Next Generation Biofuels Market?
What is the compound annual growth rate (CAGR) of the Next Generation Biofuels Market?
Which region holds the largest market share in Next Generation Biofuels Market?
Which region is the fastest growing in Next Generation Biofuels Market?
Who are the major players in Next Generation Biofuels Market?
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