The global advanced biofuel market was valued at US$ 8.880 billion in 2016 and is expected to reach US$ 194.633 billion by 2025 growing at a CAGR of 41.18% over the forecast period. According to an Advanced Biofuel Market Report, by Fuel Type (Cellulosic Ethanol, Biofuel, Biobutanol, BioDME, and others), by Raw Material (Jatropha, Camelina, Algae, Simple Lignocellulose, Complex Lignocellulose, and Others) by Process Type (Biochemical Process and Thermochemical Process) published by Coherent Market Insights. Advanced biofuel yields more energy efficient output as compared to conventional fossil fuels and are environment-friendly in nature. Furthermore, favorable environmental policies and regulations, investment for R&D provided by European and North American governments, and commercialization of advanced biofuels are driving the growth of advanced biofuels market.
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Browse 772 pages, 400 market data tables* and 110 figures* on “Advanced Biofuel Market” – Global forecast to 2025.
Key Trends and Analysis of the Advanced Biofuel Market:
Among fuel type, the biodiesel biofuel segment held a dominant position in 2016 and is expected to maintain the lead in the market over the forecast period. This is due to increasing usage of biofuels as engine fuel. Growing market for renewable energy and favorable regulations related to protection of the environment is expected to boost the growth of advanced biofuels market during the forecast period.
However, threats from the alternative products such as fall of crude oil prices and process limitations are some of the factors restraining the growth of advanced biofuel market.
Among raw material, algae segment accounted for the highest market share in 2016. There are various benefits of using algae for biofuel production, such as algae can produce higher yield and it can be cultivated on non-arable land without requirement of fresh water. Furthermore, algae provide environmental benefit as it can consume CO2 and have potential to provide greenhouse gases mitigation benefits. In 2012, SGI and ExxonMobil published an assessment of algae biofuels in Environmental Science and Technology, which concluded that algal biofuel produced around 50% lower life cycle greenhouse gas emissions as compared to that of petroleum-derived fuel.
Key Takeaways of the Market:
According to Coherent Market Insights study, North America accounted for the highest market share in terms of revenue in global advanced biofuel market in 2016, followed by Europe. The dominance of North America in advanced biofuels market is attributed to the favorable government regulations. The government is directing the use of bioethanol and biodiesel in public transport in economies such as India and Germany. The European Union (EU) established the Renewable Energy Directive (RED), which aims to have around 10% of the transportation system use renewable energy by 2020. According to the EPA (Environmental Protection Agency), advanced biofuel achieve around 50% lesser greenhouse gas emissions as compared to the conventional fuel
Asia Pacific is projected to be the fastest growing region in the advanced biofuel market and is expected to witness a CAGR of 43.33% over the forecast period. Emerging economies such as India and China are expected to contribute to the significant growth of the advanced biofuel market in Asia Pacific over the forecast period.
The key players in the advanced biofuels market include Abengoa bioenergy, A2BE Carbon Capture, LLC, Algenol Biofuels, Chemtex group, Bankchak Petroleum, Clariant Produkte (Deutschland) GmbH, Fiberight LLC, DuPont Industrial Biosciences, Fujian Zhongde Energy Co., Ltd, Inbicon, GranBio, INEOS Bio, POET-DSM Advanced Biofuels LLC, KiOR Inc., ZeaChem Inc., and Sundrop Fuels, Inc.