Wilmington, Delaware, United States, Jan. 11, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - A market size of US$ 30.2 billion was estimated for second-generation biofuels in 2021. A CAGR of 26.4% is expected from 2022 to 2031, leading to US$ 314.5 billion by 2031. Policies and regulations are expected to continue to support advanced biofuels development and deployment globally. A range of incentives, such as renewable fuel standards or carbon pricing, can help drive investments and market expansion.
Governments worldwide to encourage advanced biofuel development and use have implemented several national policies and financial incentives. Renewable energy standards and tax credits may be included in incentives and renewable energy grants and grant programs. Biofuels can become more competitive by utilizing fermentation, gasification, and enzyme technology.
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Adapting second-generation biofuel technologies to existing infrastructure, such as transportation and distribution systems, will be crucial for widespread adoption. The availability of engines and fuel infrastructure that are compatible with existing engines will contribute to market penetration. Second-generation biofuel production may be able to utilize a wider range of feedstock in the future.
In order for second-generation biofuel technologies to be made more widely available, demonstration and pilot projects must be successful. The transportation sector may adopt these technologies more widely, with increased production capacity and more commercialization.
Key Findings of the Market Report
- Lignocellulose biomass accounted for 39.13% of the global market in 2021.
- In terms of type, the biodiesel market held a substantial share of 59.13% in 2021.
- The thermochemical process segment held the largest market share of 53.13% in 2021.
- The transportation segment dominated the global market in 2021 with a 60.9% share.
- North America dominated the global market in 2021 with a 47.7% share.
Global Second-generation Biofuels Market: Growth Drivers
- Compared to first-generation biofuels, second-generation biofuels are more environmentally friendly since they use non-food feedstocks like agricultural remnants and lignocellulosic biomass. This mitigates land-use concerns and does not threaten food production. Greenhouse gas emissions reductions are a primary driver. Second-generation biofuels can offer substantial carbon savings compared to conventional fossil fuels, contributing to the fight against climate change.
- A second-generation biofuel can provide a domestically produced alternative energy source while reducing dependence on imported fossil fuels. As a result, energy security is enhanced, and geopolitical uncertainty in the market is reduced. Increasing technological advancements drive the market, especially in biofuel production and biomass conversion processes. Biofuel production processes of the second generation are more efficient, cost-effective, and scalable.
- A growing preference for sustainable energy may also contribute to the growth of biofuels, as consumers become more aware of the environment and prefer sustainable and renewable energy sources. Policies and corporate strategies may be influenced by public support for cleaner, greener energy solutions.
Global Second-generation Biofuels Market: Regional Landscape
- The market for second-generation biofuels will be driven primarily by North America. The North American government is exploring and developing second-generation biofuels to replace fossil fuels with sustainable and advanced alternatives. Numerous projects have been developed and researched to convert non-food biomass to biofuels. Universities, researchers, companies, and institutions led these efforts.
- Governments in North America provided financial incentives and financial support to promote advanced biofuels. By supporting this activity, greenhouse gas emissions will be reduced, energy security will be enhanced, and sustainable alternatives will be promoted. The commercialization of second-generation biofuels was making progress for some companies. The viability of these technologies was demonstrated through pilot and demonstration projects.
- Agricultural residues, forestry residues, and energy crops, such as corn stover, wheat straw, and energy crops, were utilized as biofuel feedstock’s. Food production was not considered as a competitor in this approach. Biochemical and thermochemical advances were crucial in converting lignocellulosic materials into biofuels. There were several approaches under investigation and optimization, including enzymatic hydrolysis and gasification.
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Global Second-generation Biofuels Market: Key Players
A few large vendors control the majority of the second-generation biofuels market worldwide. Research and development expenditures are significant in most organizations.
- Algenol Biofuels
- Clariant AG
- DuPont
- Fiberight LLC.
- GranBio
- Ineos Group Orsted AG
- POET-DS
- Advanced Biofuels LLC
- Reliance Industries
- Zea2 LLC
Key Developments
- In April 2023, Cepsa contracted Técnicas Reunidas to perform detailed engineering for the biggest biofuels plant for the second generation (2G) in southern Europe, which Cepsa will construct together with Bio-Oils at Huelva's La Rábida Energy Park with a maximum investment of 1 billion euros.
- In December 2023, Keppel Corporation's Infrastructure Division signed a memorandum of understanding (MoU) with AM Green, a company owned and controlled by the Greenko Group of India. It has been decided to incorporate AM Green into Keppel Corporation's Infrastructure Division in pursuit of a collaborative effort to produce biogenic carbon-based fuels, like 2-G ethanol, bio-methanol, and sustainable aviation fuels (SAF). A MoU was signed in Dubai, UAE, in conjunction with the COP28.
Global Second-generation Biofuels Market: Segmentation
By Feedstock
- Lignocellulose Biomass
- Field Crop Residues
- Forest Product Residues
- Others
By Type
- Biodiesel
- Bioethanol
- Others
By Process
- Biochemical Process
- Thermochemical Process
- Others
By Application
- Transportation
- Power Generation
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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