New York, June 14, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Advanced Biofuels Global Market Report 2023" - https://www.reportlinker.com/p06466616/?utm_source=GNW
Ltd., Inbicon A/S, Ineos Bio, Poet-DSM Advanced Biofuel LLC, Green Biologics Ltd., ZeaChem Inc., and Sundrop Fuels Inc.
The global advanced biofuels market is expected to grow from $53.79 billion in 2022 to $81.79 billion in 2023 at a compound annual growth rate (CAGR) of 41.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The advanced biofuels market is expected to reach $325.63 billion in 2027 at a CAGR of 41.3%.
The advanced biofuels market consists of sales of corn stover, switchgrass, or methane.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Advanced biofuels are liquid fuels that, when compared to fossil fuels, have a lifecycle greenhouse gas emissions reduction of at least 50%.They are often sourced from non-food-based feedstocks.
Biofuels are made from regenerative organic materials and serve as alternatives to liquid petroleum fuels.
North America was the largest region in the advanced biofuels market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the advanced biofuels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of advanced biofuels are cellulosic ethanol, biofuel, biobutanol, bioDME, and others, which are processed by various types of technology, such as thermochemical and biochemical.Cellulosic ethanol refers to a second-generation biofuel that is produced by turning vegetation unfit for human consumption into ethyl alcohol (ethanol).
Several raw materials involved are jatropha, camelina, algae, simple lignocellulose, and others.
The increasing demand from the automotive industry is expected to propel the growth of the advanced biofuels market going forward.The automotive industry refers to all businesses and endeavors concerned with the production of motor vehicles, including the majority of their parts, such as their bodywork and engines, but excluding their tires, batteries, and gasoline.
Advanced biodiesel refers to a second-generation biofuel that is utilized in the automotive industry as a replacement for gasoline and diesel.Low carbon emissions are the driving force behind the adoption of advanced biofuel in the automotive industry.
For instance, in March 2022, according to a report published by the European Automobile Manufacturers’ Association (ACEA), the main lobbying and standards group for the automobile industry in the European Union, sales of passenger cars in the US increased by 5.5% from 2020 to 11.9 million units in 2021. Over 6.3 million passenger cars were produced in US auto facilities in 2021, an increase of 3.1% from 2020. Chinese automakers produced 20.7 million vehicles in 2021, an increase of 7.1%. In 2021, the total number of cars produced worldwide climbed by 2.7% to 63.2 million. Therefore, the increasing demand from the automotive industry is driving the growth of the advanced biofuels market.
Product innovations are the key trends gaining popularity in the advanced biofuels market going forward.Major companies in the advanced biofuels market are focusing on launching innovative products to sustain their position in the market.
For instance, in February 2023, PRIO, a Portugal-based producer of biofuels, launched the ECO Bunkers B30 biofuel, a new 30% advanced biofuel blend.It is a brand-new biofuel product that contains 30% advanced biofuel made from waste raw materials.
The fuel is combined at PRIO’s tank terminal in Aveiro after being manufactured at its biodiesel plant.
In August 2022, Liberty Utilities, a US-based utility services provider, acquired Sandhill Advanced Biofuels for an undisclosed amount.With the closing of this deal, Liberty has made its first investment in renewable natural gas that is not subject to regulation.
Sandhill Advanced Biofuels is a US-based renewable energy company focused on upgrading biogas to renewable natural gas.
The countries covered in the advanced biofuels market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The advanced biofuels market research report is one of a series of new reports that provides advanced biofuels market statistics, including advanced biofuels industry global market size, regional shares, competitors with a advanced biofuels market share, detailed advanced biofuels market segments, market trends and opportunities, and any further data you may need to thrive in the advanced biofuels industry. This advanced biofuels market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466616/?utm_source=GNW
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