New York (US), June 23, 2023 (GLOBE NEWSWIRE) -- Second Generation Bio-fuels Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR) ”Second Generation Bio-fuels Market Research Report Information By Feedstock, By Type, By Application And By Region - Forecast Till 2030” The global second generation bio fuels market will touch USD 261.46 billion at a 27.64% CAGR by 2030, as per the recent Market Research Future report.
According to the International Renewable Energy Agency (IRENA), advanced biofuels play an essential role in the low-carbon pathway for the transport and energy sector. As per IRENA, with little change in the distribution infrastructure transport fleet for fuel, advanced biofuels can be rapidly deployed, resulting in efficient reductions in greenhouse gas (GHG) emissions. Advanced biofuels can be a practical alternative to fossil fuels for shipping, aviation, and heavy freight trucks. Various renewable energy sources are being deployed to reach the goals of the Paris Agreement from time to time; advanced biofuels address critical issues within the transport sector and will be needed for decades to meet long-term climate targets.
Get a Free Sample PDF Brochure:
https://www.marketresearchfuture.com/sample_request/11792
Market Competitive Landscape:
- ALGENOL BIOFUELS
- Fiberight
- GranBio
- Poet LLC
- Clariant AG
- INEOS Group, Ltd
- Reliance Industries Limited
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 261.46 billion |
| CAGR | 27.64% (2023-2030) |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019 & 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Feedstock, Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest Of the World |
| Key Market Drivers | Second-generation biofuels support policies Increasing demand for biofuels |
Browse In-depth Market Research Report (128 Pages) on Second Generation Bio-fuels:
https://www.marketresearchfuture.com/reports/second-generation-bio-fuels-market-11792
COVID-19 Analysis
The market for second generation biofuels was negatively impacted by the coronavirus epidemic. The availability of low-wage employees, which led to the closure of numerous manufacturing companies, and the drop in demand for the second-generation biofuels at this period are primarily responsible for this effect. The unexpected outbreak caused lockdowns at various levels and the suspension of operations in a number of industrial sectors. The pandemic has impacted almost all industries, and it has also seriously hampered a number of industrial processes and damaged the supply chain. The production & manufacturing processes were immediately influenced by the labor constraint, which severely constrained market development and expansion. In addition, the stoppage of building and the reduction in need for several non-essential commodities have possessed an impact on the development of the global market. The growth of the worldwide market for the second-generation biofuels is therefore expected to be significantly impacted by the aforementioned factors during the pandemic.
Drivers
Environmental Concerns to Boost Market Growth
Compared to first-generation biofuels, second-generation biofuels are thought to be more environmentally benign and sustainable. They are made from waste materials, agricultural wastes, and non-food crops, which lessens indirect land-use change and competition for food resources. The need for cleaner & renewable energy sources, such as second-generation biofuels, has surged as a result of rising worries about climate change and the need to cut greenhouse gas emissions.
Share Your Queries:
https://www.marketresearchfuture.com/enquiry/11792
Opportunities
Technological Advances to offer Robust Opportunities
The efficacy and economy of the second-generation biofuel production technologies have been enhanced by technological and scientific advancements. More energy can now be extracted from non-food feedstocks because of advances in biomass conversion, such as cellulose ethanol, thermochemical conversion, & algae-based biofuels. Second-generation biofuels are becoming more commercially feasible because of technological advances that lower production costs, improve scalability, and increase scale.
Restraints and Challenges
High Feedstock Cost to act as Market Restraint
The high feedstock cost, technological challenges, and sustainability concerns may act as market restraints over the forecast period.
Market Segmentation
The global second generation bio fuels market is bifurcated based on feedstock, type, and application.
By feedstock, the complex lignocellulose segment will lead the market over the forecast period. The flexibility and low cost of the solution while running on large networks are the main causes of the rising demand for it. These comprehensive configurations are also inexpensive and just require a single site for setup; the rest is handled by services, allowing for simple integration with new technologies.
By type, cellulosic ethanol will domineer the market over the forecast period. Cellulosic ethanol's increased popularity in industrialized nations, rising consumer demand for clean fuels with low carbon emissions, and the abundance of freely accessible agricultural waste are the main drivers of the industry's expansion. Due to its technological and economic limitations, Bio DME has a lesser market than other second-generation biofuels, although it is nevertheless utilized as a mix with other biodiesels despite this.
By application, transportation will spearhead the market over the forecast period.
Ask for Customization:
https://www.marketresearchfuture.com/ask_for_customize/11792
Regional Analysis
North America to Head Second Generation Bio Fuels Market
The North American area is projected to be the world's fastest-growing market for the second generation biofuels due to the substantial industry there. Because of favorable government regulations in the North American market, it is also projected that the market for the second generation biofuels would expand throughout the projection period. The low-carbon energy and transportation strategy depends heavily on advanced biofuels. According to IRENA, advanced biofuels may be quickly adopted with minimum modification to the gasoline distribution infrastructure or transportation fleet, leading to effective greenhouse gas (GHG) emission reductions. For use in transportation—including air travel, heavy-duty vehicles, and shipping—advanced biofuels could be a viable substitute for fossil fuels.
The Paris Agreement's goals are occasionally being implemented using a variety of renewable energy sources; advanced biofuels, which solve significant challenges in the transportation sector, will be required for decades to achieve long-term climate goals. The global market for second generation biofuels is dominated by North America. On a worldwide scale, the United States has been one amid the pioneers in the research and application of biofuels. One of the most extensively manufactured and used biofuels in the nation, bioethanol is mostly derived from maize and is widely available in the United States. The U.S. sells bioethanol in the forms of E10 & E85 that are blended with petrol, which has significantly accelerated the use of biofuels there.
APAC to Have Admirable Growth in Second Generation Bio Fuels Market
Due to its potential to lower greenhouse gas emissions and reliance on fossil fuels, a number of nations in the Asia Pacific area, including India, China, Japan, and Australia, have expressed interest in boosting the development and use of second-generation biofuels. The need for energy is rising, there are worries about energy security, and people are turning to cleaner, more sustainable forms of energy. These are some of the major reasons influencing market growth within this area.
Discover more research Reports on Chemical Industry, by Market Research Future:
Bromine Market Research Report Information By Derivatives (Organobromides, Clear Brine Fluid, Hydrogen Bromide), Application (Flame Retardants, Oil And Gas Drilling, Mercury Emission Control), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030.
Polyurethane Coatings Market Research Report Information By Technology (Solvent-Borne, Water-Borne, Spray), By End-user (Automotive, Aerospace, Household, Construction, Electronics), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030
Epoxy Curing Agent Market Research Report Information by Product Type (Amines, Polyamide, Imidazoles, Polymercaptan, Anhydrides, Polymercaptan, and Others), Application (Adhesive, Coatings, Composites, Electronics, and Others), Region (North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa) - Forecast till 2030
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
