PUBLISHER: The Business Research Company | PRODUCT CODE: 1413945
PUBLISHER: The Business Research Company | PRODUCT CODE: 1413945
“Advanced Biofuels Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on advanced biofuels market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for advanced biofuels? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The advanced biofuels market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Advanced biofuels represent liquid fuels that, in comparison to fossil fuels, exhibit a reduction in lifecycle greenhouse gas emissions by at least 50%. These fuels are typically derived from non-food-based feedstocks and are created from renewable organic materials, serving as viable alternatives to conventional liquid petroleum fuels.
The primary types of advanced biofuels include cellulosic ethanol, biofuel, biobutanol, bio DME, among others, and they undergo processing via various technologies, encompassing thermochemical and biochemical methods. Cellulosic ethanol, categorized as a second-generation biofuel, is manufactured by converting non-food vegetation into ethyl alcohol (ethanol). Various raw materials utilized in this process include jatropha, camelina, algae, simple lignocellulose, among others.
The advanced biofuels market research report is one of a series of new reports from The Business Research Company that provides advanced biofuels market statistics, including advanced biofuels industry global market size, regional shares, competitors with an 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. The 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.
The advanced biofuels market size has grown exponentially in recent years. It will grow from $81.79 billion in 2023 to $117.52 billion in 2024 at a compound annual growth rate (CAGR) of 43.7%. The expansion observed in the historical period can be ascribed to factors such as renewable energy policies, environmental regulations, fluctuations in crude oil prices, investments in research and development, and an increasing awareness regarding climate change.
The advanced biofuels market size is expected to see exponential growth in the next few years. It will grow to $462.76 billion in 2028 at a compound annual growth rate (CAGR) of 40.9%. The anticipated growth in the forecast period can be credited to several factors including the scaling up of production facilities, international collaboration and agreements, economic incentives, market competitiveness, and biofuel mandates and targets. Significant trends expected in this period encompass technological innovation, supportive policies and regulatory environments, diversification of feedstock, global energy transition, and the scaling up of commercial production.
The expansion of the advanced biofuels market is expected to be fueled by heightened demand from both the automotive and aerospace industries. Advanced biodiesel, a second-generation biofuel, serves as an alternative to gasoline and diesel within the automotive sector. Its adoption is primarily driven by the goal of reducing carbon emissions. For example, a report by the European Automobile Manufacturers' Association (ACEA) in March 2022 highlighted a 5.5% increase in US passenger car sales, reaching 11.9 million units in 2021. Additionally, 6.3 million passenger cars were manufactured in US facilities in 2021, marking a 3.1% increase from the previous year. Chinese automakers produced 20.7 million vehicles in 2021, representing a 7.1% increase. Globally, the total number of cars manufactured rose by 2.7% to 63.2 million in 2021. Hence, the escalating demand from the automotive industry acts as a driving force behind the growth of the advanced biofuels market.
The expanding aerospace sector is anticipated to drive the advancement of the advanced biofuels market in the foreseeable future. This extensive and intricate industry covers aircraft design, construction, satellite launches, and space exploration. Advanced biofuels play a crucial role in reducing greenhouse gas emissions within the aerospace industry, aiding in the fight against climate change. For instance, as per The International Air Transport Association, a global trade organization based in Canada, the projected global airline net profit is set to increase to $9.8 billion in 2023 from $4.7 billion in 2022. Additionally, an estimated 4.35 billion individuals are expected to travel in 2023. Consequently, the escalating demand for physical therapists is fueling the expansion of the advanced biofuels market.
The advanced biofuels market is witnessing a surge in the adoption of product innovations as a prominent trend. Key players in this sector are concentrating efforts on introducing pioneering products to fortify their market standing. For instance, in February 2023, PRIO, a biofuel producer headquartered in Portugal, introduced ECO Bunkers B30, a novel biofuel blend comprising 30% advanced biofuel sourced from waste raw materials. This fresh product undergoes blending at PRIO's Aveiro tank terminal following production at its biodiesel plant.
Prominent enterprises operating within the advanced biofuels sector are concentrating on pioneering technological advancements, notably sustainable aviation fuel (SAF) process technology, to secure a competitive advantage. Sustainable Aviation Fuel (SAF) technology encompasses various methods and processes for creating alternative jet fuel from renewable, non-petroleum sources. For instance, in September 2023, Lummus Technology LLC, a US-based entity specializing in proprietary petrochemicals, refining, and gasification technologies, introduced Ethanol-based SAF Technology. This cutting-edge technology provides a secure and scalable means of producing SAF utilizing ethanol, a renewable and widely available resource. The adoption of SAF holds the promise of substantial reductions in greenhouse gas emissions, potentially reaching up to 80%, contingent upon the specific ethanol source and production process.
In August 2022, Liberty Utilities, a US-based provider of utility services, acquired Sandhill Advanced Biofuels in an undisclosed transaction. This acquisition marks Liberty's inaugural investment in renewable natural gas not subject to regulation. Sandhill Advanced Biofuels, a US-based renewable energy firm, specializes in upgrading biogas into renewable natural gas.
Major companies operating in the advanced biofuels market report are Abengoa Bioenergy Co. LLC, Algenol Biofuels Inc., Chemtex Group, Bangchak Corporation Public Company Limited (BCP), Clariant Produkte GmbH, Fiberight LLC, DuPont Industrial Biosciences, GranBio Investimentos S.A., A2BE Carbon Capture LLC, Fujian Zhongde Energy Co. Ltd., Inbicon A/S, INEOS Technologies Limited, Poet-DSM Advanced Biofuel LLC, Green Biologics Ltd., ZeaChem Inc., Sundrop Fuels Inc., Amyris Inc., Gevo Inc., Renewable Energy Group Inc., Novozymes A/S, LanzaTech Inc., Mascoma Corporation, Solazyme Inc., Cool Planet Energy Systems, Enerkem Inc., Butamax Advanced Biofuels LLC, Codexis Inc., Coskata Inc., Aemetis Inc., Iogen Corporation, Siluria Technologies, Kiverdi Inc., Alkol Biotech Inc.
North America was the largest region in the advanced biofuels market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global advanced biofuels market report during 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, Africa
The countries covered in the advanced biofuels market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
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.
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.