Second Generation Biofuels Market to Grow at CAGR of 24.5% through 2033; Rising Emphasis on Sustainability to Bolster Growth
The Brainy Insights
Second generation biofuels market size from USD 6.7 billion in 2023 to USD 59.9 billion in 10 years. The rising demand for sustainable fuel drives the market’s growth. Asia Pacific emerged as the largest global second-generation biofuels market, with a 39.8% market revenue share in 2023.
Newark, April 18, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 6.7 billion second-generation biofuels market will reach USD 59.9 billion by 2033. Biofuels of the second generation are derived from non-food sources such as wood, waste vegetable oil, waste forest, waste industrial waste, and ecological biomass crops. Developing second-generation biofuels addresses the limits and restrictions of the first generation. The non-edible residue left over from food crops is called biofuel feedstock, and many forms of biomass can be used to make biofuels. The limits and restrictions of first-generation fuels have led to developing second-generation biofuel technology. Second-generation biofuels can also be produced from crops that aren’t utilised for food, like cereals, wheat straw, and switchgrass. Recent developments in conversion techniques may increase biofuels’ sustainability by improving their efficiency and having less environmental impact. Furthermore, second-generation biofuels will address the issue of waste globally and employ it in the industry, contributing to the rise of market revenue during the projected period.
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Report Coverage Details
|
Report Coverage |
Details |
|
Forecast Period |
2024–2033 |
|
Base Year |
2023 |
|
Market Size in 2023 |
USD 6.7 billion |
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Market Size in 2033 |
USD 59.9 billion |
|
CAGR |
5.8% |
|
No. of Pages in Report |
237 |
|
Segments Covered |
by Application, Type, Regions |
|
Drivers |
High usage of biofuels due to environmental benefits |
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Opportunities |
Technological innovation and development |
Key Insight of the Second Generation Biofuels Market
Asia Pacific will account for the largest market size during the forecast period.
Due to the region’s rising biofuel use, greater adoption of cutting-edge technology, and heightened focus on sustainable fuel production to reduce environmental pollution, the market for second-generation biofuels has been growing. The expansion of government initiatives to promote the use of second-generation biofuels in local transportation is another factor expected to drive market revenue growth. Moreover, responsible production and distribution of second-generation biofuels are expected to yield profitable potential for sustainable economic prospects in Asia. A stable and healthy supply of alternative energy sources is another crucial factor expected to boost the usage of second-generation biofuels and drive revenue growth for Asia Pacific. This factor may help offset rises in the price of petrol and petroleum products.
Story continues
The transportation segment dominated the market with the most significant revenue of USD 2.88 billion.
The transportation segment dominated the market with the most significant revenue of USD 2.88 billion. The segment’s revenue has increased due to the ease with which second-generation biofuels may be distributed through the current infrastructure and the growing emphasis on producing alternative renewable liquid fuels for transportation.
The biodiesel segment dominated the market with the most significant revenue of USD 2.27 billion.
The biodiesel segment dominated the market with the most significant revenue of USD 2.27 billion. There are several uses for biodiesel, including power generation, backup electrical systems, stoves, and non-wick lights. It also reduces sulphur dioxide and nitrogen dioxide emissions when used as a wood substitute for heat generation.
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Market Dynamics:
Drivers: Growing emphasis on sustainability
Global car sales increased to approximately 66 million in 2022 from about 65 million in 2021. Second-generation biofuels could be used in transportation as a renewable alternative to fossil fuels. They might be mixed with petrol or diesel or used in cars as a stand-alone fuel. Since biofuels made from non-food feedstocks have the potential to reduce air pollution and greenhouse gas emissions, the automotive industry is interested in them.
Restraint: Drawbacks of second-generation biofuels
The second generation biofuels have several drawbacks, including competitive land and water consumption and complex downstream processes. These issues further threaten the market expansion for second-generation biofuels.
Opportunity: Favourable regulatory environment
During the forecast period, market players are expected to have even more profitable prospects due to the favourable regulatory environment for SOx and NOx emissions and GHG emissions.
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Some of the major players operating in the second-generation biofuels market are:
● Clariant AG
● Fiberight LLC
● Ineos Group
● POET-DSM Advanced Biofuels LLC
● Zea2 LLC
● Algenol Biofuels
● DuPont Nutrition & Biosciences
● GranBio
● Orsted AG
● Reliance Industries
Key Segments covered in the market:
By Application:
● Power Generation
● Transportation
● Others
By Type:
● Bio Butanol
● Biodiesel
● Cellulose Ethanol
● Others
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About the report:
The global second generation biofuels market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter’s five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.
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