by The global second-generation biofuels market is experiencing rapid expansion, driven by the increasing need to provide clean, long-lasting energy solutions with minimal environmental impact. Second-generation biofuels, derived from inedible biomass sources such as agricultural and non-food crop residues, forestry wastes, energy crops, jatropha, and algae, offer a sustainable alternative to conventional fuels, effectively eliminating the food vs. fuel conundrum.
The demand for second-generation biofuels has been further bolstered by their ability to reduce carbon emissions in the transportation sector, attracting investments from major market players. These biofuels also play a vital role in countries with limited petroleum reserves, reducing foreign exchange spending on petroleum imports.
Global Biofuel Production on the Rise
Over the past two decades, global biofuel production has witnessed exponential growth, reaching 1,677 thousand barrels of oil equivalent per day in 2020, up from 187 thousand barrels per day in 2000. This remarkable increase can be attributed to supportive policies, which encourage both biofuel production and consumption. Governments worldwide view biofuels as a means to enhance energy security and reduce greenhouse gas emissions across key sectors.
Second-generation biofuels have emerged as an eco-friendly solution, as they have fewer environmental implications compared to fossil fuels. Additionally, they utilize waste materials that would otherwise go to waste, contributing to a more sustainable future. Regulatory measures, blending regulations, sustainability goals, fuel quality standards, and import levies have all played a significant role in shaping the global biofuels industry.
Strong Market Growth Expected
The global biofuels industry is on track to reach an estimated value of US$153.8 billion by 2025, creating a solid foundation for the expansion of the second-generation biofuels market.
Addressing Greenhouse Gas Emissions
Growing concerns about the adverse effects of greenhouse gas emissions, primarily caused by the combustion of fossil fuels, are driving the establishment of biofuels generating plants and bio-refineries worldwide. The production of biofuels through the aerobic/anaerobic digestion of biomass, which reduces the reliance on fossil fuels for power generation and vehicle fueling, is expected to boost the market for porous electrodes for electrolysis. According to the International Energy Agency (IEA), if biofuels are generated sustainably, they have the potential to replace petroleum products and help avoid gigatons of carbon dioxide emissions annually.
Transportation Sector Takes the Lead
During the forecast period, the transportation segment is expected to dominate the market. Second-generation biofuels can be efficiently used in traditional spark-ignition engines without the need for significant technical adjustments. Hybrid vehicles, in particular, can run on highly concentrated biofuel blends, offering a cleaner alternative to traditional fuels. Challenges such as engine surface corrosion and cold engine issues are being addressed by blending biofuels with petroleum diesel, which is expected to drive product demand.
North America Leads the Way
North America, led by the United States, holds a dominant position in the global second-generation biofuels market. The United States has been at the forefront of biofuel production and consumption, with bioethanol, primarily derived from maize grain, being widely produced and blended with gasoline in various forms, driving rapid adoption. Biodiesel production has also gained momentum in the United States, contributing significantly to the countrys biofuels landscape.
Asia Pacific Shows Promise
The Asia Pacific region is expected to witness the fastest growth in the second-generation biofuels market. Chinese enterprises are tapping into the regions abundant resources to invest in the future market, while governments are providing incentives to manufacturers. Stringent laws pertaining to greenhouse gas reductions and renewable energy production are expected to further drive industry growth.
Leading Players
Key players in the second-generation biofuels market include Algenol Biofuels, Zea2 LLC, Fiberight LLC, DuPont Nutrition & Biosciences, Clariant AG, Ineos Group, GranBio, Orsted AG, Reliance Industries, and POET-DSM Advanced Biofuels LLC.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/second-generation-biofuels-market
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COMTEX_441975473/2840/2023-10-16T12:02:21
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.