Pune, India, Dec. 20, 2023 (GLOBE NEWSWIRE) -- Advanced Biofuels Market Size
The global advanced biofuels market is likely to derive growth from the increasing awareness regarding energy conservation in several countries across the world. According to a report by Fortune Business Insights, titled “Advanced Biofuels Market Size, Share and Global Trend by Processing Technology (Thermochemical, Biochemical), By Raw Material (Energy Crops, Municipal Solid Waste, Green Waste, Others), By Type (Cellulosic Biofuel, Biodiesel, Bio-butanol, Others) and Geography Forecast till 2030,” the market will grow considerably in the coming years due to the increasing demand for sustainable fuel alternatives.
Advanced biofuels are products derived from renewable biomass. The high emphasis on the research and development of advanced biofuels due to their properties of automobile fuel has benefited the global advanced biofuels market companies. Another property that has contributed to the demand for advanced biofuels is high energy density. The report provides a detailed analysis of several factors that have constituted an increase in the global advanced biofuels market value in recent years. The increasing global population, combined with the high demand for biofuels will lead to increased adoption of advanced biofuels in several countries across the world. The increasing awareness regarding energy conservation and effects of global warming will contribute to the increasing demand for advanced biofuels. The high investment in development of advanced biofuels will contribute to rapid advanced biofuels market growth in the coming years.
Advanced Biofuels Industry Developments:
- In June 2019-Genomatica which is a leader in bio-based chemicals announced about its acquisition of certain assets of REG Life Sciences division of Renewable Energy Group Inc. REG Life Sciences is the largest supplier of advanced biofuels in North America. Genomatica will use the assets acquired to develop new products which are used in everyday life.
- In June 2019-Saccharification process was developed by a group of international scientists. This process results in the production of single sugar components which further are segmented into bioethanol and bio-butanol. The method developed is a two-stepped method for more efficiently breaking down carbohydrates in single sugar components.
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Advanced Biofuels Market Drivers & Restraints:
Increasing Mergers and Acquisitions Will Enable Market Growth
The report encompasses several factors that have constituted an increase in the global advanced biofuels market size in recent years. Besides growth stimulators, the report includes a few of the factors that have restrained the advanced biofuels market growth. Among all factors, Fortune Business Insights identifies mergers and acquisitions as one of the key factors that have accounted for substantial advanced biofuels market growth in recent years. In June 2019, Genomatica announced the acquisition of certain assets of REG LifeScience. The company announced that it plans to address the increasing consumer needs for sustainable products. The company will incorporate technologies that will be used for the manufacture of products derived from renewable or bio-based chemicals. Fortune Business Insights has predicted that Genomatica’s latest asset acquisition will not only help the company generate a substantial advanced biofuels market revenue, but will also have a direct impact on the global advanced biofuels market growth in the coming years.
COVID-19 Impact:
Slowdown of Key End-use Verticals Impacted Market Growth
The COVID-19 pandemic caused severe disruptions across key end-use sectors including automotive, electronics, and utilities, thereby affecting the Advanced Biofuels market growth during the pandemic period. Due to labor shortages, stricter protocols, and supply chain hurdles, a decline in industrial and transportation activity was observed. On account of these factors, the market experienced a downward growth trend during the pandemic.
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Report Coverage
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
Advanced Biofuels Market Segmentation:
Based on processing technology, the global advanced biofuels market can be segmented into thermochemical and biochemical. The less complicated process as compared to thermochemical and fewer carbon footprints as heating is avoided the biochemical processes have seen a rise in their adoption over the years. Based on the raw material used for biofuel, the global advanced biofuels market can be segmented into energy crops, municipal solid waste, green waste, and others. The significant portion of advanced bioenergy is produced from lignocellulose feedstock, which includes agricultural and forest residues, grasses, algae. These plants can be grown in wastewater and require minimal caring. And over recent years the advanced biofuels production using energy crops has been on the rise.
Based on its type, the global advanced biofuels market can be segmented into cellulosic biofuel, biodiesel, bio-butanol, and others. The demand for cellulosic biofuel and biodiesel has increased owing to the application of biodiesel in the automotive industry and as aviation fuel. The reduction in greenhouse gases by the use of biodiesel as fuel has been the reason for driving the growth of advanced biofuels in the automotive industry.
Advanced Biofuels Market Regional Insights:
Asia Pacific Market to Show Impressive Growth
The report provides a comprehensive study on the global advanced biofuels market. The report includes a detailed analysis of several market aspects such as growth stimulators, growth restraints, segmentation, and latest industry trends. Additionally, the report encompasses several companies that have generated significant advanced biofuels market revenue in recent years.
The report offers segmentation of the global advanced biofuels market based on several factors such as processing technologies, raw material, product type, and regional demographics. Among all regions, Fortune Business Insights has predicted that Asia Pacific has dominated the global advanced biofuels market. This is mainly due to the high demand and adoption of energy in densely populated countries such as India and China. Additionally, the government rules and regulations favouring industrialization and use of advanced biofuels will contribute to an increase in the advanced biofuels market value.
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Advanced Biofuels Market Competitive Landscape:
The Advanced Biofuels industry's key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.
Advanced Biofuels Companies Analyzed in Report:
- Banchak Petroleum. Green Biologics Ltd.
- Algenol. Chemtex. Dupont.
- Sino-Can energy. LanzaTech.
- Sinopec.
- Shengguan Group.
- TMO Renewables.
- Wilmar International.
- Vinythai Public Company Limited.
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Advanced Biofuels Market Segmentation:
By Processing Technology:
- Thermochemical
- Biochemical
By Raw Material:
- Energy Crops
- Municipal Solid Waste
- Green Waste
- Others
By Type:
- Cellulosic Biofuel
- Biodiesel
- Bio-butanol
- Others
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