Type of transportation fuels, biofuels like biomass- and ethanol-based diesel fuel, is prepared from biomass constituents. Generally, these fuels are combined with petroleum fuels (heating oil, distillate/diesel fuel, and gasoline), but can be utilized on their own also. The next-generation biofuels are chiefly prepared from algal biomass, non-food materials, lignocellulose, and energy crops cultivated on peripheral lands.
The global next generation biofuels market is projected to witness a considerable growth during the forecast period owing to the elevated demand from the power generation and transportation sectors. Further, the easy raw material obtainability that are wastes & non-food crops, governmental incentives that back the cutting-edge biofuel production technology development, and less greenhouse gases concentration in comparison to conventional fuels are other factors anticipated to drive the market growth. Also, increasing worries about decreasing carbon emissions and rising need to generate clean & sustainable energy with trivial environmental effect will also fuel market expansion. In addition, lockdown enforced owing the COVID-19 pandemic outbreak led to provisional ban on manufacturing & processing and import & export activities across numerous sectors that hindered the next generation biofuel demand among customers.
The global next generation biofuels market can be segregated on the basis of biofuel type, process, application, raw materials, and geography. The market, by biofuel type, is divided into biobutanol, biogas, biodiesels, and others. The market, by application, is categorized into power generation, transportation, and others. The market, by process, is classified into thermochemical process and biochemical process. The market, by raw material type, is bifurcated into jatropha, lignocellulose, algae, camelina, and others.
Geographically, the global next generation biofuel market is projected to be governed by North America during the forecast period. The region is anticipated to be led by the US being it’s one of the significant next generation biofuel producers. The growth can be attributed to factors such as initiatives taken by governments of several countries to boost the production capacity of next generation biofuels to ascertain cleaner environment and energy security. Bioethanol is among the vastly used and produced biofuel that is mainly produced from corn grain.
The global next generation biofuels market marks the presence of few prominent players like GranBio, Abengoa S.A., Joule United, Inc., Chemtex Group, POET-DSM, Gevo, Algenol Biofuels, Sundrop Fuels Inc., Enerkem, and Solazyme. These players undergo several strategic collaborations, mergers, acquisitions, and developments to reinforce their market position. To cite, Axens North America and Gevo signed a pact that institutes a strategic association intended at speeding up the sustainable aviation fuel (SAF) projects’ commercialization in the United States. Gevo anticipates owning, developing, and operating facilities to generate SAF using its capability in renewable alcohol production and technologies.
Get Sample of this Research report – https://www.zionmarketresearch.com/sample/next-generation-biofuels-market