Overview and Scope
Second generation biofuels, also known as advanced biofuels, are a type of renewable fuel made from non-food feedstock that has significant advantages over first generation biofuels. Second generation biofuels are designed to address the limits and issues associated with first generation biofuels, such as the usage of food crops and the possibility of indirect land-use change.
Sizing and Forecast
The second generation biofuels market size has grown exponentially in recent years. It will grow from $8.28 billion in 2023 to $10.61 billion in 2024 at a compound annual growth rate (CAGR) of 28.2%. The growth in the historic period can be attributed to policy support and regulatory frameworks, feedstock availability and diversity, investment and funding, oil price volatility, public awareness and perception.
The second generation biofuels market size is expected to see exponential growth in the next few years. It will grow to $26.71 billion in 2028 at a compound annual growth rate (CAGR) of 26.0%. The growth in the forecast period can be attributed to carbon intensity regulations, global energy transition, stricter emission standards, emergence of advanced feedstocks, increased private sector investment. Major trends in the forecast period include advancements in enzyme technology, international collaboration and trade agreements, technological advancements, collaboration and partnerships, techno-economic optimization.
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Segmentation & Regional Insights
The second generation biofuels market covered in this report is segmented –
1) By Type: Cellulosic Ethanol, Biodiesel, Bio Butanol, Bio Dimethylether (DME), Other Types
2) By Process: Biochemical Process, Thermochemical Process
3) By Feedstock: Simple Lignocellulose, Complex Lignocellulose, Syngas, Algae, Other Feedstocks
4) By Application: Transportation, Power Generation, Other Applications
North America was the largest region in the second generation biofuels market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the second generation biofuels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The high usage of biofuels due to environmental benefits is expected to propel the growth of the second-generation biofuels market going forward. Biofuel is any liquid fuel created from biological material such as trees, agricultural waste, crops, or grass. Replacing fossil fuels with biofuels has the potential to alleviate some of the negative environmental effects of fossil fuel extraction and usage, such as conventional and greenhouse gas (GHG) pollution emissions, finite resource depletion, and reliance on volatile foreign suppliers. Hence, biofuel usage is safe for the environment, thus driving the growth of the second-generation biofuels market. For instance, in April 2023, according to the U.S. Bioenergy Statistics report published by the United States Department of Agriculture, a US-based federal department overseeing laws on farming, forestry, rural development, and food, Approximately 15.4 billion gallons of ethanol and 3.1 billion gallons of biodiesel and renewable fuel were produced in the United States in 2022. Therefore, the high usage of biofuels due to environmental benefits is driving the growth of the second-generation biofuels market.
Key Industry Players
Major companies operating in the second generation biofuels market report are TotalEnergies SE, Reliance Industries Limited, INEOS Group Limited, The Andersons Inc., International Flavors & Fragrances Inc., Darling Ingredients Inc, DuPont Nutrition Biosciences ApS, Green Plains Inc, Flint Hills Resources LLC, Gevo Inc., Abengoa S.A., POET LLC, ICM Inc., Enerkem Inc., Advanced Enzyme Technologies Limited, Fulcrum BioEnergy Inc., LanzaTech Inc, Virent Energy Systems Inc., GranBio LLC, Algenol Biofuels Inc., Novamont S.p.A., Edeniq Inc., Mascoma Corporation, BlueFire Renewables Inc, Fiberight LLC., Clariant AG, Raizen S.A., Copersucar SA, Beta Renewables S.p.A., EcoCeres Inc.
The second generation biofuels market report table of contents includes:
1. Executive Summary
2. Second Generation Biofuels Market Characteristics
3. Second Generation Biofuels Market Trends And Strategies
4. Second Generation Biofuels Market – Macro Economic Scenario
5. Global Second Generation Biofuels Market Size and Growth
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32. Global Second Generation Biofuels Market Competitive Benchmarking
33. Global Second Generation Biofuels Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Second Generation Biofuels Market
35. Second Generation Biofuels Market Future Outlook and Potential Analysis
36. Appendix
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