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The global demand for energy is increasing with the increasing consumption owing to the rising population. The growing consumption has increased the need for more renewable and sustainable sources of energy. Advanced biofuels, which are known as second-generation biofuels, are used as a substitute for gasoline and diesel in the automotive industry. The low carbon emission has been the driving factor for the utilization of advanced biofuels in the automotive sector. The advanced biofuels mostly utilize the lignocellulose mass for their production.
The R&D departments are making massive investments of various organizations for the conversion of biomass into biofuels. With only a few players currently completing the advanced biofuels market, this market stands as an opportunity for new players to come in. Looking at the current drift towards green energy sources, this market is set to receive a massive amount of investments over the forecast period.
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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.
The key market drivers for the global advanced biofuels market is the rise in demand for cleaner energy sources to reduce the carbon emissions. The initiatives taken by various governments have further helped the market of advanced biofuels to grow. The application of biofuels in the automotive industry has also impacted the growth of the advanced biofuels market.
Key market restraint for the global advanced biofuels market is the lack of awareness regarding the advantages provided by the usage of advanced biofuels. This lack of knowledge has seen the adoption of biofuels in selected countries only.
Key players operating in the global advanced biofuels market are Banchak Petroleum, Green Biologics Ltd., Algenol, Chemtex, Dupont, Sino-Can energy, LanzaTech, Sinopec, Shengguan Group, TMO Renewables, Wilmar International, and Vinythai Public Company Limited.
By Processing Technology
By Raw Material
· Energy Crops
· Municipal Solid Waste
· Green Waste
· Cellulosic Biofuel
· North America (The USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
· Asia Pacific (China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
The global advanced biofuels market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific has dominated the global advanced biofuels market over the years and will continue to dominate the market with increasing adoption in China and India. The supportive government regulations and the growing urbanization and industrialization are the driving factors for the growth of the market in this region. Europe is the dominant region after the Asia Pacific in the generation of energy using advanced biofuels. Germany is the dominant country in the region. In Latin America, the increasing demand for power with the increase in population has been the driving factor for the adoption of advanced biofuels. North America and the Middle East & Africa region have seen lucrative growth in the advanced biofuels market over the years.
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