Second Generation Biofuels Market to Reach $87.5 billion, Globally, by 2032 at 26.8% CAGR: Allied Market Research

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Dec 14, 2023, 01:00 ET

"The second-generation biofuels market is experiencing a remarkable expansion, driven by a worldwide commitment to sustainability and a critical imperative to combat climate change. A confluence of elements, such as amplified environmental consciousness, governmental support for renewable energy, and rapid technological progress, propels the exponential expansion of this domain. Emphasizing advancements in cellulosic ethanol, algae-based fuels, and waste-to-energy processes, the second-generation biofuels market stands poised at the vanguard of an evolutionary shift in energy production."

WILMINGTON, Del., Dec. 14, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Second Generation Biofuels Market by Type (Cellulosic Ethanol, Biodiesel, Bio Butanol, and Others), Feedstock (Simple Lignocellulose, Complex Lignocellulose, Syngas, Algae, and Others), Process (Biochemical Process and Thermochemical Process), and Application (Transportation, Power Generation, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the Second generation biofuels Market was valued at $8.2 billion in 2022 and is estimated to reach $87.5 billion by 2032, exhibiting a CAGR of 26.8% from 2023 to 2032.

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Prime determinants of growth

The energy security concerns and environment regulations drive the development of the market. These factors collectively drive innovation and adoption of the second generation biofuels. However, high production cost and lack of infrastructure restrain the development of the market. Furthermore, the increase in the demand for renewable energy will provide ample opportunities for the development of the second generation biofuels market.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$8.2 billion
Market Size in 2032	$87.5 billion
CAGR	26.8 %
No. of Pages in Report	414
Segments covered	Type, Feedstock, Process, Application, and Region.
Drivers	• Energy security concern • Environment regulations
Opportunities	• Renewable energy storage
Restraints	• High production cost • Lack of infrastructure

Impact Scenario

The Russia-Ukraine war has multifaceted effects on the second-generation biofuels market.

The conflict disrupt global energy markets, leading to increased volatility in oil prices and potentially impacting the economic feasibility of biofuel production.
Moreover, a shift in global energy priorities and heightened uncertainty impact investment sentiments in the renewable energy sector.
On the positive side, the conflict amplify international efforts to diversify energy sources, driving greater interest in sustainable alternatives such as second-generation biofuels as nations seek to enhance energy security and reduce dependence on geopolitically sensitive fossil fuel supplies.
The extent of these impacts will depend on the duration and severity of the conflict, making it essential for the biofuels industry to monitor geopolitical developments closely.

The others segment to maintain its leadership status throughout the forecast period

By type, the others segment such as algal biofuel, and biojet fuels held the highest market share in 2022, accounting for more than two-fifths of the global second generation biofuels market revenue, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the others segment is projected to manifest a CAGR of 27.1% from 2023 to 2032. Growth factors for algal biofuels include advancements in cultivation techniques, genetic engineering for higher lipid content, and innovative extraction methods. In addition, the scalability of algae production and its potential for carbon capture make it an attractive option. Opportunities lie in R&D for enhancing algae productivity, reducing production costs, and scaling up commercial production to compete economically with other biofuel sources.

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The complex lignocellulose segment to maintain its leadership status throughout the forecast period

By feedstock, the complex lignocellulose segment held the highest market share in 2022, accounting for more than one-third of the global second generation biofuels market revenue, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the syngas segment is projected to manifest a CAGR of 27.6% from 2023 to 2032. The use of syngas as a feedstock for second-generation biofuels is experiencing notable growth owing to its adaptability and potential to utilize a wide array of feedstock sources. The rising interest in advanced biofuels, driven by environmental concerns and regulatory support, fuels the market expansion for syngas-derived biofuels. In addition, advancements in gasification technologies and the integration of syngas production with other biorefinery processes enhance efficiency, offering promising growth prospects.

The thermochemical process segment to maintain its leadership status throughout the forecast period

By process, the thermochemical process segment held the highest market share in 2022, accounting for nearly three-fifths of the global second generation biofuels market revenue, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the biochemical process segment is projected to manifest a CAGR of 26.9% from 2023 to 2032. Advancements in biotechnology and enzyme engineering are enhancing the efficiency and cost-effectiveness of biochemical conversion methods, driving market expansion. Moreover, increasing environmental concerns and stringent regulations favoring low-carbon fuels are propelling the demand for advanced biofuels produced via biochemical routes. The rising focus on circular economy principles and the utilization of waste biomass as a feedstock presents opportunity for further growth in the biochemical process segment of the second-generation biofuels market.

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The transportation segment to maintain its leadership status throughout the forecast period

By application, the transportation segment held the highest market share in 2022, accounting for more than four-fifths of the global second generation biofuels market revenue, and is estimated to maintain its leadership status throughout the forecast period. Moreover, power generation segment is projected to manifest a CAGR of 27.2% from 2023 to 2032. The increasing focus on reducing carbon emissions and achieving energy sustainability has spurred interest in cleaner power generation options. Governments and industries globally have invested in advanced biofuel technologies, creating favorable market conditions. The growth of dedicated energy crops and advancements in biomass conversion technologies contribute to increased feedstock availability and efficiency.

North America to maintain its dominance by 2032

By region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global second generation biofuels market revenue, and is likely to dominate the market during the forecast period. However, Asia-Pacific is expected to witness the fastest CAGR of 27.5% from 2023 to 2032. The presence of developing countries in this region, and the presence of larger economic countries in this region have led to an increase in the demand for energy which is sustainable and eco-friendly which led to the demand for second generation biofuels market in this region.

Leading Market Players: -

Algenol Biofuels
Clariant AG
International Flavors & Fragrances Inc
Fiberight LLC.
GranBio
Ineos Group
Orsted A/S
POET-DSM Advanced Biofuels LLC
Reliance Industries
Zea2, LLC.

The report provides a detailed analysis of these key players in the global second generation biofuels market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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