Increase in investment in R&D focused toward reduction of production costs and biofuel support policies by various governments are anticipated to create lucrative opportunities for the market growth.
Portland, OR -- (SBWIRE) -- 06/22/2017 -- According to a new report published by Allied Market Research, titled, Second and Third-Generation Biofuels Market by Generation, Biofuel Type, Feedstock, and Application: Global Opportunity Analysis and Industry Forecast, 2014-2022," the second and third-generation biofuels market was valued at $3,574 million in 2015, and is projected to reach at $57,124 million by 2022, growing at a CAGR of 48.9% from 2016 to 2022. Transportation segment accounted for highest share of the total market in 2015.
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Biofuels are fuels produced by a biochemical reaction using biological sources, such as raw materials. On the basis of production of biofuels, they can be categorized into first-, second, and third-generation. Second-generation or advanced biofuels are produced from non-food crops and wastes, such as forest residues, non-edible oils, crops, such as Miscanthus, and others. Third-generation biofuels are derived from algae, which is the most efficient source for biofuel production.
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Second- & third-generation biofuels market is expected to grow at a substantial growth rate during the forecast period, owing to factors such as support by governments globally in the form of blending mandates. In addition, funding by various private & government organizations to support R&D in the field of advanced biofuels, environmental benefits related to advanced biofuels over conventional first-generation biofuels, and rise in awareness among public for energy security supplement the market growth. However, issues such as high investment expenses at initial stages and lack of land availability for growing raw material crops are expected to hamper the market growth during the forecast period. Asia-Pacific region provides lucrative opportunities to key players for setting up new manufacturing plants and investments in the market, owing to abundant raw material availability, favorable environmental regulations, and low manufacturing costs.
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Based on biofuel type, the biodiesel segment accounted for the highest share in 2015, owing to the blending mandates imposed by various governments. However, the bioethanol segment is expected to witness the highest growth rate during the forecast period, owing to the constant reduction in the production costs of ethanol and extensive R&D on improvement of the production technology, specifically in North America and Europe.
Key Findings of the Second and Third-Generation Biofuels Market:
- North America dominated the global second and third-generation biofuels market in 2015, in terms of revenue.
- The complex lignocellulose segment accounted for around one-third share in 2015, and is anticipated to maintain its lead during the forecast period.
- Based on fuel type, the bioethanol segment is expected to witness highest growth in the global market in the foreseeable future.
-The U.S. generated more than two-thirds of the total revenue in the North American market in 2015, and is expected to remain dominant throughout the forecast period.
- The Asia-Pacific second- and third-generation biofuels market is expected to grow at the highest rate.
In 2015, North America dominated the global market with the highest share, in terms of both revenue and volume, owing to the high percentage of manufacturers and consumers and supportive government regulations. In addition, Asia-Pacific is expected to grow with the highest rate, registering a CAGR of 57.3% throughout the forecast period, owing to rapid growth in transportation sector in countries, such as China, Thailand, and India, increase in awareness about application of second- and third-generation biofuels, and favorable government rules & regulations.
The key players of second- and third-generation biofuels market profiled in this report are Algenol Biofuels, Inc., Abengoa S.A., Blue Marble Biomaterials, Sapphire Energy, Inc., Chemrec AB, GranBio, DONG Energy A/S, INEOS Bio, Clariant, and ZeaChem, Inc.