Second Generation Biofuels Market to Reach $54.8 Bn, Globally, by 2030 at 26.4% CAGR: Allied Market Research

- Favorable government regulations on SOx and NOx in addition to GHG emissions drive the growth of the global second generation biofuels market.

PORTLAND, Ore., Feb. 22, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Second Generation Biofuels Market by Feedstock (Simple Lignocellulose, Complex Lignocellulose, Syngas, Algae, and Others), Application (Transportation, Power Generation and Others), Type (Cellulosic Ethanol, Biodiesel, Bio Butanol, Bio Dme, and Others), and Process (Biochemical Process and Thermochemical Process): Global Opportunity Analysis And Industry Forecast, 2021-2030". According to the report, the global second generation biofuels industry generated $5.5 billion in 2020, and is anticipated to generate $54.8 billion by 2030, witnessing a CAGR of 26.4% from 2021 to 2030.

Prime determinants of growth

Favorable government regulations on SOx and NOx in addition to GHG emissions drive the growth of the global second generation biofuels market. However, acquisition of economical feedstock hinders the market growth. On the other hand, the energy sector incorporates new opportunities for next generation biofuels in the coming years.

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Covid-19 Scenario

• The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global second generation biofuels market, especially during the initial phase.
• Factors such as closure of manufacturing facilities, decrease in demand for many non-essential products, disruptions in the supply chain, presence of low labor force, and shut down of construction activities hampered the market growth, especially during the initial phase.

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

Based on application, the transportation segment held the highest market share in 2020, accounting for 85% of the global second generation biofuels market, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to its distribution channel as they can be easily distributed through the current infrastructure with minor modifications. Moreover, the power generation segment is projected to manifest the highest CAGR of 26.7% from 2021 to 2030.

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The cellulosic ethanol segment to maintain its lead position during the forecast period

Based on type, the cellulosic ethanol segment accounted for the largest share in 2020, contributing to nearly one-third of the global second generation biofuels market, and is projected to maintain its lead position during the forecast period. However, the biodiesel segment is expected to portray the largest CAGR of 27.8% from 2021 to 2030.

North America to maintain its dominance by 2030

Based on region, North America held the highest market share in terms of revenue 2020, accounting for more than two-fifths of the global second generation biofuels market. This is because Bioethanol is one of the majorly produced and utilized biofuel in the country which is produced from corn grain and is abundantly available in the U.S. Moreover, the LAMEA region is expected to witness the fastest CAGR of 30.4% during the forecast period. This is because Brazil is the second largest biofuel producing nation after the U.S.

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Leading Market Players

• Algenol Biofuels
• Clariant AG
• DuPont Nutrition & Biosciences
• Fiberight LLC.
• GranBio
• Ineos Group
• Orsted AG
• POET-DSM Advanced Biofuels LLC
• Reliance Industries
• Zea2 LLC.

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