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Advanced Biofuel Market Growth and Demand Forecast to 2024

03-29-2019 09:31 AM CET | Energy & Environment

Press release from: P&S Intelligence- Advanced Biofuel Market

Advanced Biofuel Market Growth and Demand Forecast to 2024

Advanced biofuel are the fuels, which can be produced from various types of non-food biomass such as agricultural waste streams, lignocellulose, woody crops, and others. This type of biofuel is known as second-generation biofuel. In first generation biofuel production technology, biofuel is produced from vegetable oils and sugars found in food crops. However, usage of food crops in biofuel production instead of usage for feeding had created concern among stakeholders and in order address this concern, scientists invented the second-generation biofuel, where non-food biomass is used as feedstock.

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On the basis of raw material, the advanced biofuel market has been divided into energy crops, municipal solid waste, green waste, and black liquor. Under energy crops, algae raw material and plants are made from lignin, cellulose, and hemicellulose are considered. These plants can be grown in wastewater and require minimal caring. In addition, as compared to other raw materials, growth rate of energy crops is significantly higher. Owing to such benefits, as of 2017, demand for energy crops as raw material for production of second-generation biofuel surpassed the demand for other raw materials.

Get the detailed analysis @ https://www.psmarketresearch.com/market-analysis/advanced-biofuel-market

On the basis of both value and volume, North America held the largest share in the market in 2017. Regulations such as Farm Security and Rural Investment Act of 2014, Energy Policy Act of 2005 & Energy Independence and Security Act (EISA) of 2007, and California Low-Carbon Fuel Standard (LCFS) are promoting the usage of second-generation biofuel in the U.S. In order to adhere to these regulations, users as well as fuel producers are also opting for environment friendly biofuel. These supportive government regulations are identified as long-term growth drivers for the North American advanced biofuel market.

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About Company:
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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