Second Generation Biofuels Market Expecting an Outstanding Growth By 2030

Allied Market Research published a report, titled, "Second Generation Biofuels Market by Feedstock, Application, Type, and 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.

Population growth, rise in disposable income, and industrialization have boosted the global demand for oil, but due to resource constraints, most countries rely on imports for oil supplies. Expanding the use of biofuels not only reduces oil consumption, but also expands the sources of liquid fuel imports, making biofuels a viable solution for resolving oil security concerns. It is considered as one. Furthermore, improved fuel advancements give farmers with extra chances to boost their income. The aforementioned trends and drivers are propelling market growth. The increase in adoption of ethanol as an alternative vehicle fuel and the benefits of applying advanced fuels in the transport sector create employment opportunities in rural areas and reduce pollution and trade deficits. Increase in innovation and development of commercially viable technology has led to the production of cellulosic ethanol from urban solid waste and some agricultural waste.

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The second generation biofuels market is segmented into feedstock, type, process, application, and region.

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.

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.

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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.

The major companies profiled in this report include Algenol Biofuels, Clariant AG, DuPont Nutrition & Biosciences, Fiberight LLC., GranBio, Ineos Group, Orsted AG, POET-DSM Advanced Biofuels LLC, Reliance Industries, and Zea2 LLC..

In addition to the abovementioned companies, there are Algae. Tec, Chemrec Inc., Gevo, Inc., and Muradel are competing for the share of the market through product launch, joint venture, partnership, and expanding the production capabilities to meet the future demand for the Second generation biofuels in the forecast period.

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Impact Of Covid-19 On The Global Second Generation Biofuels Market
• Emergence of COVID-19 had a negative impact on the growth of the global second generation biofuels market during this period.
• This impact is mostly attributed to the significant disruptions in the raw material transportation, presence of low-labor, led to shutdown of many manufacturing industries led to decline of demand for second generation biofuels during this period.
• The decrease in demand for many non-essential products and shut down of construction has created a negative impact on the development of global second generation biofuels market.
• Thus, the abovementioned factors are expected to have negative impact the global second generation biofuels market growth during the pandemic period.

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