Advanced Biofuel Market | Expected to be Valued at USD 47.4 Billion in 2022, Growing Concerns Regarding Global Warming

According to Precision Business Insights (PBI), the latest report, the advanced biofuel market is expected to be valued at USD 47.4 billion in 2022 and is poised to grow at a significant CAGR of 33.2% over 2022-2028. The primary driver of the expansion of the global Advanced Biofuel market are rising concerns regarding global warming and stringent environmental regulations laid by the government authorities, environment-friendly nature, usage of advanced biofuels in the automotive & aviation industry, high investments in R&D for the technologies used to convert biomass into advanced fuels, and ease of availability of raw materials.

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Transportation Segment to Dominate the Advanced Biofuel Market:
On the basis of application, Transportation segment registered for the highest market share in past years and is expected to dominate the market over the forecast period owing to rise in the production of public transportation vehicles, stringent government regulations pertaining to fuel efficiency and emission control, and rising prevalence of advanced biofuel manufacturing companies.

North America Advanced Biofuel Market:
North America accounted for the significant market share in the global advanced biofuel market, and is expected to lead the market during the forecasted period owing to its maximum production of advanced biofuels. Furthermore, some favourable government 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 are surely contributed as long-term growth drivers for the North America advanced biofuel market.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global Advanced Biofuel market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In Oct 2020, Repsol has begun construction work for developing the first advanced biofuels plant in Spain. The company will be investing 221 million dollars in this project which is expected to supply 250,000 tons per year of advanced biofuels.

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The Advanced Biofuel market is segmented based on raw material, type, technology, application, and geography.
Based on the raw material, the market is segmented into the following:
• Camelina
• Algae
• Jatropha
• Lignocellulose
• Others

Based on the type, the market is segmented into the following:
• Advanced diesel
• Biodiesel
• Advanced gasoline
• Biocrude
• Others

Based on the technology, the market is segmented into the following:
• Biochemical Routes
• Thermochemical Routes

Based on the application, the market is segmented into the following:
• Energy Generation
• Charging Electronics
• Transportation
• Others

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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Ltd., DuPont Danisco Cellulosic Ethanol LLC, Bangchak Corporation PCL, POET-DSM Advanced Biofuels LLC, Clariant AG, Targray Technology International Inc., Sundrop Fuels Inc., INEOS Group Ltd., and Gevo Inc.

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This release was published on openPR.