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Second Generation Biofuels Global Market Forecasted to Reach $26.71 Billion by 2028, Size, Share, Trends, Development Strategies and Segmentation Analysis
Second Generation Biofuels Global Market
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According to The Business Research Company's, The second generation biofuels market size has grown exponentially in recent years. It will grow from $8.28 billion in 2023 to $10.61 billion in 2024 at a compound annual growth rate (CAGR) of 28.2%. The growth in the historic period can be attributed to policy support and regulatory frameworks, feedstock availability and diversity, investment and funding, oil price volatility, public awareness and perception.
The second generation biofuels market size is expected to see exponential growth in the next few years. It will grow to $26.71 billion in 2028 at a compound annual growth rate (CAGR) of 26.0%. The growth in the forecast period can be attributed to carbon intensity regulations, global energy transition, stricter emission standards, emergence of advanced feedstocks, increased private sector investment. Major trends in the forecast period include advancements in enzyme technology, international collaboration and trade agreements, technological advancements, collaboration and partnerships, techno-economic optimization.
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Market Drivers and Trends:
The high usage of biofuels due to environmental benefits is expected to propel the growth of the second-generation biofuels market going forward. Biofuel is any liquid fuel created from biological material such as trees, agricultural waste, crops, or grass. Replacing fossil fuels with biofuels has the potential to alleviate some of the negative environmental effects of fossil fuel extraction and usage, such as conventional and greenhouse gas (GHG) pollution emissions, finite resource depletion, and reliance on volatile foreign suppliers. Hence, biofuel usage is safe for the environment, thus driving the growth of the second-generation biofuels market. For instance, in April 2023, according to the U.S. Bioenergy Statistics report published by the United States Department of Agriculture, a US-based federal department overseeing laws on farming, forestry, rural development, and food, Approximately 15.4 billion gallons of ethanol and 3.1 billion gallons of biodiesel and renewable fuel were produced in the United States in 2022. Therefore, the high usage of biofuels due to environmental benefits is driving the growth of the second-generation biofuels market.
Strategic partnerships and collaborations are key trends gaining popularity in the second-generation biofuels market. Key players operating in the second-generation biofuels sector are focused on partnerships and collaborations to reinforce their position. For instance, in April 2023, Compania Espanola de Petroleos S.A.U., a Spain-based oil and gas company partnered with Bio-oils Huelva S.L.U., a Spain-based manufacturer of biodiesel. Through their partnership, the businesses have established a joint venture to advance the development of second-generation (2G) biofuels by building the biggest plant in southern Europe. Further, In November 2022, Shell Plc, a UK-based oil and gas company, announced an agreement with Razen to buy 3.25 billion liters of cellulosic ethanol made from sugar cane. As per the agreement, Shell Trading Rotterdam will purchase the cellulosic ethanol generated within the initial ten years of operation for any new site. Cellulosic ethanol from Raízen will have a carbon intensity around 75% lower than gasoline.
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Major Key Players of the Market:
TotalEnergies SE, Reliance Industries Limited, INEOS Group Limited, The Andersons Inc., International Flavors & Fragrances Inc., Darling Ingredients Inc, DuPont Nutrition Biosciences ApS, Green Plains Inc, Flint Hills Resources LLC, Gevo Inc., Abengoa S.A., POET LLC, ICM Inc., Enerkem Inc., Advanced Enzyme Technologies Limited, Fulcrum BioEnergy Inc., LanzaTech Inc, Virent Energy Systems Inc., GranBio LLC, Algenol Biofuels Inc., Novamont S.p.A., Edeniq Inc., Mascoma Corporation, BlueFire Renewables Inc, Fiberight LLC., Clariant AG, Raizen S.A., Copersucar SA, Beta Renewables S.p.A., EcoCeres Inc.
Second Generation Biofuels Market 2024 Key Insights:
• The second generation biofuels market size is expected to see exponential growth in the next few years. It will grow to $26.71 billion in 2028 at a compound annual growth rate (CAGR) of 26.0%.
• Environmental Benefits Fueling Growth In The Second-Generation Biofuels Market
• Strategic Partnerships And Collaborations Propel Growth In The Second-Generation Biofuels Market
• North America was the largest region in the second generation biofuels market in 2023
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