Press release
Next-Generation Biofuels Market Current Scenario with Future Aspect Analysis
The Next-Generation Biofuels Market is valued at USD 12.01 Bn in 2023 and is estimated to reach over USD 60.14 billion by 2031, exhibiting a CAGR of 22.7% during the forecast period.
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Next-generation biofuels, derived from non-food feedstocks and advanced production technologies, represent a significant progression toward a sustainable energy future. These fuels offer clear advantages over conventional biofuels in terms of environmental performance, efficiency, and overall sustainability. Technological advancements are focused on lowering production costs and improving scalability, enhancing the competitiveness of next-generation biofuels relative to traditional fossil fuels. Consequently, they are poised to play a critical role in decarbonizing the transportation sector, particularly in hard-to-electrify areas such as heavy-duty transport and aviation. Widespread adoption of these biofuels is essential for achieving substantial reductions in carbon emissions and advancing a sustainable energy landscape.
For example, in August 2024, a USDA report highlighted significant growth in renewable diesel production in the United States, which rose from 40 million gallons in the 2010/11 marketing year to 2.3 billion gallons in 2022/23. This growth enabled renewable diesel to surpass biodiesel for the first time. Traditionally, biodiesel-produced from feedstocks such as soybean oil, corn oil, yellow grease, or tallow-played a major role in meeting biofuel mandates and was blended with conventional diesel. The transition to renewable diesel, produced via hydroprocessing and compatible with existing diesel engines, reflects technological progress in biofuel production and a market preference for fuels with higher energy density and enhanced operational compatibility.
List of Prominent Players in the Software-Defined Vehicle Market:
• Solazyme
• POET-DSM
• Chemtex Group
• Sundrop Fuels Inc.
• Enerkem
• Algenol Biofuels
• Abengoa S.A.
• Gevo
• Joule Unlimited, Inc.
• GranBio
• ExxonMobil Corporation
• Shell PLC
• Chevron Corporation
• Valero Energy Corporation
• ADM (Archer Daniels Midland Company)
• Cargill
• Clean Coal Technologies Inc.,
• Schneider Electric
• E3 Clean Technologies
• LanzaTech
• Accelergy
• Hygen
• Cortus
• Gasliner
• Ciris Energy
• General Electric
• Alstom
• Siemens
• Jaworski Energy Services
• ABB
• Tracxn Technologies Limited
Market Dynamics:
Drivers:
The next-generation biofuels market is expected to be driven primarily by the rising demand for reliable, clean energy solutions and the accelerating pace of global industrialization. Supportive regulations and policies aimed at promoting environmental sustainability, improving fuel efficiency, and encouraging technological innovation in both new and existing energy facilities are further expected to propel market growth.
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Challenges:
Over the forecast period, the market may face challenges related to limited public awareness and insufficient financial and economic capacity, which could hinder adoption of next-generation biofuels. High capital investment requirements, including substantial upfront costs and associated expenditures, remain a significant barrier to widespread deployment of these technologies.
Regional Trends:
North America is projected to maintain the largest market share during the forecast period, driven by strong demand for reliable and environmentally sustainable power generation technologies and increased investment in environmental safety measures. The United States, Canada, and neighboring countries are expected to play a key role in shaping global market trends. Meanwhile, the Asia-Pacific region is emerging as a rapidly growing hub for biofuel production, particularly in China and India, where significant investments are being made in biofuel technologies and infrastructure. The region is focusing on both agricultural and algal biofuels, with initiatives aimed at increasing local production capacity to meet rising energy demands.
Recent Developments:
• In August 2023 - Cummins Inc. (NYSE: CMI) and Chevron U.S.A. Inc., announced the signing of a memorandum of understanding to take advantage of complementary positioning in the value chains for natural gas, hydrogen, and other lower carbon fuels. The agreement broadens the prior strategic partnership between the two businesses on renewable natural gas and hydrogen. It is anticipated to include additional liquid renewable fuels such biodiesel, renewable diesel, and blends of gasoline.
• In Sept 2023, ADM announced that to help satisfy the rapidly increasing demand for biofuels and other sustainably based products, they have signed a memorandum of understanding (MoU) to cooperate in expanding research and commercialization of low carbon-intensity next-generation oilseeds and enhanced varieties.
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Segmentation of Next-Generation Biofuels Market.
Global Next-Generation Biofuels Market - By Biofuel Type
• Biodiesel
• Biogas
• Biobutanol
• Others
Global Next-Generation Biofuels Market - By Process
• Biochemical Process
• Thermochemical Process
Global Next-Generation Biofuels Market - By Raw Material
• Lignocellulose
• Jatropha & Camelina
• Algae
• Others
Global Next-Generation Biofuels Market - By Application
• Transportation
• Power Generation
• Others
Global Next-Generation Biofuels Market - By Region
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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