Press release
Next-Generation Biofuels Market Know the Scope and Trends
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, produced from non-food feedstocks and supported by advanced manufacturing technologies, represent a meaningful advancement toward a more sustainable energy system. Compared with conventional biofuels, these alternatives offer superior environmental performance, higher efficiency, and improved long-term sustainability. Ongoing technological innovations are aimed at reducing production costs and enhancing scalability, thereby strengthening the competitiveness of next-generation biofuels against traditional fossil fuels.
Illustrating this trend, a U.S. Department of Agriculture report released in August 2024 documented a substantial increase in renewable diesel production in the United States, rising from approximately 40 million gallons in the 2010/11 marketing year to 2.3 billion gallons in 2022/23. This expansion enabled renewable diesel to overtake biodiesel production for the first time. Historically, biodiesel-manufactured from feedstocks including soybean oil, corn oil, yellow grease, and tallow-played a central role in meeting biofuel blending requirements. T
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 growth of the next-generation biofuels market is primarily driven by the increasing demand for dependable and environmentally sustainable energy solutions, along with the rapid pace of global industrialization. Favorable government regulations and policy frameworks that promote environmental protection, enhance fuel efficiency, and support technological advancements across both new and existing energy infrastructure are expected to further accelerate market expansion.
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Challenges:
Despite its strong growth potential, the market faces several challenges during the forecast period. Limited public awareness and constrained financial and economic resources in certain regions may restrict the adoption of next-generation biofuels. In addition, the high capital intensity of biofuel projects-including substantial initial investments and ongoing operational costs-continues to pose a significant barrier to large-scale deployment.
Regional Trends:
North America is anticipated to retain the largest share of the next-generation biofuels market throughout the forecast period, supported by strong demand for reliable and sustainable power generation solutions and increased investments in environmental safety initiatives. The United States and Canada, in particular, are expected to significantly influence global market dynamics.
Meanwhile, the Asia-Pacific region is emerging as a high-growth market, led by countries such as China and India, where substantial investments are being directed toward biofuel technologies and infrastructure. The region is placing a strong emphasis on both agricultural- and algae-based biofuels, with strategic initiatives aimed at expanding domestic production capacity to address rising energy requirements.
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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