Advanced biofuels are fuels manufactured from various type of biomass, which includes waste from agricultural, urban, and other wastes. It also known as second-generation biofuels. These biofuels are made from woody crops or lignocellulosic biomass, sugars, non-starch, and agricultural residues, which makes it harder to extract the required fuel. The second-generation biofuel is developed to overcome the limitations of high freezing temperatures and negative environmental effect of first-generation fuels (such as vegetable oil, biodiesel, bioalcohols, biogas, and syngas) and they can supply large amount of global fuel sustainably, which is affordable with higher environmental benefits.
According to the California Air Resources Board (CARB), liquid biofuels are manufactured from non-petroleum sources and can reduce carbon intensity as compared to a petroleum fuel baseline. Growing market for renewable energy, government support, and increasing investments in second generation biofuels are some of the driving factors for the growth of advanced biofuels market. For Instance, the Australian Government launch Advanced Biofuels Investment Readiness (ABIR) program by investing US$ 10 million, which supported the development of advanced biofuels and provided funds to various universities such as James Cook University for its high-energy algal fuels project.
Asia Pacific is the fastest growing region in terms of value in the global advanced biofuel market. Asia Pacific was valued at US$ 1.655 Billion in 2016. This is attributed to the increasing manufacturing industry and growing awareness about the usage of advanced biofuels in emerging economies such as India, China, and Indonesia. In Australia, the advanced biofuels sector was supported by the Australian Renewable Energy Agency (ARENA).
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Europe is the second largest region in global advanced biofuels market. In Europe, the advanced biofuel market is driven by high R&D&D (research & development & demonstration) activities in EU indicating the potential growth of market for applications in marine, shipping, and air transport. The industrial initiatives such as European Industrial Bioenergy Initiative aims to have their first commercial plants by 2020 in operation. The objective of this initiative is to meet around 4% of EU transport energy need, with a focus on advanced biofuels.
The advanced biofuel market was valued at US$ 8.880 Billion in 2016 globally and is expected to expand at a CAGR of 41.18%, in terms of revenue, during 2017 – 2025.
Major Players in the Global Advanced Biofuel Market:
Some of the key players in global advanced biofuels market include Abengoa Bioenergy, S.A., A2BE Carbon Capture, LLC, Algenol Biofuels, Chemtex group, Bankchak Petroleum, Clariant Produkte GmbH, Fiberight LLC, DuPont Industrial Biosciences, Fujian Zhongde Energy Co., Ltd, Inbicon, GranBio, INEOS Bio, POET-DSM Advanced Biofuels LLC, KiOR Inc., ZeaChem Inc., and Sundrop Fuels, Inc.
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