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NEW YORK, June 17, 2022 /PRNewswire/ — The research on third-generation biofuel will be a key trend in the global Biofuels Market in near future. First-generation biofuels are produced using vegetable oil, starch, sugar, and animal fats. Second-generation biofuels, popularly known as advanced biofuels, are produced from feedstock, which is not consumed as food. Biofuel technology has further evolved with the introduction of third-generation biofuels. Third-generation biofuels are derived from algae that offer numerous advantages over other sources used to produce biofuels. Algae is used to produce diverse and high-quality biofuels when compared with other feedstocks. Biodiesel, butanol, gasoline, methane, ethanol, vegetable oil, and jet fuels are the type of fuels that can be derived from algae. Algae fuels also offer a greater yield and can produce more than ten times the fuel per acre of land when compared with traditional fuels. Micro-algae are becoming popular candidates for biofuel production owing to their high lipid contents and ease of cultivation. The development of third-generation fuels has led to the diversification of feedstock options and the performance improvement of biofuels leveraging advanced technology. Due to such reasons , the global biofuels market will continue to grow in the forecast period.
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The Biofuels Market value is set to grow by USD 23.21 billionprogressing at a CAGR of 3.35% from 2020 to 2025, as per the latest report by Technavio. Moreover, the market is segmented by product (ethanol and biodiesel) and geography (North America, EuropeAPAC, South Americaand MEA).
Biofuels Market Product Outlook (Revenue, USD bn, 2020-2025)
- Ethanol – size and forecast 2020-2025
- Biodiesel – size and forecast 2020-2025
The biofuels market share growth by the ethanol segment will be significant during the forecast period. The need to reduce GHG emissions is the prime reason for the rising adoption of ethanol biofuel globally. The major use of ethanol is in the domestic transport sector by privately owned vehicles that mostly have a gasoline engine and are capable of running on ethanol-blended gasoline as well. This improves engine life, lowers harmful emissions, and has no effect on the efficiency of gasoline engines.
Biofuels Market Geography Outlook (Revenue, USD bn, 2020-2025)
- North America – size and forecast 2020-2025
- Europe – size and forecast 2020-2025
- APAC – size and forecast 2020-2025
- South America – size and forecast 2020-2025
- MEA – size and forecast 2020-2025
25% of the market’s growth will originate from APAC during the forecast period. China and India are the key markets for biofuels market in APAC. Market growth in this region will be faster than the growth of the market in all other regions. Rising need for cleaner fuels will facilitate the biofuels market growth in APAC over the forecast period.
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Biofuels Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.35% |
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Market growth 2021-2025 |
$23.21 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
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Full story available on Benzinga.com
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