Advanced biofuels are classified on the basis of raw materials such as jatropha, camelina, algae, simple lignocellulose, complex lignocellulose, and others. Advanced fuel produced from algae raw material accounted for the largest market share due to its oil content. This plant grows on wasteland and can be grown using ocean and wastewater. Algae-based biofuels are relatively less harmful to the environment if spilled and are biodegradable in nature. Furthermore, the growth rate of algae is 20 times faster as compared to other raw materials such as jatropha. Advanced biofuels are also classified on the basis of fuel types such as cellulosic ethanol, biodiesel, biobutanol, bioDME, and others. Biodiesel fuel type segment holds the largest revenue share in the global advanced biofuel market. This growth is attributed to increasing use of biofuels as engine fuel.
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North America is the most dominant region in global advanced biofuel market in terms of revenue and was valued at US$ 3.010 billion in 2016, owing to increasing demand for cleaner burning transportation fuels. According to Environmental Entrepreneurs (E2), the national nonpartisan business group, the production capacity of advanced biofuel in North America was more than 800 gallons in 2014. Various regulations such as California’s Low Carbon Fuel Standard and Renewable Fuel Standard are the key drivers for investment in advanced biofuels. The purpose of these regulations is to reduce emissions of GHG (greenhouse gases) and to implement low carbon fuel standard.
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.
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).
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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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
Zarya Jones is a reporter for Oak Tribune. After graduating from NYU with a master degree in sociology, Zarya got an internship at WABC-TV New York and worked on profiling local businesses. Zarya was also a columnist for the NPR. Zarya mostly covers business and community events.