Next Generation Biofuels Market: Valued at $6.0 Billion in 2020, Expected to Reach $59.4 Billion by 2030

WILMINGTON, DE , UNITED STATES, July 16, 2024 /EINPresswire.com/ -- The global next generation biofuels market size was valued at $6.0 billion in 2020, and is projected to reach $59.4 billion by 2030, growing at a CAGR of 26.4% from 2021 to 2030.

Biofuels are fuels produced by a biochemical reaction using biological sources such as raw materials. By production, biofuels can be categorized into first-, second-, and third-generation biofuels. First-generation biofuels, also known as conventional biofuels, are prepared using food crops, such as soy, rapeseed, corn, and similar others. Second-generation or advanced biofuels are produced from non-food crops and waste, such as forest residues, non-edible oils, crops, such as Miscanthus, and others. Third-generation biofuels are derived from algae, which have proven to be the most efficient source for biofuel production. The market is expected to register a double-digit growth rate during the forecast period, attributed to the increased demand from the transportation and the power generation industry.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐬𝐚𝐦𝐩𝐥𝐞 𝐫𝐞𝐩𝐨𝐫𝐭 𝐰𝐢𝐭𝐡 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬: https://www.alliedmarketresearch.com/request-sample/1918

The global next generation biofuels market has driven by the factors, such as sustainable and clean source of fuel, easy availability of raw materials that are non-food crops & wastes, lesser concentration of greenhouse gases as compared to conventional fuels, and governmental incentives that supports the development of advanced biofuel production technologies.

The next generation biofuels market is segmented into process, biofuel type, raw materials, application, and region.

By process, the next generation biofuels market is divided into biochemical process and thermochemical process. The thermochemical process segment accounted for the largest share in 2020, while the biochemical process segment is projected to grow at the highest CAGR of 26.7%.

By biofuel type, the market is classified into biodiesels, biogas, biobutanol and others. In 2020, biodiesels fuel type held the largest share of the market. Biodiesels are anticipated to maintain the biggest sales proportion because of the developing use of biofuels because the engine fuel. This is because of utilization of wonderful yield algae raw material and massive capacity of biodiesels to lessen the discount greenhouse gas emission.

By raw material type, the algae segment is expected to witness robust growth. It grows because it contains more oil and can be grown using sea water or sewage. It can produce 300 times more oil than traditional crops, and it takes up to 10 days to harvest because its growth rate is almost 30 times that of other raw materials.

By application, the next generation biofuels market is divided into transportation, power generation and others. The transportation segment accounted for the largest share in 2020, while the power generation segment is projected to grow at the highest CAGR of 26.7%.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐎𝐧 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/checkout-final/f5b9bcbf79747a64673956b5462cdbab

Next generation biofuel markets have held a notable share in the North America. U.S. is one of the prominent producers of next generation biofuels in North America. Governments of many countries in the region are taking initiatives to increase next generation biofuels production to ensure energy security and cleaner environment.

By region, North America region is expected to witness robust growth. The U.S. has been one of the leading countries in the development and utilization of biofuels on a global level. Bioethanol is one of the majorly produced and utilized biofuel in the country which is majorly made from corn grain and is abundantly available in U.S.

𝐈𝐟 𝐲𝐨𝐮 𝐡𝐚𝐯𝐞 𝐚𝐧𝐲 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬, 𝐏𝐥𝐞𝐚𝐬𝐞 𝐟𝐞𝐞𝐥 𝐟𝐫𝐞𝐞 𝐭𝐨 𝐜𝐨𝐧𝐭𝐚𝐜𝐭 𝐨𝐮𝐫 𝐚𝐧𝐚𝐥𝐲𝐬𝐭 𝐚𝐭: https://www.alliedmarketresearch.com/connect-to-analyst/1918

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐭𝐮𝐝𝐲:

By region, North America is projected to grow at the highest CAGR of nearly 25.7%, in terms of revenue, during the forecast period.
By biofuel type, the biodiesels segment accounted for the largest market share in 2020.
By application, the transportation segment accounted for the largest market share in 2020.
By process, the thermochemical process segment garnered the largest market share in 2020.
By raw material, the lignocellulose segment garnered the largest market share in 2020.

David Correa
Allied Market Research
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