Advanced Biofuel Market By Raw Material (Camelina, Algae, Jatropha, Lignocellulose, and Others), Type (Advanced diesel, Biodiesel, Advanced gasoline, Biocrude, and Others), Technology (Biochemical Routes, and Thermochemical Routes), Application (Energy Generation, Charging Electronics, Transportation, and Others), and Geography

 

Advanced Biofuel Market is expected to be valued at USD 47.4 billion in 2022 and is poised to grow at a significant CAGR of 33.2% over 2022–2028. Advanced biofuels are fuels manufactured from several type of biomass such as, agricultural waste, urban waste, 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 tougher to extract the required fuel. Advanced biofuels have several benefits such as, low carbon emission which is driving factor for the advanced biofuels market growth by utilizing in the automotive sector. The global advanced biofuel market is further driven by factors such as favourable government regulations encouraging the usage of second-generation biofuel in various end use sectors including manufacturing and energy sector, and rising concern regarding food sustainability of first-generation biofuel among stakeholders. Apart from this, depleting carbon-based fossil fuel is also enhancing the usage of second-generation biofuel among users.  Advanced biofuels market is restrained by lack of awareness regarding the benefits provided by the usage of advanced biofuels. This lack of knowledge has seen the adoption of biofuels in some selected countries only. Lack of awareness regarding benefits of second-generation biofuel in Asian countries has negatively affected the growth of the advanced biofuel market in this region. Moreover, rapid urbanization and industrialization, energy demand is rising exponentially in emerging economies. This will surely create lucrative opportunities among prominent key players to offers numerous advanced fuels with maximum efficiencies and cost effective. In coming next few years, with government regulations supporting the usage of advanced biofuel with environmentally friendly. Such regulations will undoubtedly create opportunity for the advanced biofuel market in emerging economies. Recent Market Developments: In July 2022, DHL Global forwarding and hapag-lloyd set an example for sustainable ocean transport by using advanced biofuel.