Advanced Biofuel Market Development by Revenue, Growth Rate, Sales and Production Technology with Forecast 2030

Advanced biofuel means fuel derived from renewable biomass other than corn kernel starch. First-generation biofuels are directly related to a biomass that is generally edible. Second-generation biofuels are defined as fuels produced from a wide array of different feedstock. Advanced bioenergy is produced from lignocellulosic feedstock, non-food crops, or industrial waste and residue streams.

The demand for a viable alternate source of energy has created an active advanced biofuel market. Although the initial investments required for establishing this market were large, there are a lot of tools and guides to make this venture more affordable. The demand for biofuels is growing exponentially due to the alarming environmental pollution and looming energy shortages. As a result, governments worldwide are trying their best to come up with effective solutions.

The advanced biofuel market is the answer to these challenges, providing a promising future for all concerned. If properly regulated, biofuels can be a significant source of income for developing countries. The feedstock is converted into biodiesel or ethanol, but biomass can be, also converted into other energy sources through chemical or biological processes like chemical digestion and pressurization. Biofuels can be used as replacements for petroleum in the diesel engine, as well as in producing electricity. They can also provide a continuous source of fuel and other sources of energy.

The advanced biofuel market is predicted to play a key role in reducing the threat posed by climate change. This can help reduce the dependence on petroleum products. In addition to this, the availability and increasing demand of biofuel in the transportation sector can prove to be an excellent opportunity for market players. The rise in demand for the biofuel will also create more jobs in the sector, leading to a significant contribution to the Gross Domestic Product (GDP) in the forecast period.

The advanced biofuel market is witnessing increasing funding. In August 2021, the government of Alberta announced to fund a new biofuel facility with US$ 3.75 million. Earlier, in July 2021, Department of Energy, U.S. granted US$ 1.5 million for R&D in metabolism of a blue-green algae that holds great promise for biofuel production.

Players operating in the advanced biofuel market are focused on starting new plants to enhance their market share. In July 2021, Fulcrum BioEnergy, Inc. completed construction of commercial-scale plant converting household garbage into low-cost, zero-carbon transportation fuels.