Advanced Biofuel Market - Insights, Size, Share, Opportunity Analysis, and Industry Forecast till 2025
Advanced biofuels are fuels manufactured from various type of biomass, which includes waste from agricultural, urban, 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 harder to extract the required fuel. The second-generation biofuel is developed to overcome the limitations of high freezing temperatures and negative environmental effect of first-generation fuels (such as vegetable oil, biodiesel, bioalcohols, biogas, and syngas) and they can supply large amount of global fuel sustainably, which is affordable with higher environmental benefits. According to the California Air Resources Board (CARB), liquid biofuels are manufactured from non-petroleum sources and can reduce carbon intensity as compared to a petroleum fuel baseline. Request For Sample Copy of this Research Report : https://www.coherentmarketinsights.com/insight/request-sample/960 Growing market for renewable energy, government support, and increasing investments in second generation biofuels are some of the driving factors for the growth of advanced biofuels market. For Instance, the Australian Government launch Advanced Biofuels Investment Readiness (ABIR) program by investing US$ 10 million, which supported the development of advanced biofuels and provided funds to various universities such as James Cook University for its high-energy algal fuels project. 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.