The lignocellulosic feedstock-based biofuel market is estimated to attain a robust CAGR over the forecast period, i.e., 2021-2029. The growth of the market can be attributed to the growth of transportation industry, as transportation industry is heavily dependent upon fossil-based fuels, such as gasoline and natural gas that causes an extensive increase in greenhouse gas emissions over the years. Therefore, the transportation industry is steadily moving towards low-carbon alternatives such as biofuel to reduce greenhouse gas emissions. Biofuels can significantly enhance energy security and reduce petroleum import dependence. Presently, renewable energy accounts for around 14% of global energy demand and 73% of which comes from biofuels. Several countries, including Brazil, and China, are increasingly adopting bioethanol to curb rising air pollution concerns. New developments and governments' incentives will further boost the production and adoption of biofuels. As per the International Energy Agency (IEA), global biofuel production in 2019 was 162.8 billion litres.
The market is segmented based on type into biochemical and thermochemical out of which, the biochemical segment is anticipated to grab the largest share by the end of 2021 on account of efficient and cost-effective conversion process.
On the basis of application, the automotive segment in the lignocellulosic feedstock-based biofuel market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the increasing consumers of fuel-based vehicles in the world, and government policies and norms that mandated countries to use biofuels. CLICK TO DOWNLOAD SAMPLE REPORT
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increasing awareness about the waste management system and increasing demand for fuel-based vehicles in the region. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to a large number of fuel-based vehicles in the region. The US and Canada have already mandated the use of biofuel. The market in Europe is also anticipated to occupy a significant share in the lignocellulosic feedstock-based biofuel market on account of its policies and environmental norms that mandated the use of biofuels in vehicles, to lower the greenhouse gas emission rate. As per the analysis of the European Biomass Industry Association, bioethanol production capacity has increased in the past few years.
The global lignocellulosic feedstock-based biofuel market is further classified on the basis of region as follows:
Our in-depth analysis of the global lignocellulosic feedstock-based biofuel market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing Adoption of Bioethanol as a Transport Fuel and Innovation in Waste Management System are the key factors driving market growth.
The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2021-2029.
Adverse environmental impact of biofuel production and lack of awareness about waste management in lower economic regions are estimated to hamper the market growth.
The market in the Asia Pacific region will provide ample growth opportunities owing to the growing adoption of bioethanol as a transport fuel.
The major players dominating the lignocellulosic feedstock-based biofuel market are Abengoa SA, China Petroleum & Chemical Corp., Clariant International Ltd., DuPont de Nemours Inc., Inc., among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, and region.
With respect to application, the automotive segment is anticipated to hold the largest market share owing to a large number of consumers in the automotive industry in the world.
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