LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global advanced biofuel market to grow to USD 44.6 billion by 2021, at a CAGR of close 44% over the forecast period, according to their latest report.
The research study by Technavio on the global advanced biofuel market for 2017-2021 provides detailed industry analysis based on the fuel type (cellulosic ethanol, biodiesel, and BioDME) and geography (the Americas, EMEA, and APAC).
|Advanced biofuels are produced by using non-food, organic, industrial, and municipal solid waste as feedstock. Cellulosic ethanol is the most popular advanced biofuel, generating about 40% of the overall revenue. Cellulosic ethanol is produced using agricultural wastes through enzyme or acid hydrolysis, and is popularly used as an automotive fuel.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global advanced biofuel market:
- Environment and energy security
- Growing requirement for cleaner fuel
- Favorable government policies
Environment and energy security
“Advanced biofuels are inexpensive and help to broaden the energy mix and decrease the dependency on the global petroleum market. These factors are leading to various governments and institutions advocating its increased adoption,” says Ajay Adikari, a lead analyst at Technavio for specialty chemicals research.
One of the most important reasons for the shift to biofuels is that they are made from locally available feedstocks, which can be easily produced in any supportive environment. They not only reduce the dependency on petroleum-based energy sources but also benefit the agricultural sector by providing a financially beneficial avenue for their wastes.
Growing requirement for cleaner fuel
Alternative fuels are garnering more interest, due to the uncertainty in global fuel prices, energy security, and the continuous rise in emission levels. Advanced biofuels are clean sources of energy that greatly reduce carbon emissions and exhibit commercial possibilities, leading to increased interest in their production.
Increased R&D efforts are gradually paving way the way for the large-scale commercialization of advanced biofuels. Biofuel blends are being used in regular vehicles with little or no modification to engines, which is encouraging the use of blended fuels in vehicles.
Favorable government policies
“Governments around the world are actively looking to increase the use of renewable energy sources, which is positively impacting the advanced biofuels market. Adopters of renewable energy are encouraged with incentives, grants, special loans, and a tax credit, thereby driving the growth of the market,” says Ajay.
Some countries have set regional targets regarding the use of biofuels as a pure mix or as blends. In countries such as Germany and India, governments are directing the use of biodiesel and bioethanol in their public transport systems. The Renewable Energy Directive (RED) established by the European Union (EU) aims at having 10% of the transportation system use renewable energy by 2020.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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