Lignocellulosic Feedstock-based Biofuel Market size is expected to register remarkable growth rate during the forecast period i.e., between 2024-2036.
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.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024–2036 |
|
Regional Scope |
|
The Lignocellulosic Feedstock-based Biofuel 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 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.
Our in-depth analysis of the global market includes the following segments:
|
Type |
|
|
Application |
|
Geographically, the Lignocellulosic Feedstock-based Biofuel market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in the Asia Pacific industry is estimated to hold largest revenue share by 2036, owing to 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.
Author Credits: Dhruv Bhatia
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?