Second-Generation Biofuels Market Share

North American Market Forecast   

Second-generation biofuels market share in North America, amongst the market in all the other regions, is projected to have the highest growth by the end of 2036, backed by growing food waste, along with growing population. In America, the amount of food waste has risen dramatically in recent years, with about 102 million tons (approximately 205 billion pounds) produced in 2018. Moreover, the governments of the US and Canada have both put laws and rules into place to encourage the development and use of second-generation biofuels. For instance, the US's Renewable Fuel Standard (RFS), which mandates a specific percentage of renewable fuels in petrol and diesel, and Canada's Clean Fuel Standard (CFS), which strives to lower the lifecycle carbon intensity of transportation fuels. Additionally, the creation of cellulosic ethanol and biogas, among other technological developments, have improved the efficiency and cost-effectiveness of second-generation biofuel production. Further, many sectors are looking at using biofuels to lower their carbon impact, including shipping and aviation. As a result, there is now more demand in North America for second-generation biofuels.

APAC Market Statistics

The Asia Pacific second-generation biofuels market is estimated to be the second largest, to have the highest growth over the forecast period. Second-generation biofuel use may help in lowering greenhouse gas emissions and enhancing air quality, two key environmental concerns in many Asia Pacific nations. Hence, its demand is growing. Additionally, for the creation of second-generation biofuels, the Asia Pacific region offers an abundance of biomass resources, including agricultural waste, forestry waste, and municipal solid waste. Moreover, in order to boost the production and use of second-generation biofuels in Asia Pacific, there is growing interest in regional cooperation. Governments and private enterprises are investing in the creation of new technologies and manufacturing processes, and there is a rising focus on innovation and research in the area of second-generation biofuels in the Asia Pacific region.

Europe Market Forecast

Additionally, the second-generation biofuels market in Europe region is also estimated to have the significant growth over the forecast period. The growth of the market in Europe region could be attributed to growing adoption of private vehicles owing to the growing disposable income of the people. However, people in this region are also getting environment conscious regarding growing emission of greenhouse gasses in the environment. Hence, they demand for renewable alternative such are second-generation biofuels. Also, the growing government initiatives is also influencing demand for second-generation biofuels.