Research Nester released a report titled “Lignocellulosic Feedstock-based Biofuel Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers a detailed overview of the global lignocellulosic feedstock-based biofuel market in terms of market segmentation by type, application, and region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with a detailed discussion on current and future market trends that are associated with the growth of the market.
The lignocellulosic feedstock-based biofuel market is anticipated to grow with a robust CAGR during the forecast period, i.e., 2021-2029, on account of the growing adoption of biofuels. Biofuels provide efficient and cost-effective solutions as a transport fuel. As per the International Energy Agency (IEA), Global biofuel production in 2019 was 162.8 billion L.
The market is segmented by application into automotive, aviation, and others. Among these segments, the automotive segment is anticipated to hold the largest share by the end of 2021 in the lignocellulosic feedstock-based biofuel market as a result of a large number of consumers of the automotive industry in the world. It is also gaining worldwide recognition in order to reduce greenhouse gas emissions.
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On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which the lignocellulosic feedstock-based biofuel market in the Asia Pacific is projected to grow at the highest CAGR throughout the forecast period. Currently, the market in North America holds the largest share. This can be attributed to a large number of fuel consumers in the region, especially in the United States, who are extensively involved in the research and development of the automotive industry.
Rising Environmental Concerns and Increasing Biofuels Demand to Drive Market Growth
According to the International Energy Agency (IEA), it is estimated that by 2023, Global biofuel production could reach 182 billion L.
Environment and sustainable development are the major area of concern influencing the growth of the lignocellulosic feedstock-based biofuel market; Biofuels can reduce dependence on conventional energy sources and greenhouse gas emissions, the largest share of petroleum consumption is for transportation fuel. Global biofuel production has been increased in the past few years in all major producing regions due to efficient and cost-effective advantages over other transportation fuels and ample production of raw material such as sugar beets, corn, straw, and wood. New environmental norms and policies have also played a vital role in driving the market growth.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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This report also provides the existing competitive scenario of some of the key players of the global lignocellulosic feedstock-based biofuel market which includes company profiling of Abengoa SA (OTCMKTS: ABGOF), China Petroleum & Chemical Corp. (SHA: 600028), Clariant International Ltd. (SWX: CLN), DuPont de Nemours Inc. (NYSE: DD), Gevo Inc. (NASDAQ: GEVO), New Energy Blue LLC, Fiberight LLC, Neste Oyj (HEL: NESTE), and Iogen Corp. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global lignocellulosic feedstock-based biofuel market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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