Lignofuels Market Size is valued at USD 1.63 Bn in 2022 and is predicted to reach USD 3.06 Bn by the year 2031 at a 7.39% CAGR during the forecast period for 2023-2031.
Lignofuels are biofuels made from lignocellulosic biomass, including agricultural leftovers, woody biomass, and specific energy crops. In contrast to first-generation biofuels, predominantly sourced from edible crops such as corn and sugarcane, lignofuels are called second-generation biofuels because they use non-edible plant components. Several factors contribute to the growth of the biofuels market, which are biofuels derived from lignocellulosic biomass. Various drivers influence the development, uptake, and commercialization of biofuels, influencing market dynamics. Growing concern about climate change as well as environmental sustainability is fueling interest in cleaner, more sustainable energy sources. Lignofuels, derived from non-food biomass, offer a renewable alternative to conventional fossil fuels, with the potential to reduce greenhouse gas emissions.
However, the impact of the COVID-19 pandemic on the biofuels market has been shaped by a number of factors, including supply chain disruptions, changes in economic conditions, and adjustments in government objectives. The biofuels market, like many others, may have faced supply chain interruptions. Restrictions on movement, lockdowns, and changes in workforce availability could have affected the production and transportation of lignocellulosic biomass feedstocks and other essential components of lignofuel production.
Competitive Landscape
Some Major Key Players In The Lignofuels Market:
- Gevo, Inc.
- Aemetis Inc
- BlueFire Renewables
- Axens
- New Energy Blue, LLC
- Enerkem
- Praj Industries
- Clariant AG
- Raizen
- Lessaffre
- Ensyn Corporation
- Red Rock Biofuels LLC
- BlueFire Renewables
- American Process
- LanzaTech Global
- Others
Market Segmentation:
The Lignofuels Market is segmented on the basis of end-user, source, and processing technology. As per the end-users, the market is segmented as Automotive, Aerospace, and Marine. The source segment includes Dedicated Energy Crops, Agricultural Residue, Forest Residue, and Urban Waste. The processing technology segment is Thermochemical and Biochemical.
Based On End-Users, The Automotive Segment Is A Major Contributor In The Lignofuels Market.
The automotive category is predicted to hold a major share of the global Lignofuels Market in 2022. Lignofuels, a form of biofuel made from lignocellulosic biomass, have the potential to provide a cleaner and more sustainable alternative to existing fossil fuels in the automotive sector. Several commercial forces are pushing biofuels into the automotive sector. When compared to typical fossil fuels, lignofuels have the potential to lower greenhouse gas emissions significantly. As the automotive industry pursues cleaner and more sustainable energy sources to combat climate change, biofuels become an appealing choice for lowering transportation's carbon footprint.
The Thermochemical Segment Witness Growth At A Rapid Rate.
The thermochemical segment is projected to grow at a rapid rate in the global Lignofuels Market. Thermochemical technology is essential in the manufacture of lignofuels, which are biofuels obtained from lignocellulosic biomass by processes such as gasification and pyrolysis. Several market drivers influence the acceptance and growth of thermochemically generated biofuels. Thermochemical processes allow for the use of a diverse range of feedstocks, such as agricultural wastes, forestry waste, and specific energy crops. This adaptability enables efficient biomass conversion while reducing dependency on specific feedstock sources.
In The Region, The Asia Pacific Lignofuels Market Holds A Significant Revenue Share.
Asia Pacific Lignofuels Market is expected to record the maximum market share in revenue in the near future. Many factors are driving rising interest and advances in the Asia-Pacific region's biofuels market. These factors contribute to the region's growth and adoption of biofuels. Government policies and efforts such as renewable energy targets, biofuel mandates, and clean energy subsidies all play a vital influence in driving the Asia-Pacific biofuels market. To minimize reliance on traditional fossil fuels, governments are taking initiatives to promote the production and use of sustainable biofuels.
Moreover, Europe is likely to grow significantly in the coming years. Several factors drive the development and adoption of biofuels generated from lignocellulosic biomass in Europe, influencing the biofuels industry. To expand the percentage of renewable fuels in the transportation sector, the European Union (EU) and individual European countries have introduced biofuel mandates and policies. These regulations establish a regulatory framework that promotes the development and use of lignofuels.
Recent Developments:
- In Aug 2023, Enerkem Inc. and Technip Energies have agreed to a memorandum of intent to establish a Collaboration Agreement with the goal of expediting the implementation of Enerkem's technological platform for producing biofuels and circular chemical products using non-recyclable waste materials.
- In May 2023, Dow and New Energy Blue established a long-term supply deal in North America, with New Energy Blue producing bio-based ethylene from renewable agricultural leftovers. Dow plans to buy this bio-based ethylene, which will reduce carbon emissions from plastic manufacture and be used in recyclable applications such as transportation, footwear, and packaging.
Lignofuels Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 1.63 Bn |
|
Revenue Forecast In 2031 |
USD 3.06 Bn |
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Growth Rate CAGR |
CAGR of 7.39% from 2023 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn, Volume (Liters) and CAGR from 2023 to 2031 |
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Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By End-User, By Source, By Processing Technology |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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Competitive Landscape |
Gevo, Inc., Aemetis Inc., BlueFire Renewables, Axens, New Energy Blue, LLC, Enerkem, Praj Industries, Clariant AG, Raizen, Lessaffre, Ensyn Corporation, Red Rock Biofuels LLC, American Process, LanzaTech Global, BlueFire Renewables and others |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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