The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Advanced biofuels, also known as second generation biofuels are the renewable fuels which are used as alternatives for gasoline and diesels with very low emission of the greenhouse gases. Advanced biofuels can be manufactured by using various types of biomass like, lignocellulose, non-corn starch & sugar. Advanced biofuels mostly uses the lignocellulose biomass for the production of biofuels. The increasing global consumption of energy is demanding for more renewable and sustainable sources of energy. Advanced biofuels being environment friendly will be adopted by people across the globe. It can be used in automotive as well as aviation fuel in the near future as a sustainable alternative to traditional fuels. There are very few numbers of advanced biofuel manufacturers and it is expected there would be more manufacturers over the forecast period. Huge investments are being made by companies in R&D to develop technologies to convert biomass into advanced biofuels. The global advanced biofuels market is foreseen to register a promising two digit CAGR over the period of forecast.
The fossil fuels are declining and to balance the consumption of energy some alternative sources has to be there hence, advanced biofuels. The global advanced biofuels market is driven by the environment factor as advanced biofuels releases less concentration of greenhouse gases. The advanced biofuels being a sustainable and clean source of fuel these characteristics are expected to increase the market potential of global advanced biofuels market. The ease in the availability of raw materials, and the raw materials used being non-food and wastes will be a driver for the global advanced biofuels market. The governmental incentives supporting the development of technologies for producing advanced biofuels will also drive the market for advance biofuels globally. Since there are only few number of fully commercialized manufacturers of different types of advanced biofuels it provides opportunities for other new entrants in the global advanced biofuels market to enter in the market. The declining price of crude oil might pose as a restraint to the growth of advanced biofuels market still the environmental advantage of advanced biofuels over traditional fuel is expected to counter the restraint.
On the basis of process, global advanced biofuels market is segmented into:
- Biochemical Process
- Thermochemical Process
On the basis of biofuel types, global advanced biofuels market is segmented into:
- Cellulosic biofuels
- Others (ethanol from non-corn starch)
On the basis of raw materials, global advanced biofuels market is segmented into:
- Others (non-food crop residues, animal wastes)
The global advanced biofuels market has been divided into seven key geographical regions which includes North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, and Middle East & Africa. In North America, US is the largest producer of advanced biofuels with significant investments in the R&D with a substantial number of patents for biofuels to their credit. Globally, North America holds the largest market share for advanced biofuels. In Latin America, Brazil is emerging as advanced biofuel producers in the global advance biofuels market with increase in the capacity of production of advanced biofuels. The European Market is followed by the American market in terms of demand and production facilities. With the enormous support from the government side the American and European market tends to grow considerably over the forecast period. In the APAC region, China based companies are investing in developing the technologies for production of advanced biofuels. In India, foreign companies are partnering with Indian based oil and gas companies to develop advance biofuels thus entering into global platform for advance biofuel production. The global advance biofuel market will show a remarkable growth over the forecast period.
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Some of the key players identified in the global advance biofuels market are
- A2BE Carbon Capture,
- LLC, Algenol Biofuels,
- Chemtex group,
- Fujian Zhongde Energy Co., Ltd,
- Sundrop Fuels, Inc.,
- LanzaTech, Sinopec,
- Green Biologics,
- Bankchak Petroleum