Advanced Renewable Fuels Market: Current Analysis and Forecast (2023-2030)
Emphasis on Renewable Fuel Type (Bio-based diesel, Biogasoline, Advanced biofuels, Algae-based fuels, and Others); and Region/Country
Global Advanced Renewable Fuels Market is expected to reach USD 45.61 Billion in 2030 by growing at a CAGR of 6.23% during the forecast period 2023-2030. Advanced renewable fuels (ARF) are a type of energy produced from renewable coffers that have experienced fresh processing way beyond simple conversion from biomass to liquid or gassy form. These processes may involve chemical variations, like the addition of catalysts or other substances, to enhance the parcels of the energy and upgrade its performance in machines or other operations. Illustrations of ARF include cellulosic ethanol, which is made from factory material that cannot be fluently converted into conventional ethanol, and another-generation biofuels, which are made from non-food feedstocks like agricultural waste or algae. ARF is seen as an implicit result to address enterprises about food security and land use associated with traditional biofuel crops. Factors such as rising awareness about the use of renewables coupled with the growing awareness regarding curbing carbon emissions are driving the growth of the market across the globe. Major companies in the market are focusing on merger and acquisition activities for their establishment in the market as advanced renewable fuel production, technology, and market are in the developing stage in most countries. For instance, in May 2021, at the Porsche Mobil 1 Supercup, ExxonMobil and Porsche tested advanced biofuels and renewable, lower-carbon eFuels on the racetrack in Porsche’s high-performance motorsports engines.
Petrobras; POET, LLC; Royal Dutch Shell plc; Gevo; ConocoPhillips; Cargill, Incorporated; Exxon Mobil Corporation; DuPont; Eni S.p.A.; Biotexus Energy Private Limited are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst renewable fuel type, Advanced biofuels category witnessed higher market growth during the forecast period”
Based on renewable fuel type, the market is segmented into Bio-based diesel, Biogasoline, Advanced biofuels, Algae-based fuels, and others. The Advanced biofuels category witnessed higher market growth during the forecast period. This is mainly owing to its utilization in diesel and jet fuels. Also, the blending of biodiesel in diesel gives economic advantages and helps to reduce greenhouse gas emissions. The increasing demand for energy and depleting energy resources around the world are expected to drive the demand for biodiesel in the future. For instance, in July 2023, Indian Oil Corporation Limited (IOCL) and Praj Industries Limited (Praj) sent a term sheet to boost the advance biofuels production capacity in India.
“North America is expected to hold a significant market share in the advanced renewable fuels market and is expected to witness an influential CAGR in the forecasted period”
In 2022, North America is expected to hold a significant market share in the advanced renewable fuels market and is expected to witness an influential CAGR in the forecasted period. This is mainly owing to the increasing popularity of renewable energy in the region. Additionally, the encouragement by the government for the use of renewable sources like biofuels, bio gasoline, bio-diesel, and others in the region is adding to the pace of the market growth leading to a dramatic increase in advanced renewable fuel production in North America. Moreover, the Canadian government’s commitment to reducing greenhouse gas emigrations and transitioning to a low-carbon frugality. To achieve this, the government has set ambitious targets for adding the use of renewable energy in the transportation sector, with a thing of having 15 of all light-duty vehicles being powered by electricity or hydrogen energy cells by 2035. Furthermore, the US has abundant coffers of biomass feedstocks, making it a seductive position for ARF products. Also, various companies are investing in ARF exploration and development, and new installations are being established to meet the growing demand for these clean energy sources. Thus, the high contribution from various countries of North America is increasing the demand for advanced renewable fuels in the market.
Advanced Renewable Fuels Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global advanced renewable fuels market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Advanced Renewable Fuels Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Advanced Renewable Fuels market were the three major steps undertaken to create and analyze the adoption of Advanced Renewable Fuels in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Advanced Renewable Fuels market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Advanced Renewable Fuels market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Advanced Renewable Fuels market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as renewable fuel type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Advanced Renewable Fuels market. Further, we conducted factor analysis using dependent and independent variables such as various renewable fuel types of Advanced Renewable Fuels. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Advanced Renewable Fuels market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Advanced Renewable Fuels market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Advanced Renewable Fuels market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Advanced Renewable Fuels market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Advanced Renewable Fuels market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of renewable fuel type in the global Advanced Renewable Fuels market.
The main objective of the Global Advanced Renewable Fuels Market Study
The current & future market trends of the global Advanced Renewable Fuels market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Advanced Renewable Fuels market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of renewable fuel type.
- Define and analyze the regulatory framework for the Advanced Renewable Fuels
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the Advanced Renewable Fuels market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the Advanced Renewable Fuels market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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