Advanced biofuels are made from lingo ellulosic biomass, such as woody crops, crop residues, energy grasses, or algae among others. According to the International Energy Agency (IEA), advanced biofuels are produced from cellulose, hemicellulose or lignin. The development of advanced biofuel is due to various problems associated with traditional biofuels and greenhouse gas emissions through various sources such as nuclear waste, unstable and fluctuating foreign fuel sources such as landfill gas, coal among others and fossil fuel. Various technological advancement and programs by United Nations Conference on Trade and Development (UNCTAD) has helped with the production of advanced biofuel in commercial scale, which is expected to provide market opportunity with the use of biomass.
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Advanced biofuel demand is expected to surge owing to various factors such as de-carbonization of specific sectors of the economy such as transport, and also providing countries dependent on oil imports with an alternative to create new opportunities and enhance its energy security. Government initiatives in North America and Europe such as the Renewable Fuel Standards (RFS) in the U.S. and other financial initiatives has driven various manufacturers towards the adoption and production of advanced biofuels. Some of the major restraints in the advanced biofuel market are process cost, feedstock cost, and high initial capital investment among others.
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North America is expected to be the largest market for the global advanced biofuel market during the forecast period. According to UNCTAD, in 2015, 400 million litres of biofuels corresponded to Renewable Volume Obligations (RVOs) with a utilization rate of 25%. According to United States Energy Information Agency, in 2015, 115 commercial facilities were identified to be working on advanced biofuels in the United States which accumulates to a capacity of 1.37 billion litres of advanced biofuels. Some of these companies are EcoSynthetix, NatureWorks LLC, and Aemetis Inc among others.
Key players operating in the field of advanced biofuel market include Oberon Fuels, Sundrop Fuels, Inc, POET-DSM Advanced Biofuels Llc, and DuPont Industrial Bioscience among others.
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