We know, too, these fuels are not made from food products. In fact they come from a great variety of sources including, as you heard recently on RN, the potential of using spent metals in the refining and processing.
This second generation of fuels is more efficient, powerful and burns cleaner.
The global market for second generation biofuel is expected to garner $23.9 billion by 2020, registering a CAGR of 49.4% during the forecast period 2014 – 2020.The market is gaining traction with production and supply of cellulosic ethanol and biodiesel as prime growth drivers during the forecast period (2014 - 2020)
Second-generation biofuels are produced from a range of non-food crops and waste biomass. Also, they are more energy efficient than the conventional fossil fuels. Such biofuels minimize greenhouse gas (GHG) emissions by over 90%; thus, are more environment-friendly. North America accounts for about 82% of the global market share, as various market players prefer the United States. for operating their pilot plants, chiefly due to the supportive regulatory environment.
Cellulosic ethanol segment will grow at a CAGR of 52.2% during the forecast period, fastest among all types of second generation biofuels. Currently, North America holds largest market share, followed by Europe in the overall second generation biofuels market in terms of production. Most of the market players are focusing on mainly two strategies, namely partnership & collaborations and seeking approvals as key developmental strategies
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