Jersey City, NJ, Nov. 29, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Lignofuels Market - (By End-User (Automotive, Aerospace, Marine), By Source (Dedicated Energy Crops, Agricultural Residue, Forest Residue, Urban Waste), By Processing Technology (Thermochemical, Biochemical)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Lignofuels Market is valued at US$ 1.63 Bn in 2022, and it is expected to reach US$ 3.06 Bn by 2031, with a CAGR of 7.39% during the forecast period of 2023-2031.
Lignofuels are made from lignocellulosic biomass containing cellulose, hemicellulose, and lignin. This biomass can be obtained from various plant materials, including agricultural wastes (such as maize stover and wheat straw), forestry residues, energy crops (such as switchgrass and miscanthus), and other non-food plant materials. The use of agricultural and forestry leftovers for the production of lignofuels addresses waste management issues. Converting these leftovers into biofuels is a cost-effective and ecologically responsible approach that promotes the circular economy.
Investments in lignofuel projects, both commercial and public, foster innovation and scalability. Aviation and shipping are among the industries beginning to embrace lignofuels as a viable and sustainable fuel source. The start of biofuel testing in commercial aircraft by businesses like Boeing and Airbus represents a significant move towards sustainable aviation, which is projected to boost lignofuel growth.
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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.
List of Prominent 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
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Lignofuels Market Report Scope:
| Report Attribute | Specifications |
| Market Size Value In 2022 | USD 1.63 Bn |
| Revenue Forecast In 2031 | USD 3.06 Bn |
| Growth Rate CAGR | CAGR of 7.39% from 2023 to 2031 |
| Quantitative Units | Representation of revenue in US$ Bn, Volume (Liters) and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | By End-User, By Source, By Processing Technology |
Market Dynamics:
Drivers:
The dynamics of the lignofuels market are driven by several factors that impact the development, commercialization, and use of biofuels generated from lignocellulosic biomass. In the U.S., organizations such as the Advanced Biofuels Association (ABFA) and the Advanced Biofuels Business Council (ABBC) are promoting the development and use of advanced lignofuels, hence boosting the market growth. Through research and policy advocacy, the International Renewable Energy Agency (IRENA) promotes the global transition to sustainable energy sources, including cellulosic ethanol.
The availability of investment and capital has a considerable impact on the market dynamics of lignofuels. Research and commercial projects rely on financial support to scale production, conduct pilot studies, and overcome technical challenges. The financing available determines the rate of technological advancement and commercial expansion.
Challenges:
Lignofuel production, particularly from lignocellulosic biomass, can be costly. The procedures required to convert complicated biomass structures into usable fuels, such as enzymatic hydrolysis or gasification, can necessitate substantial investment, reducing the economic sustainability of lignofuel production. The technological complexity of lignofuel production technologies, such as biochemical and thermochemical procedures, can make scaling up from laboratory or pilot-scale production difficult. However, efficient and scalable procedures are critical for the economic feasibility of lignofuels. These factors are likely to hinder market expansion.
Regional Trends:
Asia Pacific Lignofuels Market is expected to register a major market revenue share and is projected to grow at a high CAGR in the near future. Growing public awareness of climate change as well as environmental issues has resulted in increased efforts to minimize carbon emissions. Lignofuels, as a renewable and low-carbon alternative, are positioned as part of the solution to address climate change issues in the Asia-Pacific area. Some nations in the Asia-Pacific area have set biofuel mandates and targets to encourage the use of renewable fuels in transportation. Compliance with these rules boosts demand for lignofuels as a key component of the biofuel mix.
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Segmentation of Lignofuels Market-
By End-User-
- Automotive
- Aerospace
- Marine
By Source-
- Dedicated Energy Crops
- Agricultural Residue
- Forest Residue
- Urban Waste
By Processing Technology-
- Thermochemical
- Biochemical
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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