Advanced Biofuels Market: Introduction
Advanced biofuels are made from lignocellulosic 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. According to U.S. Energy Information Administration (EIA), in 2016, advanced biofuel produced from non-food crops such as wood, waste biomass, or agricultural waste helps to minimize 90% of greenhouse gas emissions. Owing to these factors the advanced biofuel market size is expected to gain major traction during the forecast period.

Advanced Biofuels: The Eco-Friendly Solution
According to the UNCTAD, Advanced biofuel advancement could be highly seen by the end of 2015 due 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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Advanced biofuel are mainly developed to outrun the disadvantages from first-generation fuels such as bio-alcohols, biodiesel, vegetable oil, syngas, and biogas coupled with its negative environmental effects. According to the California Air Resources Board (CARB), liquid biofuels are produced from sources which are non-petroleum and reduce carbon amount in comparision to petroleum based fuel. The advanced biofuel market size is expected to grow due to increase in renewable sources and government support. For Instance, the Advanced Biofuels Investment Readiness (ABIR) program was launched by the Australian Government with an investment of US$ 10 million, which was used for the development of advanced biofuels and in projects such as high-energy algal fuels project by the James Cook University. Owing to these factor the advanced biofuel market share is expected to grow during the forecast period.

Regional Acumens:
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 corresponds 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. Owing to these factor North America is expected to have a lion’s share in the global advanced biofuel market, and Europe as the second largest during the forecast period.

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Major Players:
Various expansions of manufacturing units is expected to propel the advanced biofuels market. For instance, POET-DSM Advanced Biofuels Llc, has planned its manufacturing units over Emmetsburg, Iowa, in 2017, for the expansion of its enzyme manufacturing facility. 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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