Lignofuels Market To Reach USD 3.7 Billion By 2032 Report By DataHorizzon Research
Growing popularity of lignocellulosic biomass to propel the need for lignofuels.
Fort Collins, Colorado, Feb. 28, 2024 (GLOBE NEWSWIRE) -- *The Lignofuels Market size was valued at USD 1.8 Billion in 2023 and is expected to reach a market size of USD 3.7 Billion by 2032 at a CAGR of 8.4%.*Lignofuels derived from lignocellulosic biomass, have emerged as a promising alternative to traditional fossil fuels due to their renewable nature and potential to mitigate greenhouse gas emissions. The rising concerns regarding climate change and the imperative to reduce carbon emissions have spurred significant regulatory interventions worldwide.
Rapid advancements in conversion technologies have enhanced the efficiency and viability of lignofuel production processes. Innovations in biochemical and thermochemical conversion routes, such as hydrolysis, fermentation, pyrolysis, and gasification, have significantly improved the yield and quality of lignofuels while reducing production costs. Moreover, ongoing research and development efforts are focused on optimizing process parameters and exploring novel catalysts to further enhance the commercial viability of lignofuel production.
The abundant availability of lignocellulosic biomass, including agricultural residues, forestry residues, and dedicated energy crops, provides a sustainable and renewable feedstock base for *lignofuel production.* Unlike conventional biofuels derived from food crops, lignofuels offer the advantage of utilizing non-food biomass resources, thereby minimizing potential conflicts with food production. Furthermore, ongoing efforts to diversify feedstock sources and optimized supply chains contribute to the resilience and scalability of the lignofuels market.
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*Segmentation Overview:*
The global *lignofuels market* has been segmented into source, processing technology, end-user, and region. The end-user segment is trifurcated into automotive, aerospace, and marine. The overall transportation sector represents a significant end-user segment for lignofuels, encompassing road transport, aviation, marine, and rail applications. The automotive segment leads the growth of the market.
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*Lignofuels Market Report Highlights:*
· The global lignofuels market is anticipated at a *CAGR of 8.4% by 2032.*
· Growing consumer awareness and shifting preferences towards environmentally sustainable products drive demand for cleaner and greener energy alternatives.
· The lignofuels market segmentation comprises source, processing technology, end-user, and region.
· Asia Pacific region presents vast potential for lignofuels development, fueled by rapid industrialization, growing energy demand, and increasing environmental concerns.
· Some prominent players in the lignofuels market report include New Energy Blue, LLC, Lessaffre, Enerkem, Praj Industries, Raizen, Gevo, Inc., Clariant AG, LanzaTech Global, Granbio, Aemetis, Inc., BlueFire Renewables, Ensyn Corporation, Red Rock Biofuels LLC, American Process, and Axens.
*Industry Trends and Insights:*
- In August 2023, Enerkem Inc. and Technip Energies signed an agreement of intent to accelerate the implementation of Enerkem's technological platform for producing biofuels and circular chemicals using non-recyclable waste materials.
- In May 2023, Dow and New Energy Blue entered a long-term supply agreement in North America, where New Energy Blue produces bio-based ethylene from renewable agricultural waste. Dow plans to buy this bio-based ethylene, which reduces carbon emissions from plastic production and will be used in transportation, footwear, and packaging applications.
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*Lignofuels Market Segmentation:*
*By Source:* Dedicated energy crops, agricultural residue, forest residue, and urban waste
*By Processing Technology:* Thermochemical and biochemical
*By End-user:* Automotive, aerospace, and marine
*By Region:* North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
*About DataHorizzon Research:*
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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