In accordance to the research report published by Credible Markets, global biofuels market is anticipated to amplify with a CAGR of 8.2% over 2022-2030, thereby accumulating USD 201.21 billion by the end of the analysis timeline.
Global biofuels market- Overview
Biofuel refers to the type of fuel which is generated from biomass resources such as plants, algae materials, or biological waste. These fuels can reduce greenhouse gas emissions by up to 60% and are considered as an efficient source of renewable energy. Biofuels are used across various verticals including aviation, automotive, and other product based industries.
Global biofuels market- Growth drivers and Challenges
The primary factors aiding the expansion of this marketplace are rising prices of crude oil, limited availability of fossil fuels, and increasing emphasis towards the reduction of carbon footprints. Alongside, rising pollution levels and regulatory policies favoring the adoption of biofuels across the globe are positively swaying the market dynamics.
Additionally, ongoing research activities for the commercialization of second and third generation biofuels and government initiatives to promote the use of sustainable energy sources are augmenting industry outlook.
On the contrary, high costs associated with the production of these fuels is likely to impede industry progression in the ensuing years.
Segmental analysis of global biofuels market
By Form
• Solid biofuel
• Liquid biofuel
• Gaseous biofuel
The liquid biofuel segment is anticipated to garner significant revenue over the forecast period ascribing to surging focus towards energy security and utilization of liquid biofuels in vehicles.
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By Type
• Biodiesel
• Ethanol
• Others
The ethanol segment is poised to capture a high market share over 2022-2030 owing to high usage of ethanol as an eco-friendly fuel to minimize carbon emissions in the automotive sector.
By Feedstock
• Corn
• Sugarcane
• Vegetable Oils
• Others
The vegetable oils segment is expected to expand considerably over the stipulated timeline. This is credited to the benefits offered by vegetable oils including low manufacturing cost and easy processing.
North America to capture significant revenue share
The major regions constituting the geographical landscape of this business sphere are North America, Europe, Asia Pacific, and Latin America. Among these, North America is anticipated to grow substantially over the analysis timeline due to the availability of abundant feedstock for biofuel production and rising cognizance regarding the use of renewable energy sources.
Competitive Hierarchy
The prominent players operating in global biofuels market are Renewable Energy Group, Inc., China Clean Energy, Inc., DowDuPont, Inc., POET LLC, Wilmar International Ltd., Abengoa Bioenergy S.A., Cargill, Inc., BTG International Ltd., My Eco Energy Pvt. Ltd, VERBIO Vereinigte BioEnergie AG, and Archer Daniels Midland Company.
Major Developments
• In February 2020, NextChem inked a collaboration deal with Saola Energy with an aim to produce renewable diesel from vegetable oils and residual fats using isomerization and hydro-treatment technologies.
• Hemp Corporation in May 2020 announced its plans to build a biofuel plant in Prince George to boost the production of industrial-grade ethanol from hemp stock.
Key questions answered in this report
• What is the growth rate projection for global biofuels market over 2022-2030?
• What are the major factors propelling the growth of global biofuels market?
• Which segment of global biofuels market is expected to showcase high expansion trends?
• Which is the fastest growing region in global biofuels market?
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Major takeaways from this report
• Global biofuels market is anticipated to register a CAGR of 8.2% over 2022-2030
• Increase in the prices of crude oil, rising carbon footprints, and limited availability of fossil fuels are augmenting biofuels industry outlook
• Based on type, the ethanol segment is expected to register notable gains due to its widespread adoption in automotive sector
• North America is poised to expand notably over the analysis timeline owing to growing awareness regarding the use of renewable energy sources
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