Global Biofuels Market- Description
A type of fuel known as biofuel is one that is created directly from biomass, which can be either plant or animal waste or algae. It is thought to be one of the most effective renewable energy sources. Biogas, biodiesel, and corn ethanol are some of the most popular biofuels. These fuels are safe to use for household, commercial, and industrial applications without endangering the environment.
Market Description
Market growth, is associated with factors such as growing demand, earnings from the trade, economic state of that particular region, supply chain and other.
Bio-fuels are renewable source of fuel energy, mostly prepared form animal waste, crop waste, plants, algae material etc.
Presently, due to rising pressure of population, there is scarcity of fossil fuel being faced. Additionally, growing carbon emissions is a currently a matter of concern. Hence due to these reasons, the demand for Bio-fuel is high which is indirectly affecting the market.
Biofuels is considered as one of the emerging clean fuel options over traditional fuels. In addition to this, the expenditure on research and development of bio-fuel is comparatively low over other fossils. Besides, ongoing research for commercialization of the second and third generation biofuels is further boosting the market.
Global Biofuels Market- Key trends
Rising efforts to reduce emission levels is aiding market expansion
With rapid industrialization and urbanization, the world is witnessing a massive rise in emission levels. This in turn has accelerated the pollution levels, thereby resulting in various diseases among human being and animals. Therefore, the concerned authorities along with the governments of various nations have joined hands to reduce the carbon emission levels by adopting energy efficient fuels. This in turn has elevated the demand for biofuels across the globe.
Widespread technological innovations in the field to boost industry development
Biofuels are obtained from natural components such as animal waste, oil based plants, sugar, and starch yields, among others. Being a tenuous process, concerned bodies are focusing on to the development of advanced technologies to fasten the process of biofuel extraction. These factors are positively swaying the dynamics of this market vertical.
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Market Overview
The Biofuels Market is expected to disclose a substantial upturn with a CAGR of 6.9% during the forecasted period of 2022 to 2030. As per the experts, the Biofuels Market is expected to observe a noteworthy growth by 2030. The Biofuels Market is valued at USD 165.77 Billion in 2022, however it is anticipated to show a noteworthy progress of USD 282.71 Billion by the year 2030.
Emerging requirements for biofuels is anticipated to generate lucrative growth opportunities in the global biofuel market. Biofuels are also considered as jet fuels. The scientists are exploring on the method that helps to produce the biofuel for jet which is much easy and convenient. Moreover, technological progressions in biofuel industry have reduced the cost of biofuels which is a major factor propelling the market.
Besides, introduction of newer feedstock for biofuel, another factor boosting the market. Further, growing demand for alternative option of renewable resource is adding to the progress of the market. Abundant availability of bio-ethanol, lowering green-gas emissions, rising costs of crude oil, government support for research activities, and growing awareness on use of renewable source of energy is boosting the market.
Market Segmentation
The Biofuels Market is segmented into Fuel Type and Feedstock
Fuel Type
Based on Fuel Type the market is further segmented into
- Ethanol
- Biodiesel
The Ethanol fuel type is expected to display a highest growth, owing to its extensive use as automotive fuel without any major overhauls.
Feedstock
Based on Feedstock the market is further segmented into
- Palm Oil
- Jatropha
- Sugar Crop
- Coarse Grain
- Other Feedstock
Covid-19 impact on the market:
The recent contagion that invaded the world led to devastating effects on economy and human life. It was an unprecedented challenge to economy as a whole. This pandemic had led to closure of workplaces, travel restrictions, remote work options for almost all employees across globe which created challenges for businesses to operate. Hence there was a comparative low growth during the pandemic period of FY 2020-2021. The virus had spread across the globe at an alarming speed, tainting millions. This had majorly affected the Biofuels Market.
For instance, in 2016, the global consumption of bio-gasoline was around 965 barrels of oil per day, which was on rising trend till 2019, however with the invasion of the contagion the growth deteriorated in 2020.
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Market Key players
- Valero Energy Corp.
- Petrobras
- Butamax
- Renewable Energy Corp.
- Wilmar International
- Algenol
- Pacific Ethanol Inc.
- Poet, Llc
- Flint Hills Resources
- The Andersons, Inc.
- Raizen S.A.
- Copersucar S.A.
- Abengoa, S. A.
- Alpha Biofuels
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