Global Biofuels Market is Expected to Foresee Significant Growth...

Global Biofuels Market is Expected to Foresee Significant Growth during the Forecast Period. North America to Grab Major Market Share

Posted 2022-11-04 11:27:43

Global Biofuels Market is expected to reach the market valuation of US$ XX million by 2027 expanding at a reasonable CAGR of XX% during the forecast period (2021-2027) from US$ XX million in 2020. Biofuels are an integral part of the renewable energy family. they are obtained through biological carbon fixation from organisms living in a relatively short period of time. The conversion of consumption of biomass material to produce biofuels can occur thermally, biochemically, or chemically.

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The global biofuels market is proliferating on account of rising concern about the ever-rising emission of greenhouse (GHGs) particularly CO2 from transport. For instance, in 2018, transport accounts for around 1/5th of global carbon dioxide emissions, as per our world data. Also, most of the emissions come from passenger vehicles including cars and buses that contributed more than 45% of the transport emissions. Owing to these alarming facts and rising concerns over the deteriorating environment the demand for cleaner fuel is increasing all over the globe.

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Additionally, the market is also boosting on account of various government regulations and mandates set in numerous countries to blend biofuels with conventional automobile fuels. For example, some of the major countries that have set these mandates include the United States, China, and Brazil as they are targeting to achieve 15-27% blend of biofuels with conventional fuel by 2020-2022. Moreover, countries such as U.S., Germany, France, and Italy have also implemented a reduction in fuel excise tax that will eventually help biofuels to compete with fossil fuels thereby, promoting the use of biofuel blending.

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Based on type, the global biofuels market is fragmented into biodiesel, ethanol, and others. The ethanol segment of the global biofuels market dominated the market with around XX% market share in 2020 and generated the revenue of USD XX Mn in 2020 as it is being widely used in transports. Further, many government regulations are also encouraging the blending of ethanol with conventional fuels. For instance, the National Policy on Biofuels-2018 approved by the Government of India has targeted to achieve a 20% blending of ethanol in petrol by 2030.

Based on feedstock, the global biofuels market is segmented into corn, sugarcane, vegetable oils, and others. The vegetable oils segment grabbed XX% market share in 2020 and is expected to grow with a CAGR of XX% to reach a market valuation of USD XX million by 2027 owing to the growing use of various vegetable oils including soyabean oil, corn oil, canola oil, animal fats, etc. to produce biodiesel. For instance, in the United States, 57% of biodiesel was produced by using soyabean oil as feedstock in 2019.

Additionally, the report provides detailed initiatives that are being taken in the field of biofuels. The market is classified into distinct regions including North America (the U.S, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, and the Rest of APAC), and Rest of World has been conducted. North America dominated the market with US$ XX million in 2020 owing to the government regulation for protecting the environment. For example, the low carbon fuel standard set in California is boosting the demand for biofuel and supporting the deployment of novel advanced biofuels in the region.

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Renewable Energy Group, Inc, Archer Daniels Midland Company, POET, LLC, Abengoa Bioenergy S.A., Cargill, Pacific Ethanol Inc., Valero Energy Corp., Royal Dutch Shell, Butamax, Wilmar International are some of the prominent players operating in the biofuels market. Several M&As along with partnerships have been undertaken by these players to make biofuels as widely available as possible.

Global Biofuels Market Segmentation

Market Insight, by Type

· Biodiesel

· Ethanol

· Others

Market Insight, by Feedstock

· Corn

· Sugarcane

· Vegetable Oils

· Others

Market Insight, by Region

· North America