Biofuels Market : An In-Depth Look at the Current State and Future Outlook
The biofuels market size reached USD 154.76 Billion in 2021 and is expected to register a revenue CAGR of 7.0% during the forecast period, according to the latest analysis by Emergen Research. Biofuels burn cleaner than gasoline and result in low carbon emissions, therefore, their use in transport results in fewer greenhouse gas emissions. This factor is driving biofuel market revenue growth.
In contrast to other renewable energy sources, biomass may be directly transformed into liquid fuels, or “biofuels,” to assist meet the need for transportation fuel. Ethanol and biodiesel, the two most prevalent types of biofuels currently in use, are both products of the first generation of biofuel technology.
Biofuels are manufactured from renewable energy sources, such as corn, biomass, and sugarcane, among others, thus, adoption of biofuels can result in significant savings on crude oil imports for several countries. Not every country has sufficient reserve of crude oil, which results in substantial import of crude oil from oil-exporting countries, in turn, resulting in major economic pressure. In addition, rising demand for biofuels is resulting in increasing pressure to grow biofuel crops, which is further expected to drive growth of the agricultural sector.
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Forecast Period : 2022-2030
Base Year: 2021
Number of Pages: 250
In the next section of the Biofuels market report, readers present thoughts that stimulate insight into a variety of key aspects, including product portfolios, payment structures, trading interfaces, as well as technical sophistication that decisively enlightens the growth prognosis of the target market. A thorough analysis of the dissolution of local stars is also included in the trailing section of the report before conducting a competitive environment overview.
Prominent Players Analyzed in the Report:
Neste, Archer Daniels Midland (ADM), INEOS, BlueFire Renewables, Inc., Renewable Energy Group, Inc., Alto Ingredients, Inc., POET, LLC., Valero Energy Corporation, Shell, Abengoa, and Bunge Limited.
Some Key Highlights From the Report
- The ethanol segment is expected to register a rapid growth rate during the forecast period due to its easy availability and ability to reduce global warming. Tropical climate is ideal for sugarcane production and corn & grain are produced in almost every country, hence, easy accessibility of ethanol is driving its adoption in manufacturing of products including lacquers, drugs, and plastic. Ethanol-fueled vehicles emit a lower amount of carbon dioxide compared to traditional gasoline-fueled vehicles, which results in reduced global warming.
- The sugarcane segment is expected to register a high growth rate over the forecast period. Biofuels, which are produced from sugarcane, results in low net greenhouse gas emissions and reduce adverse impact on environment. Sugarcane is an economical choice for biofuel producers and several benefits, such as pest & disease resistance, drought, and cold tolerance of crop, are driving its adoption as a raw material for biofuel production.
- The Asia Pacific market is expected to grow at a rapid rate during the forecast period due to availability of considerable resources to produce biofuels. Market revenue growth is also driven by rising government initiatives in this region for reduction of greenhouse gases.
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Furthermore, the report divides the Biofuels market into key segments and sub-segments to offer an analysis of the product type and application spectrum of the industry. It also offers predictions about the segments expected to show significant growth during the projected timeline.
Emergen Research has segmented the global biofuels market based on product type, feedstock, form, and region:
- Product Type Outlook (Revenue, USD Billion; 2019–2030)
- Feedstock Outlook (Revenue, USD Billion; 2019–2030)
- Vegetable Oil
- Form Outlook (Revenue, USD Billion; 2019–2030)
- Solid Biofuel
- Liquid Biofuel
- Gaseous Biofuel
The report covers key points of the market, including the standards, regulations, and policy changes applied by the government on the industry for the coming years. The report encompasses thorough research carried out by the application of advanced analytical tools such as SWOT analysis and Porter’s Five Forces analysis to pinpoint the growth trends and patterns. Factors likely to influence the growth of the market, current trends, opportunities,
In conclusion, the report is designed to provide an in-depth analysis of all the key change calculation factors that replicate the decisions that trigger the change, which pushes the player’s winning position profitable on the growth curve despite massive competition in the target Biofuels market.
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