Biofuels Market Overview
The global Biofuels Market size is projected to reach USD 190.6 Billion by 2028, expressing a CAGR of 6.78% throughout the forecast period.
Drivers and Restraints
The global bio fuels market is projected to grow at a high rate over the review period due to the renewability of biodiesel. Increasing government support for biofuel development through programs, policies and regulations driving the growth of the market. Depletion of fossil fuels also leads to the requirement of renewable biofuels. Increasing the use of biofuels as vehicle fuel source across the globe also provide boost to the growth of the market.
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Report Attribute | Details |
Forecast Period | 2022 - 2030 |
Market Growth value | 6.78 % CAGR |
Revenue forecast in 2022-2030 | USD 190.6 billion |
Base year for estimation | 2021 |
Historical data | 2019 – 2020 |
Unit | USD Billion, CAGR (2022 – 2030) |
Segmentation | By Application, By End-Use, and By Region |
Growing usage of crude glycerin from biodiesel production will serve as an opportunity for the demand for biofuels, as crude glycerin can be used for several uses such as coal freeze protection, and as a dust suppressant. However, inadequate availability of all types of feedstocks such as algae, starch, and sugar would hamper market growth, as all feedstocks do not have the same market performance concerns. However, the project's uncertain feed stock prices and yield and capital intensity may constrain market growth.
Segmental Analysis
The global market for biofuels was segmented based on type of fuel, type of feedstock, and location. The global market is segmented into biodiesel and ethanol according to the type of fuel. Worldwide, the ethanol segment is projected to dominate the market. This is attributable to growing demand for bioethanol as an automotive fuel to reduce greenhouse gas emissions attributable to their environmentally friendly feature.
The global market is divided into the first, second , and third generations, depending on the form of feedstock. Segment of the first generation is expected to report the higher growth over the forecast period. This is because it contains less saturated fat which makes it easier to process and thus reduces overall production costs. In addition , compared to cellulosic and algae, the feedstock needed for the production of vegetable oils is more readily available.
Regional Assessment
The global business regional analysis was conducted in four major regions including Asia Pacific , North America, Europe and the rest of the world. North America has the highest share of the global biofuels market , owing to its government-wide supporting policies, such as government tax incentives. The US is the global leader in biodiesel, owing to its strong policies and incentives to encourage the production, use and study of renewable fuels in new technologies. After North America, South America is second-largest producer of biofuels. The high oil prices and increased oil consumption are just a few of Brazil's major drivers for biofuels development.
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Market-operating manufacturers aim to offer creative technologies that enhance market processes around the world in terms of design and manufacturing. Focusing on the competitive edge, manufacturers at Bio Fuels are working to produce goods that can offer maximum performance, convenience and reliability. Through their international and regional reach, these manufacturers ensure continuity in the quality of the product service to their customers. Manufacturers are working to expand their product portfolio for any application using a wide range of Bio Fuels.
Competitive Overview
The major market players operating in the global market as identified by MRFR’s research report are Archer Daniels Midland Company (US), Aceites Manuelita S.A. (Colombia), INEOS Group AG (UK), Neste Corporation (Finland), Renewable Energy Group Inc. (US), BlueFire Renewables (US), Cosan (Brazil), Biowanze S.A. (Belgium), GLENCORE Magdeburg GmbH (Germany), and Cargil (US).
