Global Biofuels Market Trends, Growth Drivers, and Future Prospects
Market Overview
The Biofuels Market will reach a higher CAGR of
10.14% between 2023 to 2030. The market is estimated to cover a valuation of
the worth of USD 330.21 billion.
The adoption of
eco-friendly substances has increased in the present generations. The growing
awareness to protect the environment and preventive measures for pollution have
increased the demand for biofuel usage. Various industrial sectors have adopted
biofuel utilization. The rising global demand for biofuels is propelling the
growth of the Biofuels Market.
Fossil fuels' limited
availability and the awareness to limit the carbon emission in the environment
has made the end-users shift toward biofuels. It is acting as a major driving
factor in the Biofuels Market. Moreover, the regulatory policies and tax
incentives worldwide on biofuel usage are enhancing the market's demand.
The transportation sector
is the key driver of the market. Governments worldwide are taking the
initiative to implement biofuel in the transportation sector, which is aiding
the market. Biofuels are cleaner fuels than conventional fossil fuels. The
research and development of biofuels to cut down their costs will increase
their demand. Additionally, the research for the commercialization of
third-generation biofuels will accelerate the market's growth rate in the
forecast period.
Key Players:
·
Archer Daniels Midland
Company
·
Aceites Manuelita S.A.
·
INEOS Group AG
·
Neste Corporation
·
Renewable Energy Group Inc.
·
BlueFire Renewables
·
Cosan
·
Biowanze S.A.
·
GLENCORE Magdeburg GmbH
·
Cargill among others
Market Segments
The Biofuels Market segments
are categorized into application and end-users.
The application segment of
the market is sub-categorized into biodiesel and ethanol. The bioethanol
segment captured the highest share value due to its extensive applications.
Bioethanol, when blended with conventional fuels, doesn't need engine
modifications. Bioethanol is the right substitute for gasoline in
engines.
Under the end-users
segment, the Biofuels Market is sub-segmented into first generation,
second generation, and third generation.
Regional Analysis
The Biofuels Market Size regional growth analysis
shows the regions covered globally. The major regions showing massive demand
for biofuels are the North American region, European Union, Asia-Pacific, South
America, the Middle East, and Africa.
Among the above prominent
regions, the North American region is showing higher regional growth. The
reasons, such as favorable government regulations and infrastructure upgrades,
are driving the regional market growth.
Biofuels, for example,
renewable natural gasses, are gaining popularity due to their lower cost price
and availability in larger quantities. The developed countries of North
America, such as the United States and Canada, have significant industrial
players who are aiding the regional market. The biotech industry's research and
development also accelerates the market's growth.
Industry News
In January 2022, Malaysia's Palm Oil Board
declared to implement its adoption of the B20 palm oil biofuel program
national-wide by 2022. The company's mandate for manufacturing and formulating
biofuel with a 20% palm oil component for the transport sector was first rolled
out, but it was delayed due to the COVID-19 pandemic.
In August 2022, The California-based
biofuels company – Aemetis announced the development of its Universal Biofuels
subsidiary in India. An owner and operator of the biodiesel plant located near
the Kakinada port east coast of the country, selected by three
government-controlled OMCs- oil marketing companies. Aemetis to supply
approximately 8m gallons of biodiesel in the upcoming two months.
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