Biofuels Market to Reach $205.45 Billion by 2030, Driven by Rising Demand for Sustainable Energy
Market Overview
The biofuels
market is the global market for fuels derived from biomass, such as plants,
animal waste, and algae. Biofuels are considered renewable fuels because they
can be replenished at a faster rate than fossil fuels. Biofuels are used in a
variety of applications, including transportation, power generation, and
heating.
The
global biofuels market is expected to grow at a compound annual growth rate
(CAGR) of 10.14% from 2023 to 2030
The
factor that favors biofuels is that they are often renewably sourced and are
great for sustainability. The use of biofuels often gives an alternative to
beneficially using waste materials. Biofuels reduce waste accumulation, level
of pollution and also are cheaper than conventional fuels.
However,
biofuels on an industrial scale and commercial scale have stayed unexplored
till now. One of the reasons behind this is the need for biofuel-compatible
machines and vehicles in the market. Today, the market scenario is changing as
new types of vehicles enter the market with compatibility towards renewable,
alternative fuels. According to the biofuels market report in
2022, the biofuels market was valued at around 115.5 billion USD.
In
the mentioned forecast period, the biofuels market is all set to grow at a
healthy rate. The move towards renewable and biodegradable sources of fuels to
promote a sustainable lifestyle will support the expansion and growth of the
market in question. The biofuels market is also supported by the regulatory
policies of different national governments regarding the use of alternate
sources of energy. The public's outlook towards biofuels is also changing, and
people have started seeing it as a feasible, mainstream source of expendable
energy.
Biofuels
are thus termed as the fuels of the future. Both developed and developing
countries are adopting biofuels for everyday use. The establishment of new biofuels
plants and biofuels in the domestic arena also drives the expansion of biofuels
market size.
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 Segmentation
The
global biofuels market divides into different industrial segments based on
different criteria. The primary criteria of segmentation are fuel type and
feedstock type. For example, based on fuel type, the biofuels market divides
into biodiesel and ethanol. Based on feedstock type, the biofuels market
divides into the first generation, second generation, and third
generation.
Regional Analysis
The
global biofuels market disperses over different regions of the world according
to use and revenue. A biofuels
market analysis by region is necessary to understand the
distribution of revenue and the sector's key players. The major regional
markets of the biofuel generation sector are North America, Asia Pacific,
Europe, South America, the Middle East, and Africa. Among these regional
markets, the North American region is an established leader in revenue share
and growth market. The second-largest share of the market belongs to the European
region. The APAC region will also see a growth in size and revenue share in the
forecast period.
Industry news
Many
recent developments of the biofuels market are worth mentioning in this biofuels
Industry outlook. According to the report, many mergers,
acquisitions, and collaborations are happening in the biofuels sector to usher
in the future of fuel usage. For example, many transport and shipping companies
like Scottish Power Renewable are switching to hybrid fuelling systems in
vessels to promote biofuels.
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