Global Biofuels Market Size By Form (Solid Biofuels, Liquid Biofuels, Gaseous Biofuels), By Competitive Landscape, By Geographic Scope And Forecast

Biofuels Market Size And Forecast

Biofuels Market size was valued at USD 150.5 Billion in 2021 and is projected to reach USD 321.2 Billion by 2030, growing at a CAGR of 7.4% from 2023 to 2030.

Limited availability of fossil fuel-based resources and increasing awareness regarding curbing carbon emissions are some of the factors that are likely to drive the market. The Global Biofuels Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Biofuels Market Definition

Biofuels are being considered as one of the emerging cleaner fuel options over conventional fossil fuels in the future. Further, the availability of funds for research & development for the development of Biofuels at a lower cost will enhance their adoption. In addition, ongoing research for the commercialization of second & third-generation Biofuels will further boost the growth of the market during the forecast period.

However, Biofuels are manufactured from sources such as corn, soybeans, sugarcane, and oil palms which are basically food crops. Further, large-scale utilization of these crops to generate Biofuels can create a scarcity of food products made from these crops. It can affect the prices of food and also pose questions regarding food security.

Global Biofuels Market Overview

The major factors driving the growth of the Global Biofuels Market include the potential to reduce emissions. According to Report, global greenhouse gas (GHG) emissions show no signs of peaking which would help to limit global warming. The Global Biofuels Market is projected to grow at a high rate during the forecast period due to the renewability of biodiesel. According to WBA Global Bioenergy Statistics, published by World Bioenergy Association, liquid Biofuels especially biodiesel is the leading renewable solution for the transport sector as they would lead to environment-friendly use of Biofuels in the transportation sector.

The rising use of crude glycerin from biodiesel production would act as an opportunity for the Biofuels Market, as crude glycerin can be used for multiple purposes uses such as for freeze protection for coal, & as a dust suppressant. However, the insufficient availability of all types of feedstocks such as algae, starch, and sugar would hinder the market growth, as all the feedstocks do not possess the same performance concern for the market. The utilization of Biofuels in the transport and aviation sector is boosting their consumption & it is seen that now many automobile companies like Ford and Volkswagen are coming up with biodiesel-compatible engines and flex-fuel vehicles.

However, the growth of Biofuels is resisted by the capital intensiveness of the project, uncertainty in feedstock prices, and low process efficiencies. These drawbacks are likely to be overcome by developments in cellulosic and algae fuel technology and investments in new projects. The scenario discussed above presents a promising opportunity and growth in Biofuels Market, especially in emerging countries. Biofuel production in the top and emerging countries is expected to grow from 102,896 million liters.

Global Biofuels Market Segmentation Analysis

The Global Biofuels Market is segmented on the basis of Form And Geography.

Biofuels Market, By Form

• Solid Biofuels
• Liquid Biofuels
• Gaseous Biofuels

Based on Form, The market is bifurcated into Solid Biofuels, Liquid Biofuels, and Gaseous Biofuels. Biofuels are being considered as one of the emerging cleaner fuel options over conventional fossil fuels in the future. Further, the availability of funds for research and development for the development of Biofuels at a lower cost will enhance their adoption.

Biofuels Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

Based on Regional Analysis, The Global Biofuels Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America has the highest share of the Global Biofuels Market, due to its supportive policies extended by the governments, such as the tax incentives provided by the governments. The US is the global leader in biodiesel, owing to its robust policies and incentives for encouraging production, consumption, and research for new technologies for alternate fuels. South America is the second-largest producer of Biofuels after North America. The elevated oil prices and increased consumption of oil are a few of the major drivers for the development of Biofuels in Brazil.

Key Players

The “Global Biofuels Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as Abengoa, S.A, Archer Daniels Midland Company, Copersucar S.A., Flint Hills Resources, Poet, Llc, Raizen S.A., The Andersons, Inc., Cargill Incorporated, BTG International Ltd, Renewable Energy Group, Inc.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

Partnerships, Collaborations, and Agreements

• In August 2020, Clariant AG which is a multinational specialty chemicals company has announced a strategic partnership with Chemtex which is a leading Technology and Engineering company. The aim of this partnership is to provide second-generation biofuels projects in China.

Product Launches and Product Expansions

• In November 2018, the Cargill Inc. is a leading food corporation has announced the expansion of biodiesel plant in Wichita, Kansas through more than USD 38 million in the form of industrial revenue bonds. The project to build a biodiesel plant is worth USD 87 million and will help in the growth of the biofuel market.
• In February 2021, Stardust 1.0 which is the first commercial biofuel rocket from Maine has been launched by a Startup bluShift Aerospace that makes bio-fuel-powered rockets. The rocket is 20 feet tall (6 meters) and is capable of carrying 17 lbs. (8 kilograms) of payload.
• In July 2021, Alpha Biofuels which is a Singapore-based first and only biofuels company that recycles used cooking oil into biodiesel has announced that it has blended the biofuel at its Tuas plant. In this plant, it will convert the cooking oil that it had collected from food & beverage manufacturers into biodiesel.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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