Biofuels Market Growth Boost by Rising Government Initiatives and Demands for Clean and Green Energy
New York, US, Jan. 13, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Biofuels Market Research Report: Information, by Fuel Type, by Feedstock Type, and by Region – Forecast till 2030”, the biofuels market will touch USD 2,18,217.9 Million at a 6.8% CAGR by 2030.
Biofuels Market Drivers
The rising government initiatives, eco-friendly projects, and regulatory bodies concerning carbon emission reduction will boost market growth over the forecast period.
Growing Need for Sustainable Fuels to offer Robust Opportunities
The growing need for sustainable fuels in power generation and transportation will provide robust opportunities for this market in the forecast period.
Biofuels Market Key Players
Eminent industry players profiled in the global biofuels market report includes,
- 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)
- Cargil (US)
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Biofuels Market Restraints and Challenges
High Production Cost to act as Market Challenge
The high production cost, lack of awareness about the perks of biofuels, increasing import duties & taxes, and fluctuating raw material prices may act as market challenges over the forecast period.
COVID-19 Analysis Of Biofuels Market
Due to the suspension of transportation, the COVID-19 epidemic had a negative impact on the market, which in turn possessed a negative impact on demand for biofuels since these fuels are used by mixing them with fossil fuels. However, the removal of closure limitations has resulted in an unexpected demand for industry operations, which is projected to accelerate the growth of the biodiesel market.
Biofuels Market Report Scope:
|Biofuels Market Size by 2030||USD 2,18,217.9 Million|
|Biofuels Market CAGR during 2022-2030||6.8%|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities||Renewable nature of biodiesel |
Renewable energy the world’s fastest-growing source of energy
|Key Market Drivers||Rapidly draining sources of fossil fuels |
Growing global population
Increasing global demand for clean and green energy
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Biofuels Market Segmentation
The global biofuels market has been bifurcated based on feedstock type and fuel type.
By fuel type, ethanol will lead this market in the forecast period. This can be attributed to the rising demand for bioethanol as a car fuel to lower greenhouse gas emissions because of its green attributes.
By feedstock type, first generation will domineer the market over the forecast period. This is because it has less saturated fat, which makes it simpler to process and lowers the overall cost of production. Additionally, the feedstock required for the synthesis of vegetable oils is more easily accessible than cellulosic and algal.
Biofuels Market Regional Analysis
North America to Head Biofuels Market
Geographically speaking, North America makes up the largest portion of the biofuels market. Infrastructure developments and supportive government policies will make it easier for the demand for biofuels to grow in the region. Because they are inexpensive, readily available in huge amounts (like soybeans), and come with beneficial government subsidies, biofuels like renewable natural gas and biofuel are becoming more and more popular. Both the United States and Canada have continued to be major contributors in the North American economy. The US has one of the most developed biotech industries in the world, which enables the production of commercially successful bio-based products. The USDA claims that traditional petroleum-based energies are being replaced in this area by biofuels. Canada is a potential market for the development of biofuels due to several government initiatives to encourage biofuels in various areas.
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Due to the availability of a huge quantity of feedstock for the manufacture of biofuel, North America maintained the biggest market share. The market will develop in the region as far as there exists supportive infrastructure for such fuel production and supportive government regulations for their use. Brazil, the United States, China, & the European Union are projected to be the major development engines. On account of an increase in awareness to reduce carbon emissions and improve the utilization of the fuels, other nations, such as India, Thailand, the Netherlands, Canada, and Indonesia, have been expected to expand significantly in the business. Furthermore, it is envisaged that the Canadian Clean Fuels Standard (CFS) will apply a variety of standards to gaseous, liquid, and solid biofuels that are burned to provide energy in the transportation sector. The Canadian government has been focusing on annual reductions in GHG emissions of 30 Mt by 2030, which will help the nation achieve a total reduction in GHG emissions of 30.0% by 2030.
APAC to Have Admirable Growth in Biofuels Market
Compared to other regions, the Asia Pacific market will see the highest volume-based CAGR of 6.4% in the assessment period. It is likely that the introduction & expansion of biofuel-supporting laws & policies in nations like China, Indonesia, Australia, and India will increase demand for biofuels, particularly in the transportation sector when blended with traditional fossil fuels. Due to rising research & development spending by significant market participants and rising awareness of the use of renewable energy sources in the region, Asia-Pacific is expected to experience substantial expansion. Another factor projected to stimulate expansion of the target industry in the Asia Pacific region is the increasing focus on the application of governmental rules to decrease greenhouse gases. Due to the abundance of resources available to make biofuels, the Asia Pacific market is anticipated to expand quickly throughout the projected period.
The Association of Southeast Asian Nations (ASEAN) & Asia Pacific Economic Cooperation (APEC) member countries of Indonesia, Vietnam, Malaysia, the Philippines, and Thailand offer a wealth of resource possibilities for biofuel in this region. Growing efforts, project announcements, and policy changes from governments and big corporations in nations like China, India, and others are propelling this region’s market revenue growth.
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For instance, the National Policy on Biofuels was amended with the approval of the Indian government. The Indian government has been pushed to enhance biofuel production starting in the next year by developments in biofuel technologies. This includes permitting more feed-stocks to be used in the Make in India program for developing and promoting biofuels.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
USD 2,18,217.9 Million
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