The global biofuel market is forecast to grow at a compound annual growth rate of more than 8% during the forecast period from 2021-2030.
The term biofuel refers to fuels obtained from organic material, which includes synthetic biofuels, animal and plant waste. Fuels derived from renewable feedstocks have a greater possibility of replenishment than conventional fossil fuels. Biofuels can reduce the risks of dependence on petroleum and petroleum products while also promoting energy and environmental security.
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Factors Affecting
- Some of the factors driving this market include a limited supply of fossil fuels and rising awareness of carbon dioxide emissions.
- There are also several supporting regulations and tax incentives around the world pertaining to the utilization of biofuels that anticipates enhancing their demand significantly in the transportation sector.
- The future of biofuels will be cleaner than conventional fossil fuels because they represent emerging alternatives to fossil fuels. In addition, the availability of research and development funds will serve to enhance the adoption of biofuels. Additionally, research activities for the commercialization of second-and third-generation biofuels will contribute to the market growth during the forecast period.
- A variety of food crops, including corn, sugarcane, soybeans, and oil palm, are used in the production of biofuels. In addition, the large-scale harvest of these crops for biofuels may threaten the availability of food made using these crops. It may affect the price of food and may cause food security concerns. As a result, some regions around the globe will experience a decline in market growth during the forecast period.
Impact Analysis of COVID-19
COVID-19 has adversely affected the global fuel market through a decrease in demand. Several measures have gone into effect to combat the pandemic situation, including grounding airlines and restricting intra-city commutes due to the trend of working from home. Globally, lockdowns have caused the availability of fuel to decline dramatically, directly affecting the biofuels with which they blend. Due to the changing dynamics of demand and supply, oil prices also fell, reducing the competitiveness of biofuels and negatively impacting the global biofuels industry. There were also several delays in implementing policies across several countries due to disruptions in the supply chain.
Regional Overview
Over the forecast period, North America will have the most influence on the market. Supportive government policies such as government tax incentives, the US being a global leader in biodiesel production, and favorable government policies for biofuel production led to the growth of the global biofuels market in the region and abundant feedstock availability to biofuel production. In addition, a large amount of feedstock and supporting infrastructure for the production of biofuels contribute to market expansion.
Leading Companies
The leading prominent companies in the global biofuel market are:
- Renewable Energy Group, Inc (U.S.)
- Archer Daniels Midland Company (U.S.)
- POET, LLC (U.S.)
- Bunge Limited (U.S.)
- Petrobras (Brazil)
- Aceites Manuelita S.A. (Colombia)
- Abengoa Bioenergy S.A. (Spain)
- Cargill (U.S.)
- Alto Ingredients, Inc. (U.S.)
- Valero Energy Corp. (U.S.)
- Royal Dutch Shell (Europe)
- Butamax Advanced Biofuels, LLC (U.S.)
- INEOS Group AG (U.K.)
- Wilmar International (Asia Pacific)
- Other Prominent Players
Scope of the Report
The global biofuel market segmentation focuses on Type, Feedstock, and Region.
Segmentation based on Type
- Biodiesel
- Ethanol
- Others
Segmentation based on Feedstock
- Corn
- Sugarcane
- Vegetable Oils
- Soybean Oil
- Rapeseed Oil & Palm Oil
- Others
- Rice
- Wheat
- Potatoes
- Others
Segmentation based on Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Table of Content
Chapter 1: Global Biofuel Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Biofuel market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Biofuel Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Biofuel market Size Forecast (2023-2032).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Biofuel market revenues on a global, regional, and country level, projecting trends until 2032. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Biofuel market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Biofuel market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Biofuel business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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