USD 50.19 billion
Report ID: SQMIG10G2009 | Region: Global | Published Date: March, 2023 | Pages: 157 | Tables: 37 | Figures: 66
B5 Fuel Market size was valued at USD 50.19 billion in 2021 and is poised to grow from USD 52.36 billion in 2022 to USD 77.95 billion by 2030, at a CAGR of 5.68% during the forecast period (2023-2030).
B5 Fuels are becoming popular since they Are blended with petroleum diesel that is up to 95%. There are many advantages and applications associated with the B5 fuels which are included in the biodiesel. They help many countries across the globe to reduce their dependence on the foreign oil reserve as its domestically produced and can be used in any diesel engine with little or no modification to the engine or the fuel system.
It reduces the concentration of petrochemical which enter in results in the advantages on environment. Along with it can be used in existing diesel system with little or no modification at all and can replace fossil fuels,to become the most preferred primary energy source.When the petrochemicals, which are used in transportation, and other sectors , they release greenhouse gases like carbon dioxide in the atmosphere that raises the temperature and causes the global warming.Therefore, mixing of the biodiesel with the petrochemical can help in the protection of environment from further heating up.
US B5 Fuel Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 50.19 billion
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Global B5 Fuel market is segmented on the basis of application, and region. By application, the B5 Fuel Market is segmented into Industries,Transportation, Chemicals, and others. By region, the B5 Fuel Market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
B5 Fuel Market Analysis by Application
By application, the global market is divided into many segments such as Industries,Transportation, Chemicals, and others. Transportation segment held the largest global B5 Fuel market share due to the wide range of benefits provided by B5 Fuel in it.They are approved by ASTM for safe operation in any compression ignition engine design to be operated on petroleum diesel.Therefore, without modifying compression ignition engine design, it can be used with petrochemical design and the customers have also repaired that they have not seen much difference between blended Petrochemical normal petrochemicals.
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Globally, Asia Pacific is estimated to hold the highest global B5 Fuel market share in 2021. Main factors during this growth period are the presence of top market players,Increasing industrialisation,demand for clean energy,and others.
Above all, Asia Pacific is expected to grow fastest during the forecast period. The reason for the same is increasing acquisition of B5 Fuel technology in the region of Asia Pacific and mainly in China and Japan. Penetration of automotive industries and vehicles in Asia Pacific has doubled in the last few years. In addition, various operators are investing heavily in order to provide it at an affordable price to the consumers, which is likely to boost the demand for B5 Fuel in the region.
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B5 Fuel Market Drivers
Increased Application to Bolster Market Growth
B5 Fuel Market Restraints
Alternatives Available in the Market to Hinder Market Growth
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Competition in the global B5 Fuel market is expected to increase during the forecast period because new players are expected to enter in the global market and the number of devices compatible with B5 Fuel will also increase. Currently, only a few key players are providing their services in the global market but these numbers will increase in the upcoming years.
B5 Fuel Market Top Player’s Company Profiles
B5 Fuel Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global B5 Fuel market analysis, the global market is estimated to have significant growth during the forecast period because of the benefits it consists such as It reduces the concentration of petrochemical which enter in results in the advantages on environment. Along with it can be used in existing diesel system with little or no modification at all and can replace fossil fuels,to become the most preferred primary energy source. B5 Fuels will enable devices to be more convenient for their users. The market has so much potential for new players also because of the high expected rate of growth and demand.
|Market size value in 2021||USD 50.19 billion|
|Market size value in 2030||USD 52.36 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global B5 Fuel Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global B5 Fuel Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global B5 Fuel Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Product ID: SQMIG10G2009