USD 2675 million
Report ID: SQMIG55E2010 | Region: Global | Published Date: February, 2023 | Pages: 246 | Tables: 126 | Figures: 77
Biofuels Market size was valued at USD 2675 million in 2021 and is poised to grow from USD 2862.25 million in 2022 to USD 4917.88 million by 2030, growing at a CAGR of 7% in the forecast period (2023-2030).
One of the main market drivers is the rising demand for the product from the automotive and aerospace industries. The substance has been widely used as a fuel substitute in the automotive industry. For instance, it has been discovered that the use of biodiesel increases energy security, improves air quality and the environment, and provides benefits for safety including simple transportation and storage. In a similar vein, using biofuels in the aviation industry can help cut carbon emissions. According to data, the aviation industry is one of the top producers of greenhouse gases, accounting for close to 2% of global emissions.
Biomass, including sugar and cellulose, is fermented to make biofuel. There are three distinct processes that can be used to make it. First-generation variations are made by enzymatically fermenting corn and wood, and second-generation variants are made by doing the same thing using animal fat. Utilizing leftover animal fat that has been refined into oil, the second-generation process. The third-generation preparation method likewise makes heavy use of algae. To create the biofuel, the oil obtained from the algae is combined with alcohol. Jet fuel can also be made from this algae oil. The cleaning of significant oil spills caused by cargo ships is another novel use for this product. This means that it also serves as a safety component for the preservation of aquatic wildlife.
Additionally, butanol's strong capacity for supplying energy makes it a highly sought-after substance for usage in engines. Alternative fuel sources are being used by many nations to lessen their harmful environmental effects. Due to limited fossil fuel reserves, alternative fuels are the only source of technology. Consequently, the biofuel business has a large window of opportunity to grow and innovate.
US Biofuels Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2675 million
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Global Biofuels Market is segmented based on the Type, Form, Feedstock Type, end user, and region. Based on Type, the market is segmented into Biodiesel, Ethanol, Bioethanol, Propanol, Butanol, Methanol, Biogas. Based on the Form it is segmented into Solid Fuel Pellets Liquid, Gaseous. Based on the Feedstock Type it is segmented into the Palm Oil, Jatropha, Sugar Crop, Coarse Grain, Non-Agri Feedstock, Others. Based on the End Use it is segmented into Cosmetics, Edible Oil, Lubricants, Surfactants, Biodiesel, Others. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Biofuels Market Analysis by Type
Depending on the type of biofuel, bioethanol is anticipated to develop significantly during the projection period. A high-octane biofuel called bioethanol is made by fermenting sugars and other carbohydrates. It is widely used as an addition to gasoline in the transportation industry to lower greenhouse gas emissions from moving automobiles. It also works well as a chemical solvent in labs and businesses that work with chemicals. Bioethanol is a significant type of biofuel since it can be converted into biodiesel. Additionally, several traditional fuel producers are building bioethanol plants.
Biofuels Market Analysis by End Users
Based on End User, it is anticipated that the production of lubricants using biofuels will have significant revenue increase throughout the course of the projected period. Automobile lubricants frequently contain products like bioethanol. They contribute to a reduction in carbon dioxide and soot emissions, which helps the vehicle engine run more smoothly and efficiently because they have higher boiling points. Typically, various sources are combined to create an automotive lubricant. Due to their lower vehicle viscosity, they offer more lubrication at faster speeds and are therefore recommended. It consequently becomes a crucial element in engine oils as well. Consequently, this sector is anticipated to lead the market revenue growth due to the rising demand for vehicle lubricants.
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North America presently dominates the market in terms of revenue and market share, and this dominance will only grow over the forecast period. The government's expanding support measures, including its tax advantages and more forceful initiatives to promote regional production and consumption, are credited with driving market growth in this region.
In comparison to other regions, the market in Asia Pacific is anticipated to experience the largest volume growth during the forecast period. It is anticipated that the introduction and expansion of biofuel-supporting laws and policies in nations like China, Indonesia, Australia, and India will increase demand for biofuels, particularly in the transportation sector when blended with conventional fossil fuels.
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Biofuels Market Drivers
Numerous Benefits of Biofuels to Bolster Market Growth
Biofuels Market Restraints
Fluctuations in Raw Material Prices to Hinder Market Growth
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The competitive landscape for the biofuels market contains information on each player. Included information includes a business overview, financials, revenue generated, market potential, investments in R&D, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launches, product breadth and depth, and application dominance. Only the companies' focus on the biofuels industry is mentioned in the data points above.
Biofuels Market Top Player's Company Profiles
Biofuels 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 utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global biofuels market analysis, the global market for biofuels, which is a subsegment of the global market for oil and gas exploration and production in the energy sector will show positive growth in the coming years. The levels of growth of the biofuels market during the projected period will be determined by external factors influencing the parent market's potential for growth in the upcoming years, which have been extensively addressed in our research report.
|Market size value in 2021
|USD 2675 million
|Market size value in 2030
|USD 4917.88 million
|Forecast Unit (Value)
|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 Biofuels 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 Biofuels 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 Biofuels Market:
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