USD 2675 million
Global Biofuels Market Size, Share, Growth Analysis, By Type(Biodiesel, Ethanol), By Form(Solid Fuel Pellets Liquid, Gaseous), By Feedstock Type(Palm Oil, Jatropha), By End Users(Cosmetics, Edible Oil) - Industry Forecast 2024-2031
Report ID:
SQMIG55E2010 |
Region:
Global |
Published Date: February, 2024
Pages:
246
|
Tables:
126 |
Figures:
77
Global Biofuels Market Insights
Biofuels Market size was valued at USD 2675 million in 2019 and is poised to grow from USD 2862.25 million in 2023 to USD 4917.88 million by 2031, growing at a CAGR of 7% in the forecast period (2024-2031).
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.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Bioethanol
Fastest Growth
Bioethanol
Growth Rate
7% CAGR
Global Biofuels Market ($ Bn)
Country Share for North America Region (%)
Global Biofuels Market By Type ($ Bn)
Global Biofuels Market By Type (%)
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Global Biofuels Market Segmental Analysis
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.
Global Biofuels Market By Type, 2023 (%)
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Global Biofuels Market Regional Insights
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.
Global Biofuels Market By Region, 2024-2031
- Largest
- Fastest
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Global Biofuels Market Dynamics
Biofuels Market Drivers
Numerous Benefits of Biofuels to Bolster Market Growth
- Medical researchers are rushing to produce the most effective energy source because of the growing need for environmentally friendly energy sources. In terms of competitors right now, biofuels are in the lead. As a fuel substitute for vehicles, they are also widely employed in the automotive industry. Over the anticipated timeframe, these variables will likely fuel market expansion.
- Renewable biofuels have become more popular as fossil fuel stocks are gradually depleted. Due to their performance being comparable to that of gasoline and diesel, biofuels are being used on a small scale now but will eventually be widely commercialised.
Biofuels Market Restraints
Fluctuations in Raw Material Prices to Hinder Market Growth
- The fluctuating cost of raw materials has a direct detrimental effect on the expansion of the market as a whole. Demand for biofuels has fallen across key industries as a result of increased pricing. As a result, the rate of market expansion for biofuels will be constrained by these fluctuations.
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Global Biofuels Market Competitive Landscape
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
- Archer Daniels Midland Company
- Cargill Inc.
- Royal Dutch Shell plc
- Neste Corporation
- Renewable Energy Group, Inc.
- Valero Energy Corporation
- Bunge Limited
- Wilmar International Ltd.
- Louis Dreyfus Company BV
- POET LLC
- Green Plains Inc.
- The Andersons Inc.
- Pacific Ethanol Inc.
- Raízen Energia SA
- Flint Hills Resources LLC
- Delta Air Lines, Inc.
- Marathon Petroleum Corporation
- TotalEnergies SE
- Exxon Mobil Corporation
- BP plc
Biofuels Market Recent Developments
- In May 2022, A production plant in Nevada, America, will be utilised only as a biorefinery to produce 60 million gallons of ethanol yearly, according to a statement from German company Verbio AG. This action would contribute to expanding the material's supply and the market's revenue.
- In July 2022, Certain biofuel-related patents were purchased by Gevo (the U.S.) from Butamax Advanced Biofuels, LLC (the U.S.). As a result, it is anticipated that this action will help fuel the expansion of the market for iso-butylene and iso-octane, which are related to these patents.
Global Biofuels Key Market Trends
- Globally, the transportation industry is the largest producer of greenhouse gases, primarily as a result of the burning of fossil fuels in internal combustion engines. Private vehicles, including four-wheelers and two-wheelers, as well as commercial vehicles, make up a significant portion of the transportation sector. The majority of private automobiles are classified as lightweight vehicles and run-on gasoline as fuel. Worldwide regulations have been put in place to restrict the production of greenhouse gases, and an increasing number of nations now require the blending of gasoline and ethanol in order to cut emissions and rely less on fossil fuels. The ethanol category is anticipated to increase significantly in the biofuels market during the forecast period as a result of the identified components.
Global Biofuels Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 2675 million |
| Market size value in 2031 | USD 4917.88 million |
| Growth Rate | 7% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Biofuels Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Biofuels Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Biofuels Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Biofuels Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Biofuels Market Report Snapshots
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