Global biofuel market was valued at US$ 136.2 Bn in 2019 and is anticipated to grow at a CAGR of 2.5% over the forecast period to reach US$ 165.4 Bn in 2029. Industrial and technological advancements are transforming the way humans use energy. Biofuel extraction and their applications in untapped areas are expected to boost the demand for biofuels over the forecast period. The on-going drive of adoption of sustainable energy solutions are attracting fuel providers to innovate their offerings with low carbon content and advanced environment friendly chemistries. First-generation of biofuels are derived from sugar, starch, vegetable oil, or animal fats have been in use for a long period of time and are used for transportation, power generation and other applications. Second-generation of biofuels are developed from new sources including cellulosic waste, lignocellulosic (plant dry matter) biomass that do not compete with food supplies and can be used in aviation fuel also. Dedicated cellulosic crops for second generation biofuels present a major advantage over first generation of feed-stock crops in terms of environmental sustainability. Second generation crops can produce more biomass per hectare of land because the entire crop is available as feedstock for conversion to fuel. Also, researchers are making progress to develop a third-generation biofuels which are derived from algae. These, advances in the technology of extracting biofuels from newer sources are expected to pose lucrative growth opportunities in global biofuel market over forecast years.
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Insightful data based on Biofuels Market has been recently published by Absolute Markets Insights. The report provides profound information on effective analysis of the businesses. Moreover, the report uses an exploratory technique such as qualitative and quantitative analysis to discover the data of the market in question. By introducing distinctive efficient sales strategies, the report provides, ways to impel the customer growth.
The detailed research study provides qualitative and quantitative analysis of biofuel market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
- Based on the fuel type, biodiesel held notable share in the global biofuel market in 2018 owing to mature technologies contributing towards large production as compared to other biofuels.
- North America held the highest market share in global biofuel market in 2018. Asia Pacific is expected to register the highest compound annual growth rate (CAGR) over the period of next eight years. Owing to government initiatives coupled attracting industrial investments.
- Some of the players operating in the biofuel market are Abengoa Bioenergia SA, ADM, Australian Renewable Fuels Limited, BlueFire Ethanol Fuels, Inc., BP p.l.c., Eni, Envien Group, Green Plains, Louis Dreyfus Company, Pacific Ethanol, Inc., Petrobras, Reliance Industries Limited, Renewable Energy Group, Inc., Scandinavian Biogas Fuels International AB, Shell, Sinopec, Total and VERBIO Vereinigte BioEnergie AG amongst others.
Global Biofuel Market:
By Fuel Type
- Ethanol
- Biodiesel
- Others (Biogas, Methanol, Biohydrogen, etc.)
By Type of Feed-stocks
- Maize
- Sugar cane
- Molasses
- Soybean oil
- Palm oil
- Others (Waste, Forest Products, Animal Fat, etc.)
By Consumption of Biofuel
- Passenger Vehicles
- Road Freight
- Shipping
- Aviation
- Others (Heating, Power Generation, etc.)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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