Biofuels Market by Key Research Findings, Demands, Competitive Landscape with Regional Analysis Forecast to 2030 | Abengoa Bioenergia SA, ADM, Australian Renewable Fuels Limited
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Global biofuel market was valued at US$ 136.2 Bn in 2019 and is anticipated to grow at a CAGR of two .5% over the forecast period to succeed in US$ 165.4 Bn in 2027. Industrial and technological advancements are transforming the way humans use energy. Biofuel extraction and their applications in untapped areas are expected to spice up 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, oil, or animal fats are in use for an extended period of your 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.
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Some of the players operating in the biofuel market:
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.
Based on the fuel type, biodiesel held notable share in the global biofuel market in 2021 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 2021. 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.
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Global Biofuel Market:
• By Fuel Type
o Others (Biogas, Methanol, Biohydrogen, etc.)
• By Type of Feed-stocks
o Sugar cane
o Soybean oil
o Palm oil
o Others (Waste, Forest Products, Animal Fat, etc.)
• By Consumption of Biofuel
o Passenger Vehicles
o Road Freight
o Others (Heating, Power Generation, etc.)
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