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Rising Inclination towards Alternative Fuels beneficial for the Global Biofuels & Biodiesel Market Growth
Biofuels and Biodiesel Market
"Browse 17 Market Data Tables and 49 Figures spread over 165 Pages, along with an in-depth TOC on the Global Biofuels & Biodiesel Market Forecast 2021-2028."
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Biofuel is a renewable energy source derived from biomass. They can be used separately, along with blending with petroleum fuels. Biodiesel minimizes gasoline consumption and diesel fuel made from crude oil.
Growing Interest in Clean and Alternative Fuels Drives Market Growth
Some energy resources exist as stocks and are exhaustible, while others exist as flows and are inexhaustible. The first form is fossil fuels. These include petroleum and carbon energy. The second form includes replenishing sources like wind, hydro, geothermal, and solar, and biomass. The rest forms include clean, renewable, and green, and thus projects the reason behind the shortage in commodities and surging energy demands.
The growing fossil fuel consumption is estimated to propel greenhouse gas emissions and global temperatures. As a result, the source of energy supply is being determined. Alternative energy sources are evaluated to reduce CO2 emissions. Such aspects drive the overall market growth.
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Liquid Biofuels are the Major Type
The peculiar interest in liquid biofuels is attributed to the vast infrastructure in place for their utilization, particularly for transportation. It is further segmented into ethanol, hydrotreated vegetable oil (HVO), and biodiesel. Ethanol is the liquid biofuel with the highest production. Its production includes the fermentation of sugar or starch. The United States and Brazil are the prominent producers of ethanol. It is used as the principal petrol substitute for road transport.
Biodiesel is a biodegradable, renewable fuel. It is manufactured domestically from animal fats or recycled restaurant grease and vegetable oils. It blends in smoothly with the existing infrastructure and vehicles. HVO (Hydrotreated Vegetable Oil) is a paraffinic bio-based liquid fuel made from several kinds of vegetable oils.
Major Revenue-Generating Country: The United States & Highest CAGR: Germany
Among the countries analyzed, Germany is projected to record the highest CAGR. At the same time, the United States has anticipated to harbor the largest revenue share. Biodiesel is the second-most consumed biofuel in the US. The incentives in place for blending and producing biodiesel and the lack of blending restraints have aided the biodiesel demand. In Germany, the government initiatives to reduce greenhouse gas emissions drive market growth.
The market encompasses a large number of SMEs and startups competing with well-established energy companies. The high costs of SMEs further increase the competitive rivalry. Novozymes A/S, Abengoa Bioenergia SA, Cargill Incorporated, Archer Daniels Midland Company, etc., are among the key players in the market.
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