Biofuels Market Industry Revenue Growth, Business Views and Forecast by 2023-2030 | Green Plains Inc., Raízen, Cosan Limited

The Biofuels Market is estimated for 2023 for the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Biofuels are renewable and sustainable transportation fuel produced from biomass such as agricultural residues, food waste and algal biomass. Biofuels help decarbonize transportation sector and lowers dependence on crude oil imports.

Market Dynamics:

Rising environmental concerns over greenhouse gas emissions and growing focus on reducing carbon footprint is a major factor augmenting growth of the global biofuels market. Biofuels release fewer emissions compared to conventional fossil fuels such as gasoline, thereby helping mitigate climate change. Additionally, increasing fuel security concerns worldwide is compelling governments to support local biofuel production. For instance, the U.S. revised renewable fuel standards under the Renewable Fuel Standard program increasing the usage of bioethanol and biodiesel in gasoline and diesel fuel respectively.

Furthermore, advancements in biofuel production technologies have improved economic feasibility. Development of cellulosic biofuel technologies enables use of non-edible feedstock like agricultural waste and forest residues, addressing food vs fuel debate.

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Top Companies Covered In This Report:

★ Green Plains Inc.
★ Raízen
★ Cosan Limited
★ Repsol S.A.
★ TotalEnergies SE
★ Chevron Corporation
★ Royal Dutch Shell plc
★ BP plc
★ Valero Energy Corporation
★ Poet LLC
★ Neste Corporation
★ Cargill Incorporated
★ Wilmar International Limited
★ Renewable Energy Group Inc.
★ Archer Daniels Midland Company

Detailed Segmentation:

By Product Type:

★ Biodiesel
★ Ethanol
★ Wood Pellets
★ Others

By Form:

★ Solid
★ Liquid
★ Gaseous

By Applications:

★ Transportation
★ Aviation
★ Energy Generation
★ Heating
★ Others

By Feedstock:

★ Corn
★ Sugarcane
★ Vegetable Oils
★ Others

Key Region/Countries are Classified as Follows:

◘ North America (United States, Canada, and Mexico)
◘ Europe (Germany, France, UK, Russia, and Italy)
◘ Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
◘ South America (Brazil, Argentina, Colombia, etc.)
◘ The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

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Major drivers of increased demand for biofuels:

1. Government mandates and targets for biofuel usage

Many governments across the world have implemented blending mandates that require transportation fuels to contain a minimum volume of biofuels. For instance, the European Union has adopted a target of 10% renewable content in transport fuels by 2020. The United States has a Renewable Fuel Standard that mandates increasing volumes of cellulosic and advanced biofuels. Such policies aim to reduce dependence on fossil fuels and curb carbon emissions from the transport sector. The enforceable nature of these mandates ensures a guaranteed market for biofuel producers and helps drive higher demand.

2. Rising crude oil prices and energy security concerns

As global demand for energy grows steadily while crude oil reserves deplete gradually, prices of petroleum products have exhibited an upward trend over the long run. This makes biofuels increasingly attractive as a potentially cheaper alternative fuel. Additionally, many nations wish to reduce reliance on imported oil to address energy security issues. Biofuels offer a domestically produced fuel option using indigenous feedstocks. Higher oil prices and energy import dependency concerns therefore act as an incentive for greater consumption of biofuels.

Potential limits to biofuel expansion from infrastructure constraints:

While the benefits of biofuels are encouraging their adoption, certain infrastructure constraints pose challenges. Setting up dedicated distribution networks for higher ethanol or biodiesel blends requires modifications to the existing fuel supply infrastructure. Retail outlets need to install new tanks and pumps compatible with such blend levels. Conversion of vehicle fleets to ones with higher blend compatibility also takes time. These infrastructure upgrade requirements carry substantial costs and could temporarily limit the pace at which biofuel volumes ramp up to mandated levels in some regions.

Opportunity for boosting biofuel production from advancements in technology:

Improvements in biochemical and thermochemical conversion processes offer opportunities to strengthen the business case for biofuels. Lignocellulosic and advanced feedstock techniques are making cellulosic ethanol production more economically viable compared to grain-based ethanol. Other biomass to liquid routes such as pyrolysis and gasification followed by Fischer-Tropsch synthesis can convert varied feedstocks into higher quality hydrocarbon blend-stocks. Emerging technologies help address previous issues around scalability and costs. Their commercial deployment promises ways to boost feedstock flexibility and yield potential for biofuels. This supports higher production volumes needed to fulfil growing demand.

Emerging trend of second-generation biofuel technologies gaining ground:

First-generation biofuel production from food crops faced sustainability challenges regarding land usage and food security. In response, research efforts have focused on developing cellulosic and advanced technologies able to utilize non-food biomass in diverse forms. Technologies such as lignocellulosic ethanol, hydrotreated vegetable oil (HVO) and biomass to liquid (BTL) are increasingly scaling up worldwide. This shift aligns better with the goal of sourcing biofuels from renewable wastes and residues. Countries are now emphasizing support for these second-generation routes. As technology advances cut costs and risks, their commercial deployment looks set to rise significantly in the foreseeable future of the biofuels sector.

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Key Questions Answered in This Report on Biofuels Market

• How much revenue will the global Biofuels Market generate by the end of the forecast period?

• What regions currently contribute the maximum share to the overall global market?

• What are the indicators expected to drive the global Biofuels Market?

• Which region is likely to be a lucrative market during the forecast period?

• What are the essential strategies incorporated by key stakeholders in the global Market to expand their geographical presence?

• What are the major advancements witnessed in the global Biofuels Market?

• This report answers these questions and more about the global Market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.

Table Of Content

Chapter No. 1 Introduction

1.1. Report Description

1.1.1. Purpose of the Report

1.1.2. USP & Key Offerings

1.2. Key Benefits for Stakeholders

1.3. Target Audience

1.4. Report Scope

Chapter No. 2 Executive Summary

2.1. Key Findings

2.1.1. Top Investment Pockets

2.1.1.1. Market Attractiveness Analysis, By Type

2.1.1.2. Market Attractiveness Analysis, By End Use

2.1.1.3. Market Attractiveness Analysis, By Region

2.2. Market Snapshot

2.3. Global Biofuels Market, 2018 - 2022 (US$ Million)

2.4. Insights from Primary Respondents

Chapter No. 3 COVID-19 Impact Analysis

3.1. Impact Assessment of COVID-19 Pandemic, By Region

3.1.1. North America

3.1.2. Europe

3.1.3. Asia Pacific

3.1.4. Latin America

3.1.5. The Middle-East and Africa

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This release was published on openPR.