Biofuel Market Estimated to Experience a Hike in Growth By 2032

Biofuels are fuels produced directly or indirectly from organic material such as biomass including plant materials and animal waste. Biofuel is viewed as a source of renewable energy, unlike, fossil fuels, for example, oil, coal, and petroleum gas. Biofuel is normally advocated as a cost-effective and environment-friendly option in contrast to oil and other non-renewable energy sources, especially in the setting of rising oil costs and expanded worry over the commitments made by fossil fuels to global warming. Biofuels are in the form of solid, gaseous, or liquid, where all these types of biofuel are used to signify liquid biofuel for the transport of ethanol, which is a type of alcohol produced from any feedstock containing a significant amount of sugar. Biofuels may be derived from crops, with conventional food plants, or from special energy crops. It may also be produced from forestry, agricultural or fishery products or municipal wastes, as well as from agro-industry, food industry, and food service by-products and wastes.

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The foremost factor that contributes to its growth is it reduces carbon emission as it is produced from bio-mass that includes plants and animals. Studies suggest that biofuels reduce greenhouse gases by up to 60%. Besides this, it is a cost-effective fuel as it reduces dependence on fossil fuels as the biofuel is generated from natural and organic products. However, there are some restraints for this market, insufficient availability of feedstock such as algae, starch, and sugar that would hinder the growth of the biofuel market, all the feedstocks do not possess the same performance, which is a concern for future market growth. Though the shortage of raw materials can be met by growing more crops that are used in biofuels, this could greatly impact the regional biodiversity of the environment as more land will be used for fuel production.

In 2020, INEOS and UPM Biofuels announced a long-term agreement to supply a renewable raw material for new and inventive bio-attributed polymers to be created at INEOS Köln, Germany. INEOS will utilize UPM BioVerno, a sustainable crude material from the renewable residue of wood mash handling, to create bio-ascribed polyolefins. These new sustainable materials will be used in a wide scope of items from plastic food bundling to clinical and pipes. Applications also include BIOVYNTM, the world's first commercially available bio-credited PVC, created by INOVYN an INEOS Business.

Biofuel is serving in many sectors such as energy generation and cooking fuel but the sector where it has it more impact is transportation. Ethanol, a biofuel, can be used as a fuel substitute for petroleum fuel. Bioethanol has lower emissions of carbon dioxide than coal and gasoline which harm the environment. Apart from this, ethanol, a biofuel is used in alcoholic beverages, pharmaceuticals, and cosmetics. The starch and sugar-based feedstock type segment holds a significant share of the ethanol market and is expected to continue to the trend throughout the forecast period. Starch-based bioethanol uses corn, barley, wheat, and other starch raw materials as feedstock to produce ethanol.

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Key Biofuel Market Segments:

Biofuel Market By Fuel Type
• Biodiesel
• Ethanol
• Others (Propanol, Butanol, Methanol, and Biogas)

Biofuel Market By Type
• Corn
• Sugarcane
• Vegetable Oils (Soybean Oil, Rapeseed Oil, & Palm Oil)
• Others (Rice, Wheat, and Potatoes)

Biofuel Market By Region
• North America (US, Canada)
• Europe (Germany, UK, France, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of Asia Pacific)
• Latin America (Brazil, Mexico, Rest of LATAM)
• Middle East
• Africa

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COVID-19 scenario analysis:

• The global market for biofuels is severely impacted by the outbreak of the COVID-19 pandemic.
• The COVID-19 pandemic saw a decline in economic growth in almost all the major countries, thus affecting consumer spending patterns.
• Owing to the lockdown implemented across various countries, national and international transport has been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply-demand gap.
• Thus, insufficiency in raw material supply is expected to hamper the production rate of biofuels, which negatively impact the market growth.

Key benefits of the report:

• This study presents the analytical depiction of the global Biofuel industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global Biofuel market.
• The current market is quantitatively analyzed to highlight the global Biofuel market growth scenario.
• Porter's five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed global Biofuel market analysis based on competitive intensity and how the competition will take shape in the coming years.

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