Rockville, Sept. 29, 2022 (GLOBE NEWSWIRE) -- As per a new report published by Fact.MR, a market research and competitive intelligence provider, the global biofuels market is anticipated to exceed a valuation of around US$ 140.43 Billion by 2021. Under the likely scenario, the market can register a CAGR of around 4.8% over the projection period of 2022 to 2032. North America accounts for nearly 35% of global biofuel demand.
Furthermore, regulations by government authorities to reduce carbon emissions caused by vehicles has opened doors of opportunities for biofuels. This has led to rapid adoption of biofuels in different end user sectors. Moreover, the sustainable production of biofuels is bolstering the demand for biofuels.
Several shipping companies across the globe have started using biofuel to showcase their clean operational performance. In addition, the increasing use of feedstock to generate biofuels is favouring market growth. Research and development to use different sources to create biofuels will further positively influence the demand for the same.
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With an absolute dollar opportunity of US$ 22.7 Billion, North America will remain the most lucrative region for biofuel demand. North America has sufficient harvest land for sugarcane, corn, as well as soybean production.
This makes it a self-sufficient country in terms of feedstock for biofuels. Transportation, especially trucks, significant use of biodiesel in the U.S., which further makes it a fertile ground for biofuel sales.
Key Takeaways from Market Study
- North America and Latin America together command over 55% of global biofuel revenue owing to their large production base.
- The market in both, East Asia and Middle East and Africa is expected to witness a CAGR of over 6% during the forecast period.
- Revenue through biodiesel is expected to increase 170 BPS during 2022 – 2032.
- Corn-based biofuel accounts for over one-third of global demand; however, demand for vegetable oil and other feedstocks is expected to grow at a faster pace.
- Land transport application of biofuel remained dominant with more than 90% share. However, demand in shipping applications is expected to surge over the coming years.
- Top five players manufacturing biofuel accounted for 21% market share in 2021.
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Fuel Policy Formulators Maintained a Non-deviated Demand Growth for Biofuels
In certain countries, biofuels demand have been accelerating due to the fuel policymakers’ support. For instance, RenovaBio program in Brazil will necessitate the fuel distributors to obtain emission reduction certificate.
Secondly, the competitive prices of gasoline and bioethanol in the country have been driving fuel demand in favour of biofuels. On the other hand, in the U.S., availability of blender’s tax credit has reduced refiners’ burden of competitiveness for biodiesel blending.
Key Segments Profiled in the Biofuel Industry Survey
- Biofuel by Type:
- Biodiesel-based
- Bioethanol-based
- Other Biofuel Types
- Biofuel by Feedstock:
- Corn-based
- Sugarcane-based
- Vegetable Oil-based
- Other Feedstock-based Biofuel
- Biofuel by Application:
- Land Transport
- Shipping
- Other Applications
- Biofuel by Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Market Competition
Key market players in the biofuel production are
- Bunge Limited
- Archer Daniels Midland Company
- Valero Energy Corp
- Petrobras
- Butamax
- Renewable Energy Corp
- Wilmar International
- Algenol
- Pacific Ethanol Inc.
- Poet, Llc
- Flint Hills Resources
- The Andersons Inc.
- Raizen S.A.
- Copersucar S.A.
- Abengoa, S. A
- Alpha Biofuels
- Mitsui O.S.K. Lines (MOL) and NYK Group, two of Japan’s largest shipping companies, have shown their interest in using an alternate fuel such as biofuel in their operations.
- In a trial engaging Euro Marine Logistics, one of MOL’s subsidiaries, 370 tons of biofuel was loaded on City of Oslo, a 11-year old vessel. The biofuel was provided by GoodFuels.
- NYK, on the other hand, conducted a biodiesel test in partnership with Anglo American, a mining company.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global biofuels market, presenting historical revenue data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of type (biodiesel, bioethanol, and other biofuels), feedstock (corn, sugarcane, vegetable oils, and other feedstocks), and application (land transport, shipping and other applications), across seven regions of the world (North America, Latin America, Europe, South Asia, East Asia, Oceania, and MEA).
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