New York, Dec. 20, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Biofuels Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06374535/?utm_source=GNW
The global biofuel market is expected to grow from $136.26 billion in 2021 to $151.28 billion in 2022 at a compound annual growth rate (CAGR) of 11.02%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The biofuel market is expected to reach $199.21 billion in 2026 at a compound annual growth rate (CAGR) of 7.12%.
The biofuel market consists of sales of methanol, butanol and biogas.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Biofuel refers to a cleaner-burning alternative to petroleum-based diesel fuel made from renewable sources such as new and old vegetable oils and animal fats.It is a harmless and biodegradable substance created by mixing alcohol with vegetable oil, animal fat, or recycled cooking grease.
The primary purpose of biofuels is to help reduce the carbon footprint of transportation and other industries.
North America was the largest region in the biofuel market in 2021.Asia-Pacfic is expected to be the fastest-growing region in the forecast period.
The regions covered in the biofuel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The main form of biofuels are solid biofuel, liquid biofuel, and gaseous biofuel.The solid biofuel of biofuel is a solid form of biofuel used as fuel for the generation of heat or electricity.
The biofuel product are biodiesel, ethanol, biogas, and others products that are derived from feedstocks such as coarse grain, non-agri feedstock, biomass, vegetable oil, sugar crop, jatropha and other feedstocks.
Increased petroleum prices are expected to propel the growth of the biofuel market.Rising crude oil costs and increased taxation have consistently contributed to increased petrol and diesel prices across the world.
Furthermore, the Russia-Ukraine war is one of the primary reasons for the rapid spike in global petroleum prices. Several other reasons have also led to rising crude oil prices, including market tightness and uncertainty about demand and supply, geopolitical developments, fears of future supply disruptions, and speculation that impacted the petroleum market. Due to such a rise in petroleum prices, there is a greater demand for biofuel as an alternative which is derived from renewable resources and are less combustible than fossil diesel. It helps to reduce the carbon footprint of transportation and other businesses. For Instance, according to a 2021 report published by Our world in data on crude oil prices, the global crude oil prices per barrel US dollars have increased from $41.84 in 2020 to $70.91 in 2021. Therefore the increasing petroleum prices will drive the biofuel market.
Technological advancements are a key trend gaining popularity in the biofuel market.Advanced biofuels are gaining popularity due to their compatibility with existing fuel infrastructure and high energy densities.
Advanced biofuel technologies are recognized as green energy sources.The effective utilization of these resources minimizes environmental consequences, produces minimal secondary waste, and is sustainable in light of present and projected economic and societal needs.
Recently, the market has witnessed the use of advanced bio-hydrocarbons generated from lignocellulosic biomass such as trees, grasses, trash, and agricultural residues.Major companies operating in the biofuel market are focused on developing new technological solutions to strengthen their market position.
For instance, In February, Clariant, a Europe-based chemical company, introduced a line of Vita surfactants and polyethylene glycols (PEGs) made entirely of bio-based, renewable carbon derived from plants. The new Vita products are designed for natural formulations with a high Renewable Carbon Index (RCI) and assist manufacturers in maximizing the use of bio-based carbon content in consumer products, that include detergents, hair and shower gel, paints, industrial lubricants, and crop treatments.
In January 2022, ExxonMobil, a US-based natural gas company, acquired a 49.9% stake in Biojet AS. This acquisition allows ExxonMobil to purchase up to 3 million barrels of the products yearly, based on capacity. Furthermore, this collaboration with Biojet AS strengthens ExxonMobil’s efforts to provide low-emissions transportation products. Biojet AS is a Norwegian-based biofuels company that intends to turn forestry and wood-based construction waste into low-emission biofuels.
The countries covered in the biofuel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The biofuels market research report is one of a series of new reports that provides biofuels market statistics, including biofuels industry global market size, regional shares, competitors with a biofuels market share, detailed biofuels market segments, market trends and opportunities, and any further data you may need to thrive in the biofuels industry. This biofuels market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06374535/?utm_source=GNW
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