Burlingame, July 26, 2023 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, “Biofuels Market, By Feedstock Type (Vegetable Oil-based Biofuels (e.g., soybean oil, palm oil, rapeseed oil), Animal Fat-based Biofuels (e.g., tallow, poultry fat), Algae-based Biofuels, Waste-based Biofuels (e.g., used cooking oil, municipal solid waste)), By Fuel Type (Biodiesel, Bioethanol, Biogas, Biojet Fuel, Biohydrogen), By Application (Transportation (road vehicles, aviation, marine), Power Generation, Heating and Cooling, Industrial Processes), By Production Technology (First-generation Biofuels (conventional crop-based), Second-generation Biofuels (cellulosic biomass), Third-generation Biofuels (algae-based), Fourth-generation Biofuels (advanced biofuels)), Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030.” According to the report, the global biofuels market is estimated to be valued at $213.68 million in 2022 and is expected to exhibit a CAGR of 9% during the forecast period (2023-2030).
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Analysts’ Views on Global Biofuels Market
Biofuels are transportation fuels produced from biomass-based renewable resources such as plants, microorganisms, or animal by-products. Biofuel is considered pure and the easiest available fuels on planet earth. Most biofuel production currently uses so-called conventional feedstocks, such as sugar cane, corns, and soybeans. Since such feedstock material can be replenished readily, biofuel is considered to be a source of renewable energy, unlike fossil fuels such as petroleum, coal, and natural gas. The two most common types of biofuels in use today are ethanol and biodiesel, both of which represent the first generation of biofuel technology.
Key Trends and Analysis of the Global Biofuels Market:
Rapid growth of the transportation sector is one of the key trends expected to augment the growth of the global biofuels market. For instance, worldwide, the transport sector is the largest emitter of greenhouse gases due to the combustion of fossil fuels in its internal combustion engines. Thereby, several countries across the globe are promoting the use of renewable energy resources to limit the greenhouse gas emission. Biofuels can be used as clean energy source for the transportation sector and help reduce greenhouse gas/carbon emissions. According to the International Energy Agency (IEA), in 2022 biofuels represented over 3.5% of global transport energy demand, mainly for road transport. This trend is expected to continue over the forecast period.
Global Biofuels Market – Drivers
Increasing demand for biofuels to augment market growth
The high compatibility of biodiesel with existing diesel engine has increased demand for biodiesel. Furthermore, increasing global population and increasing number of vehicles around the world has increased demand for biofuels. According to the U.S. Energy Information Administration (EIA), percentage of biofuels blended into gasoline, diesel, and jet fuel is expected to increase from 7.3% in 2019 to a high of 9.0% in 2040. The United States, Europe, Indonesia, and Brazil are responsible for the majority of biodiesel, renewable diesel and bio-jet fuel consumption. Moreover, total global biofuel demand is estimated to increase more than 20% between 2020 and 2027.
Biofuels Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2023: | US$ 213.68 Bn | |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 - 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 9% | 2030 Value Projection: | US$ 390.62 Bn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | Archer Daniels Midland Company, Cargill, Incorporated, Neste Corporation, Renewable Energy Group, Inc., Poet, LLC, Valero Energy Corporation, BP plc, Royal Dutch Shell plc, Chevron Corporation, TotalEnergies SE, Repsol S.A., Cosan Limited, Wilmar International Limited, Raízen, Green Plains Inc. | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Government mandates or support to propel market growth
Several governments across the world have adopted norms to promote the use of renewable energy resources (such as biofuels). For instance, primary blending mandates that drive the global demand for biofuels are set in North America, Europe, India, Indonesia, Brazil, and Malaysia. A ‘Roadmap for Ethanol Blending in India 2020-25’ (released by the Government of India in June, 2021) lays out an annual plan to increase domestic production of ethanol in line with target of the amended National Policy on Biofuels (2018) as well as with its Ethanol Blended Petrol (EBP) Programme to reach a blending of 20% of ethanol in petrol (E20) by 2025/26. Such measures are expected to highlight the increase in the use of biofuels across the country.
Global Biofuels Market – Restrain
Environmental concerns to hamper the market growth
One of the key factors expected to hamper the growth of the global biofuels market is the feedstock availability and competition and land use change and environmental concerns. The availability of cost-effective and sustainable feedstock for the production of biofuel is a significant challenge, as there is competition for land and resources between food production, biofuel feedstocks, and other agricultural commodities. Biofuel production can also lead to land use change, habitat destruction, and deforestation, especially if feedstocks are sourced from sensitive areas. These environmental concerns must be addressed to ensure the sustainability of biofuel production.
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Global Biofuels Market – Opportunities
High demand for advanced biofuels is expected to offer significant growth opportunities for players in the global biofuels market.
Worldwide, the demand for advanced biofuels is on the rise, and thus, market players are focusing on the development and commercialization of advanced biofuels, such as cellulosic ethanol, bio-butanol, renewable diesel, and renewable jet fuel. Unlike ethanol, advanced biofuels can replace gasoline, diesel, and jet fuels in today's combustion engines on the gallon-for-gallon basis with no loss of performance. Moreover, advanced biofuels help reduce carbon emissions, offer high energy density, and reduce competition with food crops compared to first-generation biofuels. In February 2023, Portugal’s largest producer of biofuels, PRIO, announced the launch of a new 30% advanced biofuel blend, ECO Bunkers B30 biofuel.
Global Biofuels Market - Key Developments
In February 2023, Green Biofuels Limited launched Ireland's first renewable biofuel terminal in a built facility in Cork Harbour. Through its Irish business Green D Project Ltd., a new terminal is a major commitment by GBF to Ireland's cleaner energy infrastructure for transport and generator power, further accelerating the transition to Net Zero.
In February 2023, Indonesia launched higher blend of palm oil-based biodiesel. The government has launched a mandatory biodiesel with 35% palm oil content, B35, aimed at reducing reliance on imported diesel and propping up demand for the versatile vegetable oil.
In October 2022, India planned to pitch for a Global Alliance on Biofuels among members of the group of 20 major economies. The Global Biofuels Alliance (GBA) will work towards enhancing global collaboration and cooperation for adoption of biofuels and to identify global best practices for their development and deployment.
Key Market Takeaways:
Global biofuels market is expected to exhibit a CAGR of 9% over the forecast period. The global biofuels market is growing rapidly in response to the increasing demand for cleaner fuel and government regulations for desulphurization of petroleum products.
On the basis of Feedstock Type: Vegetable Oil-based Biofuels (e.g., Soybean Oil, Palm Oil, Rapeseed Oil) Segment is expected to dominate the market during the forecast period and this is attributed to the increasing demand for biofuels across the globe.
On the basis of Fuel Type, Biodiesel Segment is expected to dominate the market during the forecast period and this is attributed to the increasing consumption of biodiesel worldwide.
On the basis of Application, Transportation (Road Vehicles, Aviation, and Marine) Segment is expected to dominate the market during the forecast period and this is attributed to the rapid growth of the Global Transportation Industry.
On the basis of Production Technology, First-Generation Biofuels Segment is expected to dominate the market during the forecast period and this is attributed to the increasing demand or consumption of first-generation biofuels around the world.
On the basis of End-Use Industry, Automotive Segment is expected to dominate the market during the forecast period and this is attributed to the rapid growth of the Automotive Industry and increasing demand for biofuels and advanced biofuels.
On the basis of Geography, North America is expected to hold a dominant position over the forecast period due to high demand for biofuels and advanced biofuels, government mandates and support, and robust infrastructure for biofuel production in the region.
Competitive Landscape:
Key players operating in the global biofuels market include Archer Daniels Midland Company, Neste Corporation, Cargill Incorporated, Renewable Energy Group, Inc., Royal Dutch Shell plc, BP plc, Valero Energy Corporation, Poet, LLC, Chevron Corporation, Repsol S.A., Cosan Limited, TotalEnergies SE, Green Plains Inc., Raizen, and Wilmar International Limited.
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Detailed Segmentation:
- Global Biofuels Market, By Feedstock Type:
- Vegetable Oil-based Biofuels (e.g., Soybean Oil, Palm Oil, and Rapeseed Oil)
- Animal Fat-based Biofuels (e.g., Tallow and Poultry Fat)
- Algae-based Biofuels
- Waste-based Biofuels (e.g., Used Cooking Oil and Municipal Solid Waste)
- Global Biofuels Market, By Fuel Type:
- Biodiesel
- Bioethanol
- Biogas
- Biojet Fuel
- Biohydrogen
- Global Biofuels Market, By Application:
- Transportation (Road Vehicles, Aviation, and Marine)
- Power Generation
- Heating and Cooling
- Industrial Processes
- Global Biofuels Market, By Production Technology:
- First-generation Biofuels (Conventional Crop-Based)
- Second-generation Biofuels (Cellulosic Biomass)
- Third-generation Biofuels (Algae-Based)
- Fourth-generation Biofuels (Advanced Biofuels)
- Global Biofuels Market, By End-Use Industry:
- Automotive
- Aviation
- Shipping and Maritime
- Agriculture
- Residential
- Manufacturing
- Global Biofuels Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC Countries
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- North America
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