Biofuels Market Size Worth Around US$ 307.01 Billion by 2030

The biofuels market size is expected to be worth around US$ 307.01 billion by 2030 from US$ 141.32 billion in 2020, with a CAGR of 8.3% from 2021 to 2030.

OTTAWA, Jan. 21, 2021 (GLOBE NEWSWIRE) -- Recently Published Report on “Biofuels Market Size, Share & Growth Analysis Report, By Fuel Type (Biodiesel and Ethanol), By Feedstock (Coarse Grain, Sugar Crop, Vegetable Oil, Jatropha, Molasses) - Global Industry Analysis, Trends, Revenue, Segment Forecasts, Regional Outlook 2021 - 2030”.

Biofuel refers to the specific type of fuel derived from the natural sources such as plants, organic materials, animal wastes. Biofuel industry is gaining substantial attraction as alternative fuel for the petroleum derived fuels in order to mitigate major concerns of global warming, raised due to the fossil fuels. Primary sources of biofuels include soybean, corn, forestry, agricultural crops, also the waste from food services as well as ago industries. These fuels are available in solid, liquid, or gaseous forms and are chiefly used in various end use applications counting generation of energy, transportation fuels, lubrication & greasing, cooking purposes, charging of electronics and others. Some of the commercially used biofuels are biomethane, bioethanol, and biodiesel where in biomethane is manufactured by using domestic and agricultural wastes, bioethanol is produced from sugar beet, wheat, and algae. Further, biodiesels are manufactured using animal fats, algae lipids and vegetable oils.

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Growth Factors:

Growing demand for biofuel as environment-friendly fuel in the road transportation is major factor driving growth of the global biofuels market. This is mainly attributed to copious availability of bioethanol, biodiesel in significant regions across the globe. According to data published by the International Energy Agency, worldwide share of biofuel in the total transport fuel would raise up to 27% by 2050. Most of the developed as well as emerging economies worldwide are focusing on the production of biofuels in order to lessen dependability on fossil fuels is another factor which is expected to augment growth of the target industry over the forecast period 2021-2030. For instance, as per the data published in 2018 by Renewable Energy Directive, the complete European Union board for renewable energy sources feasting by 2030 has been elevated up to 32%.

Moreover, the benefits or advantages offered by the biofuels including least impact on the environment due to its clean and harmless nature, abundant availability with mandates are anticipated to propel growth of the global biofuel industry in the near future especially in the developing economies. Furthermore, energy sources among individuals worldwide, along with increasing government support for the production and research activities of biofuels across the globe are among major factors to fuel growth of the target industry in the next few years. Additionally, changing lifestyle and increasing focus on using high percentage biofuel blends are propelling in the global industry growth.

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Report Highlights:

  • Ethanol segment dominated the overall market in 2020.The growth is attributed to growing use of ethanol as environment-friendly fuel in the automotive applications in order to lessen the global greenhouse gas emission.
  • The biodiesel fuel type segment is expected to grow at a significant CAGR during the forecast time-frame.
  • Among the feedstock type, vegetable oil segment accounted for the largest revenue with significant share in 2020. As the vegetable oil is contains low amount of saturated fats which helps in easy processing and reducing manufacturing costs.
  • Sugar crop are expected to grow at a momentous CAGR during the forecast time-frame.
  • DowDuPont, Inc. accounted for a significant share of the global biofuels market.

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Regional Analysis:

The report covers data for North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. In 2020, North America dominated the global market with a market share of more than 36%. U.S. represented the highest share in the North American region primarily due to availability of abundant feedstock for the production of biofuels, along with the favorable government policies for the biofuel production in the region. Further increasing awareness regarding usage of renewable biofuels is another factor to contribute the high market share of the United States over the forecast period.

Further Europe was the second important market in the biofuel. The growth of the biofuel industry in the countries of the Europe is attributed to growing adoption of the biofuels in the road transportation applications. Further, supporting policies for the use of biofuels by the European government in the European region is also expected to boost the demand for biofuels market in the near future.

Asia Pacific is anticipated to grow at the maximum CAGR of around 8.5% in the forecast period due increasing implementation and focus on the government regulations in account to mitigate the greenhouse gas emissions in the countries of the region especially in India, China and Japan of the region. Latin America and the African and Middle Eastern region will display noticeable growth over the forecast period.

Key Market Players and Strategies:

The major companies functioning in the worldwide biofuels are Abengoa Bioenergy S.A., VERBIO Vereinigte BioEnergie, DowDuPont, Inc. Archer Daniels Midland Company, BTG International Ltd, Renewable Energy Group, Inc., Wilmar International Ltd, POET LLC, Cargill, My Eco Energy, China Clean Energy Inc. among others.

Huge investment in the research and development of the biofuels along with acquisition, mergers, and strategic collaborations are the key business strategies undertaken by the companies operating in the global biofuels market.

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