ROCKVILLE, Md., Feb. 17, 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$ 141 Bn by 2021. Under the likely scenario, the market can register a CAGR of around 4.8% over the projection period of 2021 to 2031. North America accounts for nearly 35% of global biofuel demand.
The demand for Biofuels is expected to rise over the forecast period and the market is projected to gain a global market size worth of US$ US$ 226 Bn by the end of 2031.
As per the Biofuels industry research by Fact.MR - a market research and competitive intelligence provider, historically, from 2016 to 2020, market value increased at around 4.3% CAGR, where revenue was largely dominated by the U.S., Brazil, Indonesia, Germany, France, and China.
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Access to cheap energy has become an essential factor to the proper functioning of modern economies. Countries across the world are continuously looking for fuel alternatives to cope with the rising energy insecurity. As a result, sales of biofuels are gaining momentum.
Similarly, in order to achieve energy security, governments across the world are bringing forth various reforms to promote the use of biofuel blend with conventional fuels. This has resulted in the expansion of biofuel market.
Why Does the Americas Continue being the Nucleus of Global Biofuel Production?
Considering the statistics of U.S. Energy Information Administration, USDA Foreign Agricultural Service, Renewable Fuels Association, and Fact.MR secondary research, total estimated production of biofuels in the U.S. and Brazil in 2020 was over 9.5 Bn gallons.
While the two countries account for over 3/4 of global biofuel production, they also account for nearly 50% of global biofuel demand. Fuel ethanol and biodiesel in both countries are blended with fossil-based transportation fuels. In Brazil, biofuel for automotive directly competes with gasoline.
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Key Segments Covered in the Biofuels Industry Survey
- By Biofuel Type
- Biodiesel
- Bioethanol
- Others
- By Feedstock
- Corn-based Biofuel
- Sugarcane-based Biofuel
- Vegetable Oil-based Biofuel
- Other Feedstock-based Biofuel
- By Application
- Biofuel for Land Transport
- Biofuel for Shipping
- Biofuel for Other Applications
Competitive Landscape
According to Fact.MR’s market research analysis, innovations as well as product development have been prominent developments related to biofuel in recent years.
- In July 2021, Alpha Biofuels, a Singapore based company announced that it has blended its biofuel at its Tuas plant, wherein, it was converted from cooking oil that it had collected from food & beverage manufacturers. In the same month, it is also used as trial in the vessel The Frontier Jacaranda, which sailed on 93% standard fuel and 7% biofuel.
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Key players in the Biofuels Market
- Bunge Limited
- Archer Daniels Midland Company
- Valero Energy Corp.
- Petrobras
- Butamax
- Renewable Energy Corp.
- Wilmar International
- Algenol
- Pacific Ethanol Inc.
- Poet, Llc
Key Takeaways from the 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 2021 – 2031.
- 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 2020.
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