Pune, India, June 22, 2022 (GLOBE NEWSWIRE) -- The global liquid biofuel market size is projected to reach USD 219.97 billion by 2027, exhibiting a CAGR of 8.4% during the forecast period. Surging vehicular pollution levels across the globe is expected to feed the growth of this market, states Fortune Business Insights™ in its report, titled “Liquid Biofuel Market Size, Share & Industry Analysis by Product Type (Ethanol and Biodiesel), By Feedstock (Sugar Crops, Starch Crops, Vegetable Oils, Animal Fats, and Others), By Process (Fermentation, Transesterification, and Others), By Application (Transportation, Power Generation, and Heat), and Regional Forecast, 2020-2027”.
Exhaust from motor vehicles is one of the biggest contributors of air pollution in the world. The US Environment Protection Agency (EPA) estimates that on-road automobiles cause 75% of carbon monoxide pollution in the country. The European Parliament has also stated that 72% of the EU’s carbon emissions come from road transport. To address the issues surrounding escalating air pollution levels, liquid biofuels such as ethanol and biodiesel have emerged as the most viable and feasible substitutes to conventional fossil fuels such as petrol. Governments around the world are actively promoting the adoption of biofuels for transport activities as the carbon-based fuels carry heavy environmental as well as human health costs.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast Period 2021 TO 2027 CAGR | 8.4% |
| 2027 Value Projection | USD 219.97 billion |
| Base Year | 2019 |
| Market Size in 2019 | USD 116.00 billion |
| Historical Data for | 2016-2018 |
| No. of Pages | 260 |
| Segments covered | Type, Feedstock, Process, Geography |
| Growth Drivers | Biofuel Promotion and Renewable Energy Targets to Augment the Market Growth |
| Substitution of Conventional Fuels with Biofuels to Propel Market Growth |
Falling Ethanol Prices amid COVID-19 Pandemic to Retard Market Growth
The outbreak of the COVID-19 contagion has threatened to cause long-term damage on many industries. One of them is the transport industry, which is experiencing sharp decline in demand. The trickle-down effect is being witnessed in an even steeper fall in biofuel prices, especially ethanol prices. According to a study conducted by Purdue University, the average monthly price of ethanol fell from $1.32/gallon in December 2019 to $0.82/gallon in March 2020 due to rapid decline in demand for transport services. Reduced profit margins of ethanol producers have slowed down production of ethanol, which is expected to further cripple the liquid biofuel market growth during 2020. In Canada, the national government is attempting to ease implementation of low-carbon fuels as the country’s oil sector has taken a severe blow due to the pandemic. Growing turmoil in the hydrocarbon industry as a result of the coronavirus will, therefore, stem the uptake of liquid biofuels in the current year.
As per the report findings, the global market value stood at USD 116.00 billion in 2019. The report also contains the following:
- Piecemeal study of all market segments and their performance;
- Actionable research into the upcoming market opportunities;
- Critical insights into the factors driving and restraining the market growth; and
- Detailed examination of the regional dynamics and competitive landscape of the market.
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Regional Segmentation-
Increasing Production of Biofuels in the US to Accelerate Market Growth in North America
With North America accounting for 45% of the global biofuel production, the region is well-positioned to dominate the liquid biofuel market share in the foreseeable future. The US is largest producer of ethanol worldwide, having produced 15.8 billion gallons of ethanol in 2019 alone. In 2019, the region’s market size stood at USD 42.96 billion.
Latin America is expected to emerge as the second most dominant region in the market, supported by surging ethanol production in Brazil. Besides this, Argentina is also aggressively expanding its renewable energy sector, which bodes well for this market. Europe being the largest producer and consumer of biodiesel in the world is expected to offer several lucrative opportunities for players in this market.
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Competitive Landscape
Production Capacity Elevation Measures to be Implemented by Market Players
Competition in the liquid biofuel market is characterized by the variety of strategies implemented by the players to consolidate their position in this market. Prominent among these are the measures adopted by these companies to enhance their production capabilities to meet the rising demand for biofuels around the world.
Industry Developments:
- May 2020: Canada-based BC Hemp Corporation announced its plans to construct a biofuel plant in Prince George, British Columbia for an estimated value of USD 2 billion. Employing close to 2500 people, the plant will be utilized for producing industrial-grade ethanol from hemp stock.
- February 2020: Italy-based NextChem joined forces with US-based Saola Energy to produce renewable diesel from residual fats and vegetable oils. Saola will employ its hydro-treatment and isomerization technologies to produce renewable diesel, while NextChem will provide clients engineering, construction, and training services under the partnership.
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List of Players Operating in the Liquid Biofuel Market are as follows:
• Butamax Advanced Biofuels, LLC (U.S.)
• Gevo, Inc. (U.S.)
• Eniven Group (Slovakia)
• Emami Agrotech Limited (India)
• Fulcrum BioEnergy, Inc. (U.S.)
• Renewable Energy Group, Inc. (U.S.)
• Enerkem (Canada)
• ADM (U.S.)
• Pacific Ethanol, Inc. (U.S.)
• BIO OILS ENERGY (Spain)
• Bangchak Corporation Public Company Limited (Thailand)
• Algenol (U.S.)
• CropEnergies AG (Germany)
• Renewable Biofuels Inc. (U.S.)
• POET
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