Westford, USA,, April 19, 2023 (GLOBE NEWSWIRE) -- The forecast period (2023-2030) predicts that the B5 Fuel market will reach $77.95 billion, exhibiting a CAGR of 5.68% according to Skyquest latest research report Government policies and regulations, consumer demand, feedstock availability, and the price of crude oil fuel the market's growth. SkyQuest's recent global research shows that crude oil prices have a significant impact on the competitiveness of biofuels in the transportation fuel market. The report states that biofuels like B5 struggle to compete with petroleum-based fuels when crude oil prices are low. In contrast, when crude oil prices are high, biofuels become more competitive, increasing demand.
According to SkyQuest, 80% of consumers are willing to pay more for sustainably produced biodiesel, with over half of them willing to pay up to 10 cents more per gallon for this fuel. In January 2020, diesel fuel cost $3.07 per gallon, and biodiesel was priced at $3.48 per gallon in the United States. However, in April 2020, diesel fuel fell to $2.44 per gallon, while biodiesel remained at $3.48 per gallon, making biodiesel less competitive compared to diesel fuel due to a wider price gap between the two fuels.
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Browse in-depth TOC on "B5 Fuel Market"
- Pages - 242
- Tables - 37
- Figures - 66
The B5 fuel market has become increasingly important as it offers a renewable and sustainable alternative to conventional petroleum-based fuels. B5, a blend of 5% biodiesel and 95% petroleum diesel, can effectively reduce greenhouse gas emissions, lower the dependence on foreign oil, and promote local agriculture. Moreover, the rising demand for biofuels such as B5 is stimulating innovation and investment in the bioenergy industry, which can generate new employment opportunities and boost the economy.
Prominent Players in B5 Fuel Market
- Archer Daniels Midland Company
- BIOX Corporation
- Bunge Limited
- Cargill, Inc.
- Renewable Energy Group, Inc.
- Wilmar International Limited
- Louis Dreyfus Company B.V.
- Royal Dutch Shell PLC
- Neste Corporation
- Total SE
- Chevron Corporation
- ExxonMobil Corporation
- Valero Energy Corporation
- PetroChina Company Limited
- Sinopec Limited
- China National Petroleum Corporation
- Indian Oil Corporation Limited
- Petron Corporation
- PT. Pertamina (Persero)
- Malaysia Marine and Heavy Engineering Holdings Berhad (MHB)
Transportation Applications to Drive Higher Sales Due to Increasing Demand, and Cost-Effectiveness
In 2021, the transportation application segment significantly contributed to the rapid development of the B5 Fuel market, according to recent analysis. This trend is expected to continue from 2022 to 2030 due to increasing demand, cost-effectiveness, and government initiatives to promote sustainable transportation options. In 2022, the transportation sector accounted for over 95% of total biodiesel consumption in the United States, with on-road applications like diesel trucks, buses, and passenger vehicles being the major consumers. The report also highlights the growing use of biodiesel in off-road applications, such as construction equipment and agricultural machinery.
North America is poised to become a dominant player in the B5 Fuel market from 2022 to 2030, according to SkyQuest's projections. The region is expected to exhibit a CAGR of 4.82% during the forecast period, driven by the increasing demand for renewable energy, the need to reduce greenhouse gas emissions, and government initiatives. The government has implemented policies to promote adoption of biofuels like biodiesel, including a Renewable Fuel Standard that mandates a minimum of 2% renewable content in diesel fuel and heating oil. Additionally, the government has provided funding for research and development of new biofuel technologies.
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Passenger Vehicle Segment to Exhibit Strong Growth Due to Increasing Demand For Sustainable Transportation Options Among Consumers
The B5 Fuel market was dominated by the Passenger Vehicle segment in 2021, and it is expected to maintain a leadership position from 2022 to 2030. The increasing demand for sustainable transportation options among consumers, coupled with the government incentives and regulations, and the potential environmental benefits of using biodiesel blends, are driving this trend. In the recent years, the sales of biodiesel to the passenger vehicle sector in the United States have been rising steadily. As of 2022, passenger vehicle sales accounted for 35% of total biodiesel consumption in the United States that indicates a significant increase of 12% in 2016. The report also highlights that the use of biodiesel in passenger vehicles can potentially reduce greenhouse gas emissions by up to 89% compared to petroleum diesel.
The Asia Pacific region is a significant force in the B5 Fuel market and is expected to maintain its leading position by 2030. SkyQuest has projected a significant growth rate of 4.97% CAGR during the forecast period for the B5 Fuel market in the Asia Pacific region. The expansion can be attributed to the increasing demand for sustainable fuel options, government initiatives, and incentives, leading to an increase in investments in the region. To meet this demand, Neste, a Finnish renewable diesel producer, has announced plans to expand its production capacity for renewable diesel and sustainable aviation fuel in Singapore. The expansion is expected to significantly increase the supply of biodiesel in the region.
A comprehensive analysis of the major players in the B5 Fuel market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
Key Developments in B5 Fuel Market
- In partnership with Norwegian Cruise Line Holdings and World Fuel Services, PRIO has recently introduced a new ECO Bunkers B30 biofuel. This biofuel is a blend of 30% advanced biofuel produced from waste feedstocks, and is blended at PRIO's tank terminal in Aveiro. The blending process is flexible, allowing the percentage of biodiesel mixtures to be adjusted based on demand and sustainability objectives, with the potential to produce up to a 100% renewable product and achieve an up to 86% reduction in greenhouse gas emissions. This follows the earlier launch of ECO Bunkers B15 and E20 by PRIO, which are green fuels for ships with 15% and 20% biodiesel blends, respectively.
- The Prime Minister of India inaugurated India Energy Week 2023 in Bengaluru, Karnataka, showcasing India's rising prowess as an energy transition powerhouse. The E20 Fuel was launched and flagged off at Green Mobility Rally organized by Hindustan Petroleum Corporation Limited. The Prime Minister also launched E20 fuel at 84 Retail Outlets of Oil Marketing Companies in 11 States/UTs in line with the Ethanol Blending roadmap. The Government aims to achieve a complete 20% blending of ethanol by 2025, while HPCL and other oil marketing companies are setting up 2G-3G ethanol plants to facilitate the progress.
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Key Questions Answered in B5 Fuel Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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