Biofuels Market – Global Industrial Forecast Analysis and Report Latest Research 2020-2028
Stable growth to be observed in Biofuels Market till 2028 at a CAGR of XX%
According to QMI, the demand for liquid biofuels is growing in contrast with both the solid and gaseous biofuels. The biofuel industry also has its effects on the agricultural sector because biofuels are generated using agricultural waste. Agricultural waste contributed 36 per cent of total biofuel production in 2017.
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Growing consumer awareness to boost the growth of biofuels market-
Other factors like the increasing price of conventional energy sources have also influenced biofuel production. Biofuels have historically only been used by the road transport sectors. But now the other industries, such as aviation and marine have also started using biofuel for transport. According to IATA, the global aviation industry is set a target of achieving carbon-neutral growth by 2020 and reducing carbon dioxide emissions by 50 percent by 2050.
The Biofuels Market is projected to record high demand over the forecast period with increasing demand from major end-use industries, such as growing consumer awareness of the advantages of biofuels over conventional fuels over the forecast time period. Biofuels are the biological process of deriving energy sources from renewable biomass. Conventional sources of fuel such as coal, natural gas, oil, etc. release hazardous emissions which cause pollution, contributing to climate change and ozone layer depletion. Biofuels are thus ideal substitutes for conventional energy sources.
Significant Developments:
o In June 2017, My Eco Energy (MEE) plans to sell biodiesel in canisters (5, 10 & 20 liters), sold under the Indizel brand name, through a retail supply model in cities across India. The company’s biofuel, produced from recycled and waste vegetable oils & fats, is capable of outperforming petroleum diesel in terms of performance, emissions mileage, quality, and value.
o In November 2017, Abengoa was awarded a contract to Fulcrum BioEnergy for the planning, design, construction and commissioning of municipal solid waste (MSW)-to-biofuels project. It is estimated that the facility, located in Nevada State, will produce 10 million gallons of biofuels per year for use in the aviation sector.
Important Factors Impacting Market Growth:
o Fluctuating costs of conventional energy sources
o Increase in vehicle number, industry and house lighting
o The increase in pollution control concerns
o Raise consumer awareness of the benefits of biofuels over conventional fuels
Policies such as the Renewable Energy Directive (RED) and the European Union region’s Fuel Quality Directive, which introduced a 7 percent energy source from food and feed crops in the transport sector by 2020, have significantly increased demand for biofuel over the past decade. In addition, the aggressive mandates set by different countries to blend biofuels with conventional fuels, to lower dependency on fossil fuels, have further boosted demand for biofuels worldwide.
As per the blending mandates set by the US, China, and Brazil 15-27% blend of biofuels with conventional fuel by 2020-2022. This reform is expected to increase global demand in the regions concerned. In addition, countries such as the US, Germany, France and Italy have implemented a reduction in fuel excise tax to help biofuel compete with fossil fuels to attain the ambitious objective. These measures promote the use of blended biofuel with conventional fuels. Additionally, low carbon energy goals and related policies are being developed to promote biofuel usage.
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Companies Covered: Abengoa Bioenergy S.A., CropEnergies AG, Cargill, Incorporated, BTG International Ltd, DuPont, China Clean Energy Inc., Wilmar International Ltd, VERBIO Vereinigte BioEnergie AG, Renewable Energy Group, Inc., POET, LLC, My Eco Energy, and Archer Daniels Midland Company.
Market Segmentation:
By Product:
o Bioethanol
o Biodiesel
By Form:
o Solid
o Biocoal
o Biochar
o Fuel Pellets
o Liquid
o Biodiesel
o Bioethanol
o Gaseous
o Biogas
o Biopropane
o Syngas
By Feedstock Type:
o Starch-Based
o Sugar-Based
o Cellulose-Based
o Vegetable oils
o Animal Fat
o Biomass
o Others
By End Users:
o Transportation
o Electricity Generation
o Industrial
o Heating
o Others
By Region:
o North America
o By Country (US, Canada, Mexico)
o By Product
o By Form
o By Feedstock Type
o By End Users
o Western Europe
o By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
o By Product
o By Form
o By Feedstock Type
o By End Users
o Eastern Europe
o By Country (Russia, Turkey, Rest of Eastern Europe)
o By Product
o By Form
o By Feedstock Type
o By End Users
o Asia Pacific
o By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
o By Product
o By Form
o By Feedstock Type
o By End Users
o Middle East
o By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
o By Product
o By Form
o By Feedstock Type
o By End Users
o Rest of the World
o By Region (South America, Africa)
o By Product
o By Form
o By Feedstock Type
o By End Users
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