Biofuel is form of crude oil that is produced from plant, algae or animal waste. Since the biomass can be used as fuel directly and the feed stock material can be easily replenished biofuel is considered to be the best renewable resource of energy unlike other fossil fuels such as petroleum, coal, natural gas. Bio fuels can be found in Solid, Liquid, or Gaseous state.
Biofuels are compatible with the available existing fuels and possess similar properties. Biobutanols is a type of biofuel which is volatile alcohols and affect eyes causing irritation, respiratory tract, and skin. Overexposure to this fuel can cause nervous system depression. Bio-diesels have potentially low toxicity, although long term exposure is harmful. Bio-diesel is easily perishable.
Overall, the bio-energy is one tenth of the total world energy demand. The traditional unprocessed biomass such as charcoal, fuelwood, and animal waste accounts for the worlds one tenth energy source. This is useful for large mass of people commonly found in developing countries, where cooking is and heating is done with the help of bio-fuel.
Market growth, is associated with factors such as growing demand, earnings from the trade, economic state of that particular region, supply chain and other.
Bio-fuels are renewable source of fuel energy, mostly prepared form animal waste, crop waste, plants, algae material etc.
Presently, due to rising pressure of population, there is scarcity of fossil fuel being faced. Additionally, growing carbon emissions is a currently a matter of concern. Hence due to these reasons, the demand for Bio-fuel is high which is indirectly affecting the market.
Biofuels is considered as one of the emerging clean fuel options over traditional fuels. In addition to this, the expenditure on research and development of bio-fuel is comparatively low over other fossils. Besides, ongoing research for commercialization of the second and third generation biofuels is further boosting the market.
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The Biofuels Market is expected to disclose a substantial upturn with a CAGR of 6.9% during the forecasted period of 2022 to 2030. As per the experts, the Biofuels Market is expected to observe a noteworthy growth by 2030. The Biofuels Market is valued at USD 165.77 Billion in 2022, however it is anticipated to show a noteworthy progress of USD 282.71 Billion by the year 2030.
Emerging requirements for biofuels is anticipated to generate lucrative growth opportunities in the global biofuel market. Biofuels are also considered as jet fuels. The scientists are exploring on the method that helps to produce the biofuel for jet which is much easy and convenient. Moreover, technological progressions in biofuel industry have reduced the cost of biofuels which is a major factor propelling the market.
Besides, introduction of newer feedstock for biofuel, another factor boosting the market. Further, growing demand for alternative option of renewable resource is adding to the progress of the market. Abundant availability of bio-ethanol, lowering green-gas emissions, rising costs of crude oil, government support for research activities, and growing awareness on use of renewable source of energy is boosting the market.
The Biofuels Market is segmented into Fuel Type and Feedstock
Based on Fuel Type the market is further segmented into
The Ethanol fuel type is expected to display a highest growth, owing to its extensive use as automotive fuel without any major overhauls.
Based on Feedstock the market is further segmented into
- Palm Oil
- Sugar Crop
- Coarse Grain
- Other Feedstock
Based on the regional analysis the market covers following regions as North America, Europe, Asia Pacific, Middle East and Africa, Latin America Central and South America. North America is marked as dominant region and is expected to remain the same during the forecasted period.
Covid-19 impact on the market:
The recent contagion that invaded the world led to devastating effects on economy and human life. It was an unprecedented challenge to economy as a whole. This pandemic had led to closure of workplaces, travel restrictions, remote work options for almost all employees across globe which created challenges for businesses to operate. Hence there was a comparative low growth during the pandemic period of FY 2020-2021. The virus had spread across the globe at an alarming speed, tainting millions. This had majorly affected the Biofuels Market.
For instance, in 2016, the global consumption of bio-gasoline was around 965 barrels of oil per day, which was on rising trend till 2019, however with the invasion of the contagion the growth deteriorated in 2020.
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Market Key players
The key players of any market comprise of investors and intermediaries. Biofuels Market is being majorly driven. Businesses are analysing the process that identifies direct competitors to accomplish their mission and vision. Many leading corporations are undertaking acquisitions and development activities to sustain the competition. The market is highly competitive and has witnessed growing competition between vendors. Some of the key players are recorded as Bunge Limited; Archer Daniels Midland Company; Valero Energy Corp.; Petrobras; Butamax; Renewable Energy Corp.; Wilmar International; Algenol; Pacific Ethanol Inc.
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