The global biofuels market size stood at US$ 141.32 billion in 2020 and is predicted to reach US$ 307.01 billion by the end of 2030, with a CAGR of 8.3% from forecast period 2021 to 2030. Growing demand as environment-friendly fuel in road transportation, Rising awareness about use of renewables and rising focus on lowering greenhouse gas emission are major growth driver of biofuels market.
Key market Insights:
Emerging applications of the biofuels are projected to generate lucrative growth opportunities for the major players operating in the global biofuel market. Biofuels are going to use as affordable and reliable jet fuels. The biofuels researchers and scientists have discovered production method which helps to produce jet fuel easily from the biomass. Further, technological advancements in the biofuel industry have reduced the cost of the biofuels which is among major factors used to replace the use of fossil fuels. In addition to this the introduction of newer feedstock for the production of the biofuels is another factor expected to support growth of the target industry in the near future. Also, emerging countries across the globe are focusing on increasing biofuel production in order to reduce GHG emission is creating opportunities in the target sector.
Crucial factors accountable for market growth are:
Significant Market Trends:
Ethanol Segment Reported Foremost Market Stake in 2020
Ethanol segment recorded the prime market share in the global biofuels market by type in 2020. Rising use of ethanol as environment-friendly fuel in the automotive applications in order to lessen the global greenhouse gas emission is primary factor driving growth of the ethanol segment. Other factors such as increasing investment in research and development are projected to increase the usage of ethanol over the estimate period. The biodiesel fuel type segment is predictable to rise at a noteworthy CAGR during the forecast time-frame due to new product launches in the near future.
Vegetable Oil are Projected to Dominate the Feedstock Segment of Biofuels Market Revenue
On the basis of feedstock segment, the global market is segregated into coarse grain, sugar crop, vegetable oil, jatropha, and molasses. The vegetable oil feedstock segment is expected to dominate in terms of revenue over the forecast time frame. The growth is attributed to the benefits offered by the vegetable oil such as low manufacturing cist and easy processing dure to its low saturated fat contents. These factors are primarily responsible for the greater market share of vegetable oil in the feedstock segment of the biofuels market. Sugar crop segment will expand at a significant CAGR during the forecast time-frame.
North America is Estimated to be the Largest Market for Biofuels
The research report covers key trends and prospects of biofuels products across different geographical regions including North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. Geographically, biofuels market is conquered by North America owing to favorable government mandates for the biofuel production, coupled with the availability of abundant feedstock for the production of biofuels in the countries of this region, especially in the United States. Asia-Pacific is anticipated to witness the rapid growth rate on account of increasing research and development investment by major market players and increasing awareness regarding use of renewables in the region. Also, growing focus on the application of the government regulations in order to reduce the green-house gases is another factor anticipated to propel growth of the target industry in the countries of the Asia Pacific.
Top Players contending in the Market:
The companies focusing on research and development are expected to lead the global biofuels market. Leading competitors contending in global biofuels market are as follows:
In order to better recognize the current status of biofuels, and policies adopted by the foremost countries, Precedence Research predicted the future evolution of the biofuels market. This research study bids qualitative and quantitative insights on biofuels market and assessment of market size and growth trend for potential global market segments.
Major Market Segments Covered:
By Fuel Type
By Feedstock
By Geography
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