Market Overview —
Market Research Future (MRFR), in its research report, emphasizes that the global market 2020 is expected to grow exponentially over the review period, ensuring substantial market valuation of USD 230.5 billion by 2025, and a healthy 5.10% CAGR over the review period.
Drivers and Restraints
The global Biofuels Market is projected to grow at a high rate over the review period due to the renewability of biodiesel. Increasing government support for biofuel development through programs, policies and regulations driving the growth of the market. Depletion of fossil fuels also leads to the requirement of renewable biofuels. Increasing the use of biofuels as vehicle fuel source across the globe also provide boost to the growth of the market.
Growing usage of crude glycerin from biodiesel production will serve as an opportunity for the demand for biofuels, as crude glycerin can be used for several uses such as coal freeze protection, and as a dust suppressant. However, inadequate availability of all types of feedstocks such as algae, starch, and sugar would hamper market growth, as all feedstocks do not have the same market performance concerns. However, the project's uncertain feed stock prices and yield and capital intensity may constrain market growth.
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The major market players operating in the global market as identified by MRFR’s research report are Archer Daniels Midland Company (US), Aceites Manuelita S.A. (Colombia), INEOS Group AG (UK), Neste Corporation (Finland), Renewable Energy Group Inc. (US), BlueFire Renewables (US), Cosan (Brazil), Biowanze S.A. (Belgium), GLENCORE Magdeburg GmbH (Germany), and Cargil (US).
The global market for biofuels was segmented based on type of fuel, type of feedstock, and location. The global market is segmented into biodiesel and ethanol according to the type of fuel. Worldwide, the ethanol segment is projected to dominate the market. This is attributable to growing demand for bioethanol as an automotive fuel to reduce greenhouse gas emissions attributable to their environmentally friendly feature.
The global market is divided into the first, second , and third generations, depending on the form of feedstock. Segment of the first generation is expected to report the higher growth over the forecast period. This is because it contains less saturated fat which makes it easier to process and thus reduces overall production costs. In addition , compared to cellulosic and algae, the feedstock needed for the production of vegetable oils is more readily available.
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Detailed Regional Analysis
The global business regional analysis was conducted in four major regions including Asia Pacific , North America, Europe and the rest of the world. North America has the highest share of the global biofuels market , owing to its government-wide supporting policies, such as government tax incentives. The US is the global leader in biodiesel, owing to its strong policies and incentives to encourage the production, use and study of renewable fuels in new technologies. After North America, South America is second-largest producer of biofuels. The high oil prices and increased oil consumption are just a few of Brazil's major drivers for biofuels development.
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