Latest: Biofuel Market Size is Expected to Reach US$ 331.81 Billion by 2031, Rising at a Market Growth of 11.5% CAGR During the Forecast Period | Transparency Market Research Inc.

Friday, 07 April 2023 10:33 AM

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WILMINGTON, DE / ACCESSWIRE / April 7, 2023 / Transparency Market Research Inc. - According to a market report by TMR, the Global Biofuel Market stood at US$ 131.68 Bn in 2021 and is expected to reach US$ 331.81 Bn by the end of 2031.

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Biofuel is a renewable option for traditional fuels, including diesel, kerosene, and gasoline. It is obtained from algae, plants, animal waste, and other organic matter. Biofuels can be used in airplanes, ships, trucks, and passenger vehicles. Biomass can be processed efficiently and converted into liquid fuels, which are also known as biofuels. This helps to meet fuel requirements in automobiles.

The two types of biofuels are ethanol and biodiesel. These refer to the first generation of biofuel technology. Ethanol can be made from various plant materials and used as a renewable fuel. Ethanol is an alcohol used as a blending agent with gasoline to cut down on carbon monoxide and other harmful emissions. Biodiesel is a liquid fuel produced from renewable sources, such as animal fats and vegetable oils.

It is a cleaner replacement for petroleum-based diesel fuel. Biodiesel is a combination of alcohol with animal fat, vegetable oil, or recycled cooking grease, which makes it biodegradable. High demand for renewable fuel across the globe is expected to accelerate market growth.

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Biofuel Market: Key Drivers

  • Biofuels are efficient at reducing carbon emissions and protecting ecosystems. These are projected to reduce 50% of emissions. Concurrently, the spike in oil prices and efforts to control hazardous emissions have led to high demand for clean, renewable fuels, which can eventually propel business growth.
  • Various means of transportation, including roadways, railways, and airways, have led to increase in emissions. Transportation remains largely dependent on fuels; therefore, biofuel is expected to replace traditional fuels with those made from plant material or other feedstocks. Furthermore, initiatives by governments of various countries to promote the use of biofuels to save the environment from harmful emissions is likely to bolster market growth.
  • Government bodies of several countries are focusing on biofuel requirements to reduce Green House Gas (GHG) emissions. Furthermore, actions taken to reduce additional fuel costs have created lucrative business opportunities for biofuel market participants.
  • Biofuel production pathways emit a pure stream of CO2 as an inherent part of their process. The CO2 can be compressed and transported through a pipeline, truck, or ship to the storage site after it is collected. Biofuel production processes allow for sustainable scaling up to the quantities required in net zero scenarios. These aspects are expected to fuel the biofuel industry's growth.

Key Findings of the Biofuel Market

  • In terms of type, the bioethanol segment is expected to witness robust growth in the next few years due to higher fuel requirements across the globe. Bioethanol is a liquid biofuel that is produced through the fermentation of feedstock such as soybeans, wheat straw, corn, and others. Bioethanol is a renewable biofuel that reduces automobile emissions. Bioethanol can be used as an alternative to conventional fuels. Furthermore, bioethanol enhances engine efficiency and performance.
  • Based on feedstock, the vegetable oil segment is projected to lead the global market, accounting for 28.34% market share. The stock of fossil fuels is diminishing, and demand for energy-based solutions is ever-increasing. Several sources of energy are being developed and tested. Vegetable oil is used with alcohol or methanol to produce chemical compounds and can be used successfully as automotive fuel. High demand for fuel across the globe has increased the requirement for vegetable oil feedstock, which in turn is likely to boost the growth of the segment

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Biofuel Market: Regional Landscape

  • North America is projected to lead the global market, with 39.1% share. Several commercial-scale projects are springing up in this region. Furthermore, the regulatory framework regarding emissions has led to a burgeoning demand for biofuels, which is likely to boost market growth in the region.
  • Asia Pacific and Europe are expected to witness promising growth due to increase in ethanol-powered vehicle launches. Furthermore, abundant raw materials in these regions is expected bolster market growth.

Biofuel Market: Competitive Dynamics

Key players operating in the global market are investing significantly in research and development activities to expand their product portfolio. Integration of novel technologies in the production process has opened new growth avenues for the global market.

Prominent market players are:

  • EnviTech Biogas AG
  • Dow
  • BTG International Ltd.
  • Enerkem
  • Drax Group PLC
  • VERBIO Vereinigte BioEnergie AG
  • AR Energy Group
  • Green Plains
  • BTG International Ltd.
  • Cargill, Inc.
  • Archer-Daniels-Midland Company.

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Biofuel Market: Segmentation

Type

  • Biodiesel
  • Bioethanol
  • Bio heavy Oil
  • Others

Feedstock

  • Corn
  • Sugarcane
  • Vegetable Oil
  • Palm Oil
  • Others

End-use

  • Transport
  • Heat
  • Electricity

Regions

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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