Westford, USA, July 22, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Biofuels Market will attain a value of $244.08 Billion by 2031, with a CAGR of 11% over the forecast period (2024-2031). Biofuel is a renewable energy source that is not like fossil fuels such as coal and petroleum. The biofuels market has witnessed significant growth due to several factors. One of the main market drivers is the rising need for products within the aerospace and automotive industries. The substance has been used extensively as a substitute for gasoline in the automotive sector. It has been demonstrated, for instance, that the use of biodiesel improves energy security, improves the environment and air quality, and has safety benefits such convenient storage and transportation. Biofuels can be applied similarly to lower carbon emissions in the aviation industry. Among the main industries, the aviation sector accounts for about 2% of global emissions of greenhouse gases. This implies that fermentation is necessary for cellulose, carbs, and other components to make biofuel.
Furthermore, the increasing prospect of marketing and acceptance of renewable biofuels for commercial use drives the market forward. Biofuels are becoming popular since they are just as efficient as gasoline or diesel when fossil fuels become more limited. Due to their environmental advantages and compatibility with the current gasoline distribution network, biofuels are expected to continue to be developed and gain popularity soon, despite their limited usage.
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Browse in-depth TOC on "Biofuels Market"
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Biofuels Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $97.24 Billion |
| Estimated Value by 2031 | $244.08 Billion |
| Growth Rate | Poised to grow at a CAGR of 11% |
| Forecast Period | 2024-2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Forms of Biofuel, Fuel Type, Generation and End Users |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the world |
| Report Highlights | Updated financial information/Product portfolio of players |
| Key Market Opportunities | Emergence of new applications |
| Key Market Drivers | Rise in the popularity, Benefits of Biofuels |
The ethanol segment held the highest share in the market due to its extensive benefits
Ethanol leads the market by segment, mostly due to the transportation sector's shift to more environmentally friendly products. Since the US and Brazil are the two countries that generate and consume the most ethanol, it is the effect of government laws and incentives to combine with ethanol. The benefits of ethanol, such as decreased manufacturing costs and the potential to lower greenhouse gas emissions, are already widely recognized. Furthermore, cellulosic ethanol production is currently growing, which should give it a stronger position in the market.
The aviation industry is predicted to grow at a significant rate due to rise in the number of airline companies
The aviation industry is predicted to become the niche market with the quickest growth rate when it comes to the use of biofuels, particularly when it comes to Sustainable Aviation Fuels (SAFs). It is observed that a growing number of airline companies and enterprises are ready to adhere to emission reductions due to internal organizational sustainability concerns and external legal and governmental requirements. Due to their significant life cycle greenhouse gas emission reduction, high-value conventional biofuels such as renewable jet fuels made from non-food feedstock are witnessing a shift in the market.
North America dominated the biofuels market due to strong government support in the form of tax cuts
North America is now the largest market for biofuel in terms of revenue and market share, and this trend is anticipated to persist during the projected period. The basis for this increase is substantial government support in the form of tax cuts and aggressive measures meant to boost local demand for biofuels. The Renewable Fuel Standard (RFS) in the U.S. and comparable programs in Canada support market characteristics that require the incorporation of renewable fuel into the energy system. It takes these kinds of steps to ensure that North America stays at the top of the global biofuels market.
Asia-pacific is anticipated to be the leading region in the biofuels market due to regulatory changes
During the forecast period, the biofuels market in the Asia-Pacific is expected to grow at a rapid rate in terms of volume. This is due to the enactment and subsequent liberalization of laws and regulations that encourage biofuels, particularly in China, Indonesia, Australia, and India. In the transportation subsector, biofuels are being added to ordinary hydrocarbons obtained from fossil resources to minimize emissions and overreliance on imported oil. These regulatory changes are expected to lead to the region's high level of demand and production capacity.
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Biofuels Market Insights
Drivers:
- Benefits of Biofuels
- Rise in the popularity and future commercialization of renewable biofuels
- Favorable government policies
Restraints:
- High initial capital investment
- Fluctuations in raw materials price
- Environmental impact, including industrial pollution
The following are the Top Biofuels Companies
- Cargill Inc. (USA)
- Neste Corporation (Finland)
- Bunge Limited (Switzerland)
- POET LLC (USA)
- BP Plc (UK)
- Green Plains Inc. (USA)
- Renewable Energy Group, Inc. (USA)
- Delta Air Lines, Inc. (USA)
- Flint Hills Resources LLC (USA)
- TotalEnergies SE (France)
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Key Questions Covered in the Biofuels Market Report
- What factors hamper the growth of the market?
- What segments are covered in this report?
- Who are the key players operating in the market?
This report provides the following insights:
Drivers, challenges
- Analysis of key drivers (favorable government policies and benefits of biofuels), restraints (negative environmental impact), opportunities (technological advancements), and challenges (fluctuations in raw material costs) influencing the growth of the biofuels market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the biofuels market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the biofuels market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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