Pune, Feb. 10, 2021 (GLOBE NEWSWIRE) -- Biofuels Market Analysis/Biofuels Market Trends
The global biofuels industry is highly lucrative and predicted to witness significant growth at a healthy 5.10% CAGR over the forecast period (2019- 2025), reveals the Market Research Future (MRFR) report. Biofuels are a form of fuel that is derived from algae material, animal waste, or plants. It is regarded as a renewable fuel as the feedstock material that is used can be replenished at a quicker pace compared to conventional fossil fuels.
Alluring Features that Bolster Market Growth
As per the Market Research Future report, there are numerous factors that are propelling the biofuels market size. These include the renewability of biodiesel, growing government support for biofuel development through regulations, policies, and programs, growing use of glycerin from biodiesel production, and use of crude glycerin as a dust suppressant, and coal freeze protection. Besides, limited accessibility of fossil fuel-based resources, growing awareness to curb carbon emissions, and the presence of different tax incentives, growing demand in the transportation sector, and supporting regulatory policies worldwide on the use of biofuels are also adding to the biofuels market share.
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On the contrary, the inadequate accessibility of every form of feedstock like sugar, starch, and algae, and the uncertain feedstock prices of the project and capital intensity & yield may limit the global biofuels market revenue over the forecast period.
COVID-19 Analysis
The COVID-19 outbreak has turned the world upside down. It has impacted the worldwide economy and also cast its shadow on different industries, which also includes the biofuels market. This industry has been hit hard due to the sharp decline in the demand for fuel across the country, with residents following the federal, state, and local guidance to minimize travel and practice social distancing. Lockdown measures have resulted in a contraction in demand for transport fuels into which the biofuels are blended. Besides, low prices of oil mean biofuels are less competitive, thus will struggle to maintain the market share. The aviation industry is the hardest hit from the ongoing crisis, with most airlines needing government bailouts while others are facing bankruptcy. Thus investments in bio-jet programs may suffer. Biofuel producer margins have faced tremendous pressure for low oil prices, supply disruptions affecting feedstocks, and reduced demand. Low margins for a prolonged period can result in a wave of industry consolidation. On the other hand, the crisis has boosted the usage of canola oil in the biofuel sectors this is owing to the production of the main competing feedstocks of canola has been severely curtailed. All these have impacted the market growth.
Market Segmentation
The MRFR report offers an inclusive analysis of the biofuels market based on the type of feedstock and type of fuel.
By type of fuel, the global biofuels market is segmented into ethanol and biodiesel. Of these, the ethanol segment will lead the market over the forecast period for the growing need for bioethanol as an automotive fuel to reduce greenhouse gas emissions that is attributable to their eco-friendly feature.
By type of feedstock, the global biofuels market is segmented into third generation, second generation, and first generation. Of these, the first generation segment will dominate the market over the forecast period as this contains less saturated fat that makes it simpler to process, and thus cut down the overall production costs. Besides, in comparison to algae and cellulosic, the feedstock required to produce vegetable oils is more readily available.
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Regional Segmentation
By region, the global biofuels market covers growth opportunities and the latest trends across Europe, the Asia Pacific (APAC), North America, the Middle East and Africa (MEA), and South America. Of these, North America will spearhead the market over the forecast period. Government-wide supporting policies, government tax incentives, growing demand in the US for its strong incentives and policies to encourage the use, production, and study of renewable fuels in new technologies, the presence of a large amount of feedstock for biofuel production, and the presence of supporting infrastructure for the production & favorable government policies for the use of these fuels are adding to the global biofuels market growth in the region. Besides, the major growth is driven by the EU, China, the US, and Brazil, growing awareness to curb carbon emissions and improve the use of the fuels, the growing awareness about the advantages of biofuels over conventional fuels, need for environmental conservation, and increasing environmental concerns are also adding market growth.
APAC to Have Healthy Growth in Biofuels Market
In the APAC region, the biofuels market will have healthy growth over the forecast period. Introduction & the increasing adoption of biofuel supporting regulations and policies in India, Australia, Indonesia, and China, growing demand in the transportation sector in the form of blending with conventional fossil fuels, and rapidly growing population are adding to the global biofuels market value. Besides, the improving economic conditions in India and China and the availability of raw materials in abundance are also likely to have a positive impact on the biofuels market outlook over the forecast period.
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Competitive Landscape
The prominent players profiled in the global biofuels industry report include Cargil (US), GLENCORE Magdeburg GmbH (Germany), Biowanze S.A. (Belgium), Cosan (Brazil), BlueFire Renewables (US), Renewable Energy Group Inc. (US), Neste Corporation (Finland), INEOS Group AG (UK), Aceites Manuelita S.A. (Colombia), and Archer Daniels Midland Company (US).
The global biofuels market is competitive and fragmented in nature with the presence of several well-established international and domestic players. These players have incorporated several strategies to widen their portfolio and create a foothold in the market, such as mergers and acquisitions, geographic expansions, strategic alliances, R&D, and others.
Industry Updates
- February 2021- bluShift Aerospace has launched its first-ever rocket that is powered by biofuels.
- January 2021- Bilfinger is supporting Clariant to build a new advanced biofuels plant.
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