New York, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The global marine biofuel market was valued at US$ 3.5 billion in 2022 and is predicted by Persistence Market Research to expand rapidly at 7.5% CAGR between 2023 and 2033.
Marine biofuel is a type of renewable fuel designed specifically for use in maritime boats and is gaining popularity as an alternative to conventional fossil fuels such as diesel.
The most typical sources are organic waste, used cooking oil, and organic materials found in algae. These feedstocks are treated using a variety of techniques, such as hydro treatment or transesterification, to produce a fuel that can be used right away in ship engines.
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Marine biofuels come with several advantages, including a potentially lower carbon footprint, decreased air pollutants, and improved energy security for the shipping industry. The ability of these biofuels to significantly decrease sulfur and nitrogen oxide emissions, along with their potential for carbon neutrality, positions them as a key driver in meeting sustainable shipping practices.
They have the potential to contribute to global efforts to mitigate climate change and meet emission reduction targets set by international agreements such as the International Maritime Organization's (IMO) regulations.
Financial incentives, subsidies, and tax breaks for biofuel adoption have further enhanced the economic viability of marine biofuels. The alignment of regulatory pressures with the availability of sustainable fuel sources has created a conducive environment for market growth.
Key Takeaways from Market Study
- The global market for marine biofuel is estimated to reach US$ 7.62 billion by the end of 2033.
- Demand for HVO (renewable diesel) is projected to grow at a CAGR of 7.6% between 2023 and 2033.
- Use of vegetable oil feedstock is set to rise rapidly at a CAGR of 7.8% over the next ten years.
- The market in India is predicted to expand at a CAGR of 8.6% during the forecast period.
“Marine biofuel manufacturers are focusing on strategic collaborations with shipping companies to enhance their competitive strength and accelerate market penetration,” says a Persistence Market Research analyst.
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Competitive Landscape
The global marine biofuel market is expected to remain consolidated with a few key players holding considerable market shares. Established biofuel producers and energy companies with a track record in renewable energy have a competitive advantage due to their experience in feedstock sourcing, production, and distribution. These companies can leverage their existing infrastructure and resources in the marine biofuels market.
Market Players are ExxonMobil, BP plc, Cargill, Neste Oil, Chevron Corporation, World Energy, GoodFuels, Uniper Energy, Dansuk Industrial, Cepsa, Gevo, TotalEnergies, UPM, Emami Group
Key manufacturers are focusing on enhancing their supply chain networks to increase their market footprint and revenue. Market players are also focusing on the development of a reliable and efficient global distribution network to enhance market penetration.
Companies are also actively investing in research and development to address technical challenges, such as fuel stability, compatibility, and performance in marine engines, to offer high-quality biofuels that meet industry standards.
Some manufacturers are integrating their operations vertically to control various stages of the supply chain. This could involve owning or partnering with feedstock producers, biofuel production facilities, and distribution networks, thereby ensuring a consistent and reliable supply of biofuels.
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More Valuable Insights
Persistence Market Research, a research and consulting firm, has published a new market research report on the global marine biofuel market that contains an industry analysis of 2018 to 2022 and an opportunity assessment for 2023 to 2033.
The report provides an in-depth analysis of the market through different segments, namely, fuel type, feedstock, form, vessel type, and region. The report also provides supply and demand trends along with an overview of the parent market.
For additional insights on how the global marine biofuel market will shape up over the decade, write to media@persistencemarketresearch.com
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