Dublin, Oct. 19, 2023 (GLOBE NEWSWIRE) -- In light of recent revelations by the Petroleum Planning and Analysis Cell (PPAC), which highlighted India's increasing dependency on oil imports, the need for alternative energy sources has never been more pronounced. As per the PPAC, the fiscal year 2021-22 saw India importing a whopping 212.2 million tons of crude oil. This surge, marking a year-on-year increase from 196.5 million tonnes, underscores both economic and environmental concerns. Amidst this backdrop, the "Global Biofuel Market - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global biofuel market, currently estimated at USD 167.4 Billion in 2023, is projected to reach a noteworthy USD 225.9 Billion by 2028. This signifies a robust CAGR of 6.2% during the forecast period. Such growth is a direct response to the escalating demand for cleaner fuels on a global scale. As the world grapples with environmental challenges, the shift towards sustainable energy sources is imperative. Furthermore, government policies across the globe, which include tax credits and bending mandates, are providing the necessary thrust to the biofuel market.
Key Highlights of the Report:
- Fuel Type Insights: The report categorises the biofuel market into ethanol, biodiesel, renewable diesel, and biojets. Notably, biodiesel is poised to claim the second-largest market share. This surge can be attributed to the fact that biodiesel, typically derived from vegetable oils and animal fats, reduces dependency on dwindling fossil fuel resources, thus bolstering energy security.
- Generational Analysis: The biofuel market is segmented into first, second, and third generations. The first generation, which encompasses biofuels from food crops like corn and sugarcane, is anticipated to dominate the market share. Their widespread use and accessibility render them a preferred choice.
- End-Use Examination: When it comes to application, transportation emerges as the largest segment. This sector has witnessed a surge in the adoption of biofuels, from biodiesel blends to pure ethanol mixes.
- Regional Overview: North America is projected to be the market leader in biofuel adoption. This is largely due to increasing investments in biorefineries and a positive outlook on the renewable energy sector.
For business entrepreneurs and managers, this report is invaluable. As India's vulnerability to international oil price fluctuations and geopolitical disruptions grows, the need for alternative, sustainable energy sources becomes paramount. Biofuels not only offer a solution to these challenges but also present a myriad of business opportunities in the realm of renewable energy.
The report further provides an in-depth analysis of the competitive landscape, market dynamics, and future trends in the biofuel market. It is peppered with insights from key industry participants, subject-matter experts, and C-level executives, ensuring a comprehensive understanding of the market. Major players dominating the biofuel market, including ADM (US), Chevron (US), Valero (US), Neste (Finland), and Cargill, Incorporated (US), have been profiled, offering a clear snapshot of the industry's present and future.
In conclusion, as the world pivots towards a cleaner energy future, biofuels are set to play a pivotal role. The research report not only underscores the potential of this market but also offers actionable insights for businesses keen on exploring this avenue.
For more information about this report visit https://www.researchandmarkets.com/r/53l3gr
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