Vancouver, Nov. 30, 2023 (GLOBE NEWSWIRE) -- The global biofuels market size reached USD 154.76 Billion in 2021 and is expected to register a revenue CAGR of 7.0% during the forecast period, according to the latest analysis by Emergen Research. Biofuels burn cleaner than gasoline and result in low carbon emissions, therefore, their use in transport results in fewer greenhouse gas emissions. This factor is driving biofuel market revenue growth.
Biofuels are manufactured from renewable energy sources, such as corn, biomass, and sugarcane, among others, thus, adoption of biofuels can result in significant savings on crude oil imports for several countries. Not every country has sufficient reserve of crude oil, which results in substantial import of crude oil from oil-exporting countries, in turn, resulting in major economic pressure. In addition, rising demand for biofuels is resulting in increasing pressure to grow biofuel crops, which is further expected to drive growth of the agricultural sector.
Moreover, expansion of the biofuel industry is expected to create job opportunities in an economy, therefore, shifting trend toward biofuels from any conventional fuels, such as coal and petroleum, is expected to secure economic conditions of a country and drive market revenue growth. Furthermore, increased use of biofuels in industrial and transportation applications is driving revenue growth of the market. Biofuels have potential to fulfill 30% of transportation fuels by 2050, thereby avoiding around 2.1 gigatons of CO2 emission per year compared to continued use of petroleum-derived fuels.
In 2019, CO2 level was recorded highest at around 409 Parts Per Billion (PPM), while carbon emissions have increased by approximately 12 billion tons over the period from 1990 to 2021. This has raised concerns, hence countries across the globe are trying to invent alternative methods to reduce CO2 emissions.
Rising R&D activities, such as development of algae-based biofuel, are driving market revenue growth. Microalgae is considered to be a potential feedstock for biofuel production in recent times, which consists of rich energy and culture process is inexpensive. In addition, it has ability of oxygen addition and carbon dioxide fixation to environment. Moreover, numerous biofuels, such as bio-oil, biodiesel, and bioethanol, among others, have been produced from microalgae.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2021 | USD 154.76 Billion |
| CAGR (2023–2032) | 7.0% |
| Revenue Forecast to 2032 | USD 325.55 Billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Product type, feedstock, form, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Neste, Archer Daniels Midland (ADM), INEOS, BlueFire Renewables, Inc., Renewable Energy Group, Inc., Alto Ingredients, Inc., POET, LLC., Valero Energy Corporation, Shell, Abengoa, and Bunge Limited |
| Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global biofuels market is fairly fragmented, with various large and medium-sized players accounting for majority market revenue. Major companies are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective biofuels. Some major companies included in the global biofuels market report are:
- Neste
- Archer Daniels Midland (ADM)
- INEOS
- BlueFire Renewables, Inc.
- Renewable Energy Group, Inc.
- Alto Ingredients, Inc.
- POET, LLC.
- Valero Energy Corporation
- Shell
- Abengoa
- Bunge Limited
Strategic Development
- On 04 January 2022, Renewable Energy Group, Inc. (REG), which is a U.S.-based biodiesel production company, acquired Amber Resources, LLC. and its affiliated entities Amber Petroleum Products and M.O. Dion & Sons. Amber Resources is a distributor of diesel lubricants, gasoline, and other fuel components. Through this acquisition, the company will increase approximately 60 Billion gallons per year of diesel sales of REG.
- On 25 January 2022, POET, LLC., which is a U.S.-based biofuel company, completed development on an addition to POET Bioprocessing in its Portland facility. This addition would allow capturing renewable carbon dioxide, which is a co-product of ethanol production process and sale for commercial purposes. This renewable carbon dioxide is part all-natural POET pure line of bioproducts and it is the highest-grade liquid carbon dioxide in market
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Some Key Highlights From the Report
- The ethanol segment is expected to register a rapid growth rate during the forecast period due to its easy availability and ability to reduce global warming. Tropical climate is ideal for sugarcane production and corn & grain are produced in almost every country, hence, easy accessibility of ethanol is driving its adoption in manufacturing of products including lacquers, drugs, and plastic. Ethanol-fueled vehicles emit a lower amount of carbon dioxide compared to traditional gasoline-fueled vehicles, which results in reduced global warming.
- The sugarcane segment is expected to register a high growth rate over the forecast period. Biofuels, which are produced from sugarcane, results in low net greenhouse gas emissions and reduce adverse impact on environment. Sugarcane is an economical choice for biofuel producers and several benefits, such as pest & disease resistance, drought, and cold tolerance of crop, are driving its adoption as a raw material for biofuel production.
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Emergen Research has segmented the global biofuels market based on product type, feedstock, form, and region:
- Product Type Outlook (Revenue, USD Billion; 2019–2032)
- Biodiesel
- Ethanol
- Biogas
- Others
- Feedstock Outlook (Revenue, USD Billion; 2019–2032)
- Sugarcane
- Corn
- Vegetable Oil
- Others
- Form Outlook (Revenue, USD Billion; 2019–2032)
- Solid Biofuel
- Liquid Biofuel
- Gaseous Biofuel
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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