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Global Biofuels Market by Feed Stock Type (First Generation, Second Generation, And Third Generation.); By Application (Transportation Fuel, Municipal Electricity Production, On-Site electricity Production and others); By Region (North America, Asia-pacific, Europe, Latin America and Middle-East and Africa)- Analysis of market share, size & trends for 2016-19 and forecasts to 2030
Biofuels market size was valued 131.4 Bn in 2021 and is expected to reach 253.9 Bn by 2031, at a CAGR of 6.8% in the forecast period.
Biofuel is natural gas, liquid, or solid source such as fuel-fueled plants. It comes as plants or animal waste from renewable biological sources, in particular, liquid fuel for car engines made of corn or soy oil. Biofuels could obtain from field products, forest products, farms, fishing products, or municipal waste, including by-products and waste from agricultural production, the food industry, and food services. Generally, biofuels are used to move, produce electricity, charge devices, cook, lubricate and clean oil and grease spills. Biogas, for example, is a biofuel which is the fusion of gasses formed by the decomposition of organic matter, which consists mainly of methane and carbon dioxide and is used largely as fuel. Biogas may be derived from agricultural waste, animal waste, industrial waste, plant material, dung, green waste, or food waste. Biofuels are a renewable source of energy and acts as a major substitute for conventional fuels.
The global Biofuels market is estimated to grow on the back of the following reasons. Rising awareness of waste treatment technologies amongst farmers, municipalities, and industrial workstations is a key driver of growth in the global Biofuels market. Another factor expected to support the growth of the global Biofuels market is the shift from conventional and non-renewable sources to Biofuels which is a renewable source of energy, in various developed and developing economies. Increasing awareness about the judicious use of an exhaustible source of energy such as fossil fuels, reduction in carbon emissions and to ensure a sheltered and sustainable energy supply is anticipated to propel the growth of the Biofuels market. It is also predicted that a decline in crude oil reserves coupled with disruptions caused by crude oil prices would boost demand.
The Global Biofuels market has been segmented based on application and by product type. It has been further segmented based on region into North America, Europe, Asia-Pacific, Mid East, and Africa.
The Electricity production segment is anticipated to register XX% of the volume share and is expected to grow at the highest CAGR.
Based on the application the market is bifurcated into transportation fuel, municipal electricity production, on-site electricity production, and others. The rising demand for electricity generation from Biofuels is driving the global Biofuels market.
Based on the feedstock type the market is bifurcated into First generation, second generation, and third generation. During the projected timeframe, the first-generation division will report higher growth. It contains less saturated fat, which improves the processing and decreases production costs overall. Besides, in contrast to cellulosic and algae, the feedstock needed to produce vegetable oils is more readily available.
Cheaper Substitute to Conventional Sources
Increasing awareness of the tenuous effect of greenhouse gas (GHG) emissions into the environment should help in the growing installation of plants producing biomass worldwide. Biofuel production aids in eliminating the problem of dumpsites and landfills which are expected to have an optimistic impact on Biofuels demand. The sector incorporates significant opportunities for future growth as the market is expected to transpire as a replacement for traditional fuels, including diesel and petrol. In addition to a renewable energy source, the amount of carbon in the biofuel is less. It emits fewer greenhouse gases which are expected to boost demand for Biofuels as a replacement for fossil fuels.
Huge Installation Costs
Huge installation cost and large gestation period, i.e., the gap between installation and commencement of the plant is seen as one of the factors hindering the growth of the Biofuels market.
North America was the largest market accounting for XX% of total market volume share in 2019
The global Biofuels market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia-Pacific, and the rest of the world is classified as Middle-East and Africa. North America's share of the world biofuels is largest because of its government-widened supporting policies, such as the government's tax benefits. Because of its strong policies and incentives in the development, use, and study of new alternative fuel technologies, the US is the worldwide leader for biodiesel. South America is America's second-largest biofuel manufacturer. Higher oil prices and higher oil consumption are among the key drivers of biofuels in Brazil’s growth.
Europe is the second-most market-leading region after the Asia Pacific. Germany, Italy, France, and Switzerland are major Biofuels-producing countries in the European region. In the European Biofuels Association, several European countries work together whose directives are to curb carbon emissions. Additionally, other countries like Belgium, Slovakia, Hungary, and the Czech Republic are reinforcing their Biofuels production levels. The rapid industrial growth and the growing importance of renewable energy production in China and India are projected to increase gas demand in the APAC region.
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