The demand for biofuels is witnessing an uptick on account of the rising demand for clean energy fuel leading to the increase in biofuel production all over the world and thereby, boosting its market globally. For instance, in 2020, United States was the leading producer of biofuels, producing 1,347 petajoules of biofuel followed by Brazil and Indonesia producing 884 and 283 petajoules, respectively. Further, the production of biofuels has increased from 187 thousand barrels of oil equivalent per day in 2000 to 1.8 million barrels of oil equivalent per day in 2019.
Furthermore, the growth of this market can be attributed to the rise in population, rapid urbanization, and increasing investments in biofuel technologies worldwide. For instance, nearly USD 3 billion were invested in biofuels technologies in 2019 globally. Also, in the same year, global investments in biomass and waste-to-energy technologies were around USD 11.2 billion.
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The recent COVID-19 pandemic has disrupted the world like never before and is bringing economies to a halt. It was estimated that the global pandemic will cause a decline in major economies GDP by at least 2.9% over 2020. However, this forecast was already restated to a GDP loss of 4.5%. The coronavirus outbreak has put lockdown restrictions all over the world has disrupted the transportation and automobile industry creating a huge decline in transport fuel demand. As a result, the production of biofuels was contracted by 20 liters (13%) in 2020, returning to the 2017 outputs. However, before the Covid‑19 crisis, output was anticipated to increase by a further 5 billion L (3% y-o-y) in 2020. Moreover, it is expected that the demand for transport fuel would rebound in 2021 and facilitate a return to 2019 biofuel production levels.
According to UnivDatos Market Insights (UMI)’ research report “Global Biofuels Market Analysis, 2020”, the global biofuels market is projected to grow at a CAGR of 7% during 2021-27F owing to the government’s regulation to reduce the dependency on conventional fossil fuels and increasing adoption of biofuels. For instance, since 2011, the E10 fuel is being sold at several petrol stations in Germany that contain up to 10% ethanol, replacing premium fuels containing 5% ethanol (E5).
Based on the type, the market is fragmented into biodiesel, ethanol, and others. The ethanol segment accounted for the largest share in 2020 and is anticipated to register a lucrative CAGR during the forecast period. The growth of this segment is attributed to the wide adoption of ethanol as a potential transport fuel. For instance, in Brazil, numerous cars are already running on petrol containing 85% ethanol, in addition to some that use 100% ethanol.
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Vegetable Oils Segment to Witness Robust growth
Based on feedstock, the market is segmented into corn, sugarcane, vegetable oils, and others. The vegetable oils segment had the highest revenue and CAGR growth in the analyzed period as it is used in making biodiesel that is less expensive, renewable, and clean-burning fuel. For example, Palm oil is one of the most common vegetable oils used to make biodiesel with a high cetane number which is the characteristic of the ignition quality for this type of biofuel.
North America to Grab Lion’s Share, and witnessed Explicit Growth
Based on the region, North America dominated the global biofuels market in 2020. The region is projected to maintain its dominance during the forecasted period 2021-27 owing to various government regulations and programs that promote the use of biofuels. For instance, the production of biofuels in Canada has increased by a factor of 10 in the past 10 years. Canada is currently producing 1.7 billion liters of ethanol per year, 300 million liters of biodiesel. North America is expected to skyrocket with a CAGR of X% in the forecast period owing, as stated in UnivDatos Market Insights (UMI)’ research report “Global Biofuel Market Analysis, 2020”.
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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Biofuels Market are Renewable Energy Group, Inc, Archer Daniels Midland Company, POET, LLC, Abengoa Bioenergy S.A., Cargill, Pacific Ethanol Inc., Valero Energy Corp., Royal Dutch Shell, Butamax, Wilmar International, among others. The players are focused on launching new products for gaining customers' traction and expanding their geographical reach to get a competitive edge in the industry.
- In February 2021, Brunswick-based start-up, bluShift Aerospace launched a 20-foot (6-metre) prototype biofuel-powered rocket, hitting an altitude of a little more than 4,000 feet (1,219 meters) in a first run designed to test the rocket's propulsion and control systems.
- In August 2021, in Italy and Germany, Eni and BASF launch a joint R&D initiative to reduce the CO2 footprint of the transportation sector. The collaboration aims to develop a new technology to produce advanced bio-propanol from glycerine, a side stream of the production of industrial biodiesel.
“Global Biofuels Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for biofuels providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of go to Market Strategies and identifying the blue ocean for its offerings.
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Market Segmentation:
- By Type (Biodiesel, Ethanol, and Others)
- By Feedstock (Corn, Sugarcane, Vegetable Oils, and Others)
- By Region (North America, Europe, Asia-Pacific, Rest of the World)
- By Company (Renewable Energy Group, Inc, Archer Daniels Midland Company, POET, LLC, Abengoa Bioenergy S.A., Cargill, Pacific Ethanol Inc., Valero Energy Corp., Royal Dutch Shell, Butamax, Wilmar International, etc.)
Key questions answered in the study:
- What are the current and future trends of the biofuel industry?
- How the industry has been evolving in terms of type and feedstock areas?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the biofuel industry?
- What is the customer orientation, purchase behavior, and expectations from the biofuel firms across various regions?
Table of Content –
1 MARKET INTRODUCTION
2 RESEARCH METHODOLOGY OR ASSUMPTION
3 MARKET SYNOPSIS
4 EXECUTIVE SUMMARY
5 COVID-19 IMPACT
6 GLOBAL BIOFUELS MARKET REVENUE
7 MARKET INSIGHTS BY TYPE
8 MARKET INSIGHTS BY FEEDSTOCK
9 MARKET INSIGHTS BY REGION
10 BIOFUELS MARKET DYNAMICS
11 BIOFUELS MARKET OPPORTUNITIES
12 BIOFUELS MARKET TRENDS & INSIGHTS
13 LEGAL & REGULATORY FRAMEWORK
14 DEMAND AND SUPPLY SIDE ANALYSIS
15 VALUE CHAIN ANALYSIS
16 COMPETITIVE SCENARIO
17 COMPANY PROFILED
18 DISCLAIMER
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