2021-2030 Analysis and Review Bio-fuel Market
Bio Fuels Market By Type, By Feedstock - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021 – 2030
Bioenergy is a type of energy which is derived from various biomass sources. It is one of the most important renewable energy sources and is also a complex energy system with a multitude of variations. Biofuel can be gathered from a variety of feedstock from forests, agriculture, and some wastes sectors. Biomass can also be converted with variety of conversion techniques like thermal (combustion), thermochemical (torrefaction, gasification etc.), biochemical (anaerobic digestion, fermentation), and chemical conversion (transesterification). The global bio-fuel market is expected to grow at a CAGR of 5.2% during 2022-2030.
Transportation Industry is the Key Segment Fueling Demand for Bio Fuel
Bio fuels are the energy source which is made up of living microorganism, starch, and other livestock. There are many factors which boosts the global bio fuels market such as rigid environmental related rules and regulations encouraging the use of biofuels, rising economic development and increasing energy import bills which results in a negative balance of trade, these are some of the few factors expected to fuel the growth of the global bio-fuels market. Increasing demand of bio-diesel helps in the growth of global bio-fuel market. The major reason behind this is it’s mainly used in the transportation industries that are also being used in off-grid electricity supply which majorly helps in propelling the growth of the global bio-fuels market. There is also a reason behind the rising demand of bio-diesel which are the characteristics of biodegradable and non-toxic elements which make it easy to transport. Also, growing environmental concerns and the shrinking fossil fuel resource is propelling the market.
Bio Butanol Remains as the Fastest Growing Market with a CAGR of 9.5% During the Forecast Period
Bio butanol is a 2nd generation alcoholic fuel, which gives high energy density, it can be used as a precursor in manufacturing acrylates, acetates, glycol ethers, and solvents. It is also required as raw material in the making of coatings, paints, adhesives and plasticizers, this much of huge applications along with increasing demand for bio based fuels are anticipated to the reason for the highest growth rate for this segment. Bio diesels are widely being adopted as a fuel in transportations and that’s the key reason for the growth in the market. Furthermore, lingo cellulose is the emerging segment of this industry, it is low cost widely available feedstock which is not going to affect the food chain, hence this segment is also growing with a significant growth rate.
North America Takes the Lion’s Share of Market Revenues
Geographically, North America dominates the global bio-fuel market with 42% market share. US is the leading producer and consumer of biofuel globally. Moreover, upward government initiatives and policies to promote bio-ethanol consumption and tremendous access to feedstock, rising demand for petrol substitutes and increasing green fuel to minimize adverse environmental effects are the key motivators for the North America bio fuel market. Asia pacific is the fastest growing market of global bio fuels market. Asia pacific is the opportunistic and revenue generated market for bio fuels manufacturing players due to cheap labor force, availability of raw material, abundant amount of feedstock, and large number of end users. China acquires more than 60% share in the APAC market in 2021. India is the fastest growing market in Asia pacific region growing at CAGR of 12.0% during 2022-2030. Rising energy demand due to rising population is the major factor, apart from that increasing cost of petrol and petrol products, environmental concerns related to adverse effects of petrol and abundant amount of feedstock are some of the basic reasons for the growth of Asia pacific region in global bio fuels market.
Market is Dominated by Large Players
The global biofuel market is filled with huge number of players, some of them are regional players spurring the local demand, other prominent players contributing the global production supply. Some of the key players in the market are Dupont industrial bioscience, abengoa bioenergy, Australian renewable fuels limited, Aventine renewable energy holding, Inc., Zeachem Inc., Solazyme Inc., Renewable energy Group, etc. Although the market has no or less innovations, the players in the market are actively involving to get their hands on others production processes and product portfolios. To do so, they are participating with each other in various ways, for instance acquisition, mergers and tie-ups etc.
Level of Competition remains High
Competitive rivalry is immensely high in this market due to the availability of huge number of prominent players as well as other general players. These companies are trying to compete with each other by producing with the same characteristics and similar price or by similar features in lower prices; and also, by acquiring various major companies. As per the current trend in the market, developed economies are leading the global biofuels and biodiesel market, whereas the emerging markets are showing a rapid growth opportunity with the growth rate twice or four times those of developed markets due to increasing energy demand especially for unconventional energy sources and growing incomes and increasing awareness. Therefore, the intensity of competitive rivalry is high in the global biodiesel and bio fuels market.
Historical & Forecast Period
This research report presents the analysis of each segment from 2020 to 2030 considering 2021 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment are calculated for the forecast period from 2022 to 2030.
Report Methodology
Market revenues and CAGR were derived from primary and secondary research. Both quantitative and qualitative trends were considered for extrapolation of market revenues. The derived market estimates were further validated from top down, bottom strategies and primary research. The scope of the market is limited to the following segments of product categories and region.
By Type (2020-2030; US$ Mn)
By Feedstock (2020-2030; US$ Mn)
By Region (2020-2030; US$ Mn)
Global Impact of Covid-19 Segment (2020-2021; US$ Mn)
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