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.
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.
The apparent benefits of biofuels are being reflected in the rising number of countries introducing or planning to introduce policies to surge the proportion of biofuels within their current energy portfolio. If this is to be attained, significant increases in production are required rapidly to satisfy higher global demand.With this introduction into force of the Kyoto Protocol and the implementation of the different domestic measurement for biofuels, global biofuel production is probable to grow quadruple in the next twenty years, and will account for about 10% of world motor petroleum.
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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.
India being the hot place for place for investments, having the 2nd highest population in the world has the highest growth rate for biofuels. This high growth is anticipated due to its increasing demand for energy and increase awareness of bio fuels. Increasing prices of crude oil is also expected to drive additional growth in the market. Other two countries which also having high growth in the coming years are Japan and Germany. Both the countries have huge amount of ethanol production along with the support of their government, this is the reason why they are anticipated to grow. European region is also growing its popularity in terms of bio fuels usage as Government of Europe supports the products which are less hazardous for the environment. The major reasons that pushes the European region is governments favorable policies towards bio fuels, rising number of automobiles in this sector, stringent rules by the government towards petrol’s adverse effect. Rest of the world region is showing growth in terms of livestock, the rest of the world region is having a large number of feed stock, Brazil is the major country in this region. Brazil contributes to more than 80% of market share in Rest of world region. Huge availability of raw materials in the country is gaining significant interest from biodiesel manufactures in Brazil.
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.
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