Global Biofuels Market Valuation to Escalate to USD 190.6 BN by 2027, from USD 141.56 BN in 2020; Confirms MRFR
The global biofuels market is rising continually, witnessing significant penetration in various end-use industries such as automotive, aerospace, foods & beverages, chemicals, personal care & cosmetics, and pharmaceuticals. Biofuels can be transformed into jet fuel and chemicals, which has significant impacts in moving towards carbon reduction.
In addition to its potential to eliminate carbon footprints, biofuels can also be used to produce hydrocarbon fuel. The vast popularity of biofuels is due to their usages as an alternative fuel. According to Market Research Future (MRFR), the global biofuels market is poised to be valued over USD 190.6 BN by 2027, registering around 6.78% CAGR during the forecast period (2021-2027).
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Additional factors such as the rising environmental concerns and the growing need to reduce greenhouse gas emissions bolster the market growth. The rapid growth in the automotive sector led by various dynamics of this industry, such as fuel efficiency, lightweight automotive parts, and emission regulations, favors the growth of the market.
The global biofuels market is quite a nascent market as compared to the other furl markets. It lacks the basic well-defined policy and regulatory framework to make it easy for new entrants to make a splash in the industry. Therefore, this market is a highly competitive market and the key players operating in the global bio fuels market are:
Archer Daniels Midland Company (US)
Aceites Manuelita S.A. (Colombia)
INEOS Group AG (UK)
Neste Corporation (Finland)
Renewable Energy Group Inc. (US)
BlueFire Renewables (US)
Biowanze S.A. (Belgium)
GLENCORE Magdeburg GmbH (Germany)
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Global Biofuels Market – Regional Analysis
North America dominates the global biofuels market. The rising awareness for growing ecological concerns and advantages of biofuels over conventional ones drives the market growth. Besides, stringent regulations and government policies concerning environment conservation contribute to market revenues.
Surging demand for biofuels from the aerospace industry to be used as an alternative fuel fosters regional market growth. Also, rapid technological advancements in the industrial sector and the renewable energy sector led by government initiatives are key tailwinds driving the market demand. Furthermore, growing biofuels’ use as an alternative fuel for automobiles and strict regulations against vehicular pollution boost the market size.
Covid-19 impacted the global fuel market drastically by demand destruction. Airlines were grounded, transport was halted and even intra-city commute suffered owing to work from home initiatives and other such measures taken to combat the pandemic situation. Global lockdowns led to a massive reduction in global demand for transport fuels, which directly affected the biofuels that they blend with. Oil prices also dropped owing to a change in the demand-supply dynamics – a factor that significantly reduces the competitiveness of biofuels and affects the global biofuels market adversely.
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Value Chain Analysis / Technology Analysis / Regulatory Implications
The fact pace of depletion of natural resources and the increasing scarcity of fossil fuels is creating a paradigm shift in the fuel industry and paving way for favourable conditions for biofuels industry globally. Adding to such circumstances is the increasing awareness among people for reducing mankind’s carbon footprint which are major reasons that biofuel market is growing and is all set to capitalise on the energy demand gap created by depletion of carbon based fuel reserves.
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