Biofuels Market To Witness Considerable Growth, Likely To Attain Around USD 218.7 Billion In 2022

30-Dec-2019 | Zion Market Research

The biofuels market has active participation of leading players such as Renewable Energy Group, Western Dubuque Biodiesel Llc, Copersucar S.A DSM, Solazyme Inc, Green Plains Inc., Aemetis Inc, Raizen Energia Participacoes S.A, Australian Renewable Fuels Ltd., BlueFire Renewables, and AVRW Inc., among others. The global biofuels market in 2016, according to the Zion Market Research analysts, was valued at USD 168 Billion. Further, the market is anticipated to surpass USD 218.7 Billion in 2022 and is projected to expand at a CAGR of 4.5% between 2017 and 2022.

This review is based on a report by Zion Market Research, titled “Biofuels Market by Type (Bioethanol and Biodiesel), and by Form - Solid (Biocoal, Biochar), Fuel Pellets Liquid (Biodiesel and Bioethanol), and Gaseous (Biogas, Biopropane, and Syngas) - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”- Report at https://www.zionmarketresearch.com/report/biofuels-market

Developing Economic Conditions Expected To Boost The Growth Of The Biofuels Market In The Forecast Period

The biofuels market is anticipated to witness substantial growth in the coming period owing to several factors such as developing economic conditions, rising living standards, and changing eating habits. Additionally, the escalating need for vegetable oil as the raw material for biodiesel production is also projected to drive the biofuels market growth. Furthermore, strict guidelines on trans-fat foods in the US and Europe are resulting in a rapid change from soybeans usage oil to biofuels, thus driving the biofuels market growth.

In addition, low charges of biofuels compared to other vegetable oils is also expected to boost the biofuels market development in the near future. Moreover, the increasing penetration by key producing nations like Indonesia, Thailand, and Malaysia in the market may bring up new opportunities for the biofuels market in the coming period. Besides this, diverse initiatives taken by market players with the purpose of maintaining their position are likely to drive the biofuels market growth. For instance, biodiesel was sold in June 2017 by My Eco Energy (MEE), endorsed under the brand name Indizel, in containers through retail supply model in places all over India, propelling the growth of the biofuels market.

The Biofuels Market To Be Governed By Crude Oil Of Derivative Segment In The Years To Come

The derivative segment within the biofuels market consists of crude palm oil, palm kernel oil, and others comprising palm kernel cake. In 2015, the dominant segment was crude oil in the biofuels market owing to the rising applications such as edible oil, surfactants, cosmetics, lubricants, and biofuel.

Asia Pacific To Dominate The Overall Demand Of Biofuels Market In The Coming Period

In 2016, the highest demand for biofuels was recorded by Asia Pacific and it marked a remarkable stake in the global market. In the recent period, there has been a considerable rising in manufacturing owing to increase in the biofuels’ yield, high expenditure in R&D related activities, and an increase in the cumulative land area of biofuels plantation.

The report segments the global biofuels market as:

Global Biofuels Market: Type Analysis

  • Bioethanol
  • Biodiesel

Global Biofuels Market: Form Analysis

  • Solid
  • Liquid
  • Gaseous

Global Biofuels Market: Regional Analysis

  • North America
    • U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • Middle East and Africa

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