Researchstore.biz launched a study titled “Global Biofuels Market by Type (Liquid Biofuels, Gaseous Biofuels, Solid Biofuels), Application (Transportation, Electricity Generation, Heat Generation), Region (North America, Europe, Asia Pacific, South America and Middle East and Africa)” and Global Forecast 2018-2025.
The global biofuels market is expected to grow from USD 172.46 Billion in 2017 to USD 233.57 Billion by 2025 at a CAGR of 5.03% during the forecast period. Major drivers that fuel the growth of biofuels market are:
- Increased adoption of renewable sources of energy
- Depleting of fossil fuels is increasing the demand for biofuels
- Climate change mitigation
- Innovative technologies and strategies
Biofuel are used as eco-friendly alternative energy source that helps in maintaining environment and reducing carbon emission level. Most of the countries such as China, U.S., India, France, and Germany are mandating the use and implementation biofuels. Also the investment for developing new technologies for production of advanced biofuels has increased in China based companies. The biofuel is the most cost-effective and environment-friendly fuel and is majorly seen as a renewable resource. The biofuels can be of solid, liquid or gaseous form. The production of biofuels need less space and are known as first-generation fuels.
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Advancement in data analytics and data processing is anticipated to drive Biofuels market:
Increased adoption of renewable sources of energy, depleting of fossil fuels, and climate change mitigation are the key driving factors for the biofuels market. In addition, innovative technologies and strategies will lead the growth of the biofuels market in a couple of years. The fluctuations in oil prices and reduced demand for transport fuels may limit the growth of the market. The use of the biofuels has increased in the recent years due to global warming condition in the world and the government authorities has issued policies to use the renewable sources. The industries and organizations are optimizing their business processes to provide the services using the affordable biofuels.
The global biofuels market is segmented on the basis of type, applications, and regions.
Liquid Biofuels segment is anticipated to reach market share of 34.44% during the forecast period
Type segment includes liquid biofuels, gaseous biofuels, and solid biofuels. The liquid biofuels segment is anticipated to grow with the highest CAGR over the forecast period. Here, contributing factors are depleting of fossil fuels and climate change mitigation.
Transportation segment held market value of USD 76.45 Billion in 2017
Application segment is divided into transportation, electricity generation, and heat generation. Transportation is playing a chief role in shaping business growth and acting as a catalyst for business modernization. The biofuels are seen as the alternative source of fuel and diesel resulting into optimization of renewable sources which has led to an increase in the growth rate of the transportation segment.
Regional Segmentation Analysis:
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. North America held the largest market share of approximately 38.92% in 2017. The government promoting the bio-based fuel alternatives and availability of feedstock are the major driving factors for the growth of the biofuels market in this region.
The major players for Biofuels market include Green Plains Inc., Aemetis Inc., Solazyme Inc, Renewable Energy Group, Aventine Renewable Energy Holdings, Inc. (AVRW), Copersucar S.A, Royal DSM, Raizen Energia Participacoes S.A, BlueFire Renewables, Western Dubuque Biodiesel LLC, Australian Renewable Fuels Ltd., Wilmar International Ltd., Cargill, Inc., Diester Industries, Abengoa Bioenergy, S.A., Solazyme Inc, Green Plains Inc., GHP Biodiesel, Louis Dreyfus Company, Future Fuel Corporation, and Bunge Limited.
Biofuels market is segmented into the following submarkets:
Biofuels Market by Type:
- Liquid Biofuels
- Hydrogenated Vegetable Oil (HVO)
- Gaseous Biofuels
- Solid Biofuels
- Wood Briquettes and Pellets
- Biocoal/Torrefied Wood
Biofuels Market by Application
- Electricity Generation
- Heat Generation
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Biofuels Market by Regions:
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of South America
MIDDLE EAST AND AFRICA
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
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