Researchstore.biz study report 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 anticipated to reach USD 233.57 Billion by 2025 from USD 172.46 Billion in 2017 and will register a CAGR of 5.03% from 2018 to 2025. Key drivers giving assistance to the growth of the biofuels market are:
- Increased acceptance of renewable sources of energy
- Depleting of fossil fuels is contributing to the demand for biofuels
- Climate change mitigation
- Modern technologies and strategies
The Biofuels Market Rundown:
Biofuel is an environment-friendly alternative energy source. They are used to protect the environment and reduce carbon emission level. Many countries including China, U.S., India, France, and Germany recommending biofuels’ use and implementation. Additionally, the investment for introducing and developing new technologies for the production of advanced biofuels has increased in companies located in China. The biofuel is majorly used as a renewable resource as it is the most cost-effective and eco-friendly fuel. The biofuels come in solid, liquid as well as gaseous form. They are known as first-generation fuels and their production need less space.
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Modern developments in data analytics and data processing is expected to drive the biofuels market. Factors such as increased acceptance and demand for renewable sources of energy, depleting of fossil fuels, and climate change mitigation will drive the biofuels market. Further, advanced technologies and strategies are evaluated to lead the growth of the biofuels market in a couple of years.
The variations in oil prices and reduced demand for transport fuels are projected to limit the market growth. Now, the government authorities have issued policies to mandate the renewable sources’ use. Looking at the rising levels of global warming in the world, the use of the biofuels has increased in the recent years. The industries and organizations are working to deliver the services using affordable biofuels.
Classification of Global Biofuels Market:
The market is classified into type, applications, and regions segments. Liquid Biofuels segment could hold a market share of 34.44% during the forecast period. Type segment is further sub-segmented into liquid biofuels, gaseous biofuels, and solid biofuels. The liquid biofuels segment could reach the highest CAGR during the forecast period. In addition, depleting of fossil fuels and climate change mitigation will contribute to the growth of the market.
Transportation segment held a market value of USD 76.45 Billion in 2017. Application segment covers transportation, electricity generation, and heat generation sub-segments. Transportation has a major contribution in business growth and it works as a catalyst for business modernization. The biofuels are recommended as the alternative source of fuel and diesel. The government authorities now mandating the use of renewable sources that resulted in increasing the growth rate of the transportation segment.
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Geographically, this market is analyzed, focusing on these key regions namely North America, Europe, Asia Pacific, South America, and the Middle East and Africa. North America registered the largest market share of approximately 38.92% in 2017. The biofuels market is growing at a rapid pace as the government recommending the bio-based fuel alternatives and availability of feedstock has increased.
The major manufacturers covered in this biofuels market report 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 Plain
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