Biofuel Market Growth Fuelled By Transportation Sector
Added: (Fri Jun 07 2019)
Pressbox (Press Release) -
A newly compiled market research report from IndustryARC estimates the global biofuel market size to be around $130 billion in 2018. The environmental concerns associated with the use of fossil fuels, government support for eco-friendly alternatives, and higher biofuel bending mandates for transportation fuel are the factors driving the growth of the biofuel market. The demand in the global biofuel market will be growing at a CAGR of around 4% during the forecast period of 2019 to 2025. The report is titled “Biofuel Market: by product type, by blend, by feedstock, by production technology and by end use industry & by geography - forecast (2019 - 2025).”
Browse 80 Market Tables, 179 Figures spread through 159 slides and an in-depth TOC “Biofuel Market (2019 - 2025)”
Global Biofuel Market: Leading Segments
In December 2018, 168 million gallons of biodiesel was produced for various applications such as cleaning up oil spills, generating electricity, and removing paints and adhesives in the U.S. North America is anticipated to remain the key region in the biofuel marketplace, producing more than 30% of the global demand during the forecast period. The surge in this region is because of the production of biodiesel from grain stock and ethanol from corn. Advanced biofuels such as algae based fuels are developed in this region.
Transportation application is dominating among other diverse application segments such as lubricants, energy generation, charging electronics, and removing paints and adhesives; it is estimated to grow with a notable CAGR around 7% during the forecast period 2019-2025. As biofuel is an alternative to diesel fuel, it is replacing many energy needs works such as home heating, and vehicle fuel. In the U.S., the consumption of soybean oil accounting to 768 million pounds remained the largest biodiesel feedstock during December 2018.
U.S. Energy Information Administration estimated around 110,000 billion per day ethanol that has been exported globally in 2018. Ethanol biofuel production is mainly dependent on domestic motor gasoline consumption, and number of miles a vehicle has traveled. It is mostly used as the replacement for the fossil fuels such as crude oil, coal, and natural gas in vehicles, which in turn is supplementing the growth of the biofuel market. Additionally, government regulations aiming the use of fuel blends containing higher biofuel percentage is boosting the global biofuels market. The demand for fuel blends with ethanol blend in addition to the existing E10 ethanol blend is expected to grow during the forecast period 2019-2025.
Global Biofuel Market: Trends
Increasing deployment of higher ethanol blends like E15, and E85, and mid-level ethanol blends like E30 together with advanced, and cellulosic biofuels are being used in vehicles to reduce emissions such as greenhouse gases, carbon monoxide, and volatile organic compounds in transportation sector.
Introduction of second generation biofuels are gaining popularity in the market. First generation biofuels are mined from vegetable oils, sugar, and starch using biomass technique. Whereas, second generation biofuels are manufactured from agricultural bi-products such as wheat straw, maize stalks, an array of waste biomass, and non-food crops which are largely used in the animal food and feed industry.
Global Biofuel Market: Competitive Landscape
Abengoa Bioenergy S.A., Cargill, Incorporated, BTG International Ltd, and DuPont are some of the major players operating in the global biofuel market. On September 08, 2018, DuPont has announced an agreement to sell its cellulosic ethanol plant located in Nevada, Iowa, to German bioenergy producer Verbio Vereinigte BioEnergie AG. The companies are planning to mount various facilities required to produce new cellulosic crop residues and natural renewable gas from corn stover in this site.
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