Biofuels Market worth USD 245.48 Billion by 2027, registering a CAGR of 7.81% – Report by Market Research Future (MRFR)

New York, July 08, 2021 (GLOBE NEWSWIRE) — Biofuels Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Biofuels Market Research Report, Fuel Type, Feedstock Type and Region – Forecast till 2027” the market is projected to be worth USD 245.48 Billion by 2027, registering a CAGR of 7.81% during the forecast period (2021 – 2027), The market was valued at USD 141.56 billion in 2020.

COVID-19 Impact on Biofuels Market 

COVID-19 has affected the global fuel market adversely due to fall in demand. Transport was halted, airlines were grounded, and intra-city commute suffered due to work from home trends and other such measures undertaken for combating the pandemic situation. Lockdowns all across the globe has resulted in a massive reduction in global need for transport fuels that directly affected the biofuels which they blend with. There has also been a fall in oil prices due to the changes in the demand-supply dynamics, a factor which significantly reduces the competitiveness of biofuels and adversely affects the global biofuels market. Disruptions in supply chain also affected bottom-line margins of biofuel producers and several delays to planned policy rollouts in different countries. For instance, Indonesia and Malaysia due to the pandemic situation, delayed plans to boost their respective biodiesel blending mandate.

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Key Players 

Eminent players profiled in the global biofuels industry report include-

• 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)
• Cosan (Brazil)
• Biowanze S.A. (Belgium)
• GLENCORE Magdeburg GmbH (Germany)
• Cargil (US)

Key players have incorporated several strategies to stay at the forefront such as new product launches, partnerships, mergers and acquisitions, and more. 

Industry Updates 

UK-based Scottish Power Renewables has announced a trial of biofuel bunkers on board two of its offshore crew transport vessels. The company has introduced a pilot of 30% biofuel blend on board two crew transfer vessels offered by NR Marine Services. The ships will operate around the East Anglia ONE windfarm in the South of England. 

Browse In-depth Market Research Report (111 pages) on Biofuels

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Alluring Features that Boost Market Growth

As per the latest MRFR report, numerous factors are propelling the global biofuels market share.

Drivers 

Demand for Eco-friendly Fuel to Boost Market Growth 

The growing need for biofuel as an eco-friendly fuel in the road transportation will boost the market over the forecast period. This is on account of the copious availability of biodiesel and bioethanol in significant regions across the globe.

Opportunities 

Government Mandates to offer Robust Opportunities 

The government mandates to blend automotive fuels with biofuels in many developed economies is likely to offer robust opportunities for the market in the forecast period.

Restraints 

Insufficient Feedstocks to act as Market Restraint 

Inadequate availability of all forms of feedstocks like sugar, starch, and algae may impact the biofuels market value over the forecast period.

Challenges 

Uncertain Feed Stock Prices to act as Market Challenge 

The uncertain feed stock prices and capital intensity and yield may act as a market challenge over the forecast period.

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Market Segmentation 

• By Fuel Type

By fuel type, the ethanol biofuel segment is predicted to lead the market in the forecast period for the burgeoning need for bioethanol as automobile fuel. This fuel with its heightened friendliness cuts down the greenhouse gas emissions from the transportation sector substantially.

• By Feedstock Type

By feedstock type, the first generation segment is predicted to dominate the market in the forecast period as this has less saturated fat that makes it easier to process and thus cuts down overall production costs. Besides, compared to algae and cellulosic, the feedstock needed for the production of vegetable oils is more readily available.

Regional Analysis 

North America to Sway Biofuels Market 

North America will sway the market over the forecast period. Government-wide supporting policies like government tax incentives, the US being the global leader in biodiesel for its strong incentives & policies to encourage the production, use, and study of renewable fuels in new technologies, the availability of abundant feedstock for the production of biofuels, favorable government policies for the biofuel production, and increasing awareness about the use of renewable biofuels are adding to the global biofuels market growth in the region. Besides, the presence of large amount of feedstock for biofuel production, and the presence of supporting infrastructure for the production, is also adding market growth. The US and China have the utmost market share.

Europe to Have Second-Largest Share in Biofuels Market 

Europe will hold the second most largest share in the market in the forecast period. Growing adoption of biofuels in the road transportation applications, supporting policies for the use of biofuels by the European government in the European region are adding to the global biofuels market growth in the region.

APAC to Possess Healthy Growth in Biofuels Market 

The Asia Pacific region will have a healthy growth in the market over the forecast period and at a high CAGR for introduction and rise in the adoption of biofuel supporting policies and regulations in various countries like India, Australia, Indonesia, and China are expected to boost the demand for biofuels majorly in the transportation sector in form blending with conventional fossil fuels.

Segmentation of Market covered in the research:

Information by Fuel Type (Biodiesel and Ethanol), by Feedstock Type (First, Second, and Third Generation), and by Region (North America, Europe, Asia-Pacific, the Middle East & amp; Africa, and South America)

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