Global Biofuels Market to 2030: Favorable Regulatory Policies and Tax Incentives Drives Growth
Global Biofuels Market
Dublin, July 05, 2023 (GLOBE NEWSWIRE) -- The "Biofuels Market Size, Share & Trends Analysis Report 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global biofuels market size is expected to reach USD 207.87 billion by 2030. The market is expected to expand at a CAGR of 11.1% from 2023 to 2030.
The rising need for sustainable energy resources, coupled with favorable government regulations to reduce dependency on fossil fuels is expected to be a major driver for market growth. Biofuels are eco-friendly, and renewable and have proved to be a viable option in the European Union, the Americas, and Asia Pacific for power generation.
The various advantages obtained by employing biofuel include sustainability and reduction in carbon footprint. The outbreak of the COVID-19 pandemic across the globe in 2020 resulted in a slowdown in the growth of this market.
Delayed utility-scale projects due to lockdown measures, social distancing guidelines, and financial challenges negatively affected the demand for biofuels in the electricity generation segment. The COVID-19 pandemic also impacted the product demand in heat generation applications. Sluggish industrial activities have reduced the demand for heat consumption, thereby negatively affecting the demand for biofuels.
The others segment in the product category, which includes propanol, butanol, methanol, and biogas, led the industry in 2022 and accounted for the largest revenue share followed by ethanol as the second-largest segment in the biofuels market.
The major reason for the dominance of the others segment is the shift in focus of countries toward the use of renewable sources, particularly for electricity generation, which significantly boosted the global demand for biogas. In addition, the increasing requirement to reduce dependency on fossil fuels is creating lucrative opportunities for the utilization of biogas as fuel in vehicles.
The industry is concentrated where major companies, such as Air Liquide, Shell, and, Archer Daniels Midland Company, accounted for the majority of revenue share in 2022. These companies are equipped with facilities, which are capable of manufacturing and transportation of biofuels, such as ethanol, biodiesel, and others.
Companies Mentioned
Archer Daniels Midland Company
Green Plains Inc.
Petrobras
Valero Energy Corporation
Alto Ingredients, Inc.
Gevo
Butamax Advanced Biofuels LLC
Wilmar International Ltd.
Renewable Energy Group, Inc.
Bunge North America, Inc.
Royal Dutch Shell Plc
CropEnergies AG
Air Liquide
Scandinavian Biogas Fuels International AB
Abengoa
Biofuels Market Report Highlights
Transportation accounted for the largest revenue share of 71.24% in 2022. Biofuels are well suitable for transportation because they are relatively energy-dense (unlike electricity and batteries) and easy to distribute using existing infrastructure with only minor modifications (unlike hydrogen)
The North America region accounted for 33.25% revenue share in 2022. The region has been one of the front runners in implementing favorable policies and supports mechanisms for the growth of renewable energy and energy efficiency projects across the globe
Various strategic initiatives were recorded over the past few years to boost the growth of the market
For instance, in October 2022, TotalEnergies announced offering biofuel for ships in Singapore from 2023. This initiative is expected to reduce Greenhouse Gas (GHG) emissions from the shipping industry by 20%-25%
Key Attributes:
Report Attribute | Details |
No. of Pages | 120 |
Forecast Period | 2022 - 2030 |
Estimated Market Value (USD) in 2022 | $91.18 Billion |
Forecasted Market Value (USD) by 2030 | $207.87 Billion |
Compound Annual Growth Rate | 11.1% |
Regions Covered | Global |
Key Topics Covered:
Chapter 1 Methodology & Scope
Chapter 2 Executive Summary
Chapter 3 Market Variables, Trends & Scope
3.1 Biofuels Market - Industry Outlook
3.1.1 Penetration & Growth Prospect Mapping
3.2 Industry Value Chain Analysis
3.3 Technology Outlook
3.4 Regulatory Framework
3.4.1 Policies and Plans by Major Countries
3.4.2 Standards & Compliances
3.4.3 Safety
3.5 Market Dynamics
3.5.1 Market Driver Analysis
3.5.1.1 Favorable Regulatory Policies And Tax Incentives
3.5.1.2 Increasing Demand For Clean Fuel
3.5.2 Market Restraint Analysis
3.5.2.1 Environmental Impact Of Biofuels, Technological Challenges, And Performance Issues In Certain Applications
3.5.3 Market Opportunities
3.5.3.1 Technological advancements
3.6 Industry Analysis: Biofuels Market
3.6.1 Industry Analysis - Porter's
3.6.2 PESTEL analysis
3.7 Impact of COVID - 19 on Biofuels Market
3.7.1 Challenges
3.7.2 Steps Taken
3.7.3 Eastern European Geopolitical Implications Overview
Chapter 4 Biofuels Market: Form Estimates & Trend Analysis
4.1 Definition & Scope
4.2 Biofuel Market: Form Movement Analysis, 2022 & 2030
4.3 Market size & forecasts and trend analysis, 2019 to 2030 for the following:
4.3.1 Solid Biofuel
4.3.1.1 Biofuels Market Estimates And Forecasts, By Solid Biofuel, 2019 - 2030 (Usd Billion) (Thaousand Tons Oil Equivalent)
4.3.2 Liquid Biofuel
4.3.2.1 Biofuels Market Estimates And Forecasts, By Liquid Biofuel, 2019 - 2030 (Usd Billion) (Thaousand Tons Oil Equivalent)
4.3.3 Gaseous Biofuel
4.3.3.1 Biofuels Market estimates and forecasts, By GASEOUS biofuel, 2019 - 2030 (USD Billion) (Thaousand tons oil equivalent)
Chapter 5 Biofuels Market: Product Estimates & Trend Analysis
5.1 Definition & Scope
5.2 Biofuels Market: Product Movement Analysis, 2022 & 2030
5.3 Market size & forecasts and trend analysis, 2019 to 2030 for the following:
5.3.1 Biodiesel
5.3.1.1 Biofuels Market estimates and forecasts, By Biodiesel, 2019 - 2030 (USD Billion) (Thaousand tons oil equivalent)
5.3.2 Ethanol
5.3.2.1 Biofuels Market estimates and forecasts, By EtHAnol, 2019 - 2030 (USD Billion) (Thaousand tons oil equivalent)
5.3.3 Wood Pellets
5.3.3.1 Biofuels Market estimates and forecasts, By Wood Pellets, 2019 - 2030 (USD Billion) (Thaousand tons oil equivalent)
5.3.4 Others
5.3.4.1 Biofuels Market estimates and forecasts, By Other product, 2019 - 2030 (USD Billion) (Thaousand tons oil equivalent)
Chapter 6 Biofuels Market: Feedstock Estimates & Trend Analysis
6.1 Definition & Scope
6.2 Biofuels Market: Feedstock Movement Analysis, 2022 & 2030
6.3 Market size & forecasts and trend analysis, 2019 to 2030 for the following:
6.3.1 Corn
6.3.1.1 Biofuels Market estimates and forecasts, by Corn, 2019 - 2030 (USD Billion) (Thaousands Tons oil equivalent)
6.3.2 Sugarcane
6.3.2.1 Biofuels Market estimates and forecasts, by Sugarcane, 2019 - 2030 (USD Billion) (Thaousands Tons oil equivalent)
6.3.3 Vegetable Oils
6.3.3.1 Biofuels Market estimates and forecasts, by Vegetable oils, 2019 - 2030 (USD Billion) (Thaousands Tons oil equivalent)
6.3.4 Others
6.3.4.1 Biofuels Market estimates and forecasts, by others, 2019 - 2030 (USD Billion) (Thaousands Tons oil equivalent)
Chapter 7 Biofuels Market: Application Estimates & Trend Analysis
7.1 Definition & Scope
7.2 Biofuel Market: Application Movement Analysis, 2022 & 2030
7.3 Market size & forecasts and trend analysis, 2019 to 2030 for the following:
7.3.1 Transportation
7.3.1.1 Biofuels Market estimates and forecasts, By Transportation, 2019 - 2030 (USD Billion) (Thaousand tons oil equivalent)
7.3.2 Aviation
7.3.2.1 Biofuels Market estimates and forecasts, By Aviation, 2019 - 2030 (USD Billion) (Thaousand tons oil equivalent)
7.3.3 Energy Generation
7.3.3.1 Biofuels Market estimates and forecasts, By Energy generation, 2019 - 2030 (USD Billion) (Thaousand tons oil equivalent)
7.3.4 Heating
7.3.4.1 Biofuels Market estimates and forecasts, By Heating, 2019 - 2030 (USD Billion) (Thaousand tons oil equivalent)
7.3.5 Others
7.3.5.1 Biofuels Market estimates and forecasts, By Others, 2019 - 2030 (USD Billion) (Thaousand tons oil equivalent)
Chapter 8 Biofuel Market: Regional Estimates & Trend Analysis
Chapter 9 Competitive Landscape
9.1 Key Global Players & Recent Developments & Their Impact on the Industry
9.1.1 Major Deals & Strategic Alliances
9.2 Vendor Landscape
9.2.1 List of Key Distributors and Channel Partners
9.3 Key Company Market Position Analysis, 2021
Chapter 10 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/79gub0
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