Global Biofuels Market was valued US$ XX Bn in 2018 and is expected to reach US$ XX Bn by 2026, at CAGR of XX% during forecast period.
Biofuels are on the increasing demand and will continue to grow rapidly through 2026. This rapid growth is changing the dynamics of the food, agricultural and the energy markets in a big way. The U.S, Brazil (Ethanol) and EU (Bio Diesel) are now driving most of the demand for biofuels. Government energy policies have contributed greatly to this rapid increase in demand and have coaxed producers to find ways to increase production.
However, scarcity of land to produce power corps and growing food scarcity in developing nations is hindering the growth of the biofuels market. Biofuels are also not the green solution as they produce greenhouse gases on use. This is also an implementation of the growth of this technology.
Biodiesel is the leading segment of the market and is anticipated to continue its dominance during the forecast period. Growing application of biodiesel in commercial and passenger vehicles mainly in flex-fuel vehicles is expected to be the key factor to drive biofuels market.
The key factors for the growth of biofuels market are minimizing storage issues with stability and transportation issues with the high cost of delivered fuel compared to fossil fuels, it can reduce the ecological problems like global warming, greenhouse effect and pollution.
North America has the highest share of the global biofuels market, owing to its supportive policies extended by the governments, like the many tax incentives provided by the governments. The U.S is the global leader for biodiesel, because of its robust policies, mandates, and incentives for encouraging production, consumption, and research for new technologies for alternative fuels. Recently, the USA government blocked in practice the import of Argentine biodiesel, which is made totally from soybeans, by impressive high import duties, arguing dumping, or unfair competition with local soybean producers.
Key Developments in the Global Biofuels Market: In November 2017, Abengoa has been awarded the contract for the engineering, design, construction, and ordering of municipal solid waste (MSW)-to-biofuels plant for Fulcrum BioEnergy. The plant, located in the State of Nevada, is estimated to produce 10 million gallons of biofuels per year, to be used in the aviation sector.
In June 2017, My Eco Energy (MEE) plans to sell biodiesel, marketed under the brand name of Indizel, in canisters (5, 10 and 20 liters) over retail supply model in cities through India. The biofuel, manufactured the company, is complete from recycled and waste vegetable oils & fats, and is capable of outdoing petroleum diesel in performance, emissions, mileage, price, and value.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Global Biofuels Market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER's analysis, and SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in Global Biofuels Market.
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