DUBLIN, Feb. 2, 2024 /PRNewswire/ — The “Global Biofuel Market: Analysis by Consumption, Production, Type, Form, Feedstock, Region Size & Forecast with Impact Analysis of COVID-19 and Forecast up to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global biofuel market is poised for significant growth with a forecast to reach an impressive $216.05 billion by 2028, driven by technological advancements, supportive government policies, and shifting trends towards sustainability. A recent market analysis report reveals the impact of these factors on the sector, shedding light on consumption, production, types, forms, and feedstock, with a special emphasis on regional diversification and an in-depth analysis of the market’s response to the COVID-19 pandemic.
The report segments the biofuel market based on type, highlighting Ethanol, Biodiesel, and others. Ethanol continues to dominate the market, although biodiesel is expected to grow at the fastest pace, thanks to an increasing demand for cleaner energy solutions and diverse feedstock availability. The detailed analysis within the report attributes the rise in global temperature as a significant driver for the search for alternative and sustainable energy sources, subsequently boosting the biofuel sector.
Biofuels in liquid form hold the largest market share, attributed to their versatility and widespread availability, ensuring sustainability in energy production. The report projects continued growth in this segment, emphasizing the benefits and availability of liquid biofuels in global markets.
The study includes a forecast of societal shifts towards more sustainable transportation, highlighting significant growth in biofuel consumption potentially reaching 279.88 billion liters by 2028. The analysis provides a deep dive into regional contributions to this growth, with the US and Brazil being key players historically. Yet, the future landscape of biofuel consumption is expected to be shaped by stringent policies and blending efforts in countries such as China, Europe, the US, and India.
On the production front, the global biofuel market is forecasted to hit 119.68 billion liters in 2023. Maize remains the frontrunner as a feedstock due to its easy accessibility and starch-rich composition, which is ideal for ethanol production through fermentation processes. Regionally, the US leads in overall biofuel production, with the North American market enjoying the limelight due to technological advancements and the presence of industry giants.
Evaluating market dynamics, the analysis identifies the burgeoning demand for bio-jet fuel as a key driver, indicating a paradigm shift toward more sustainable aviation fuels. Given the global emphasis on reduced carbon footprints and increased eco-friendly air travel, this segment is promising for market growth. Nevertheless, challenges such as high capital investment for biorefinery setup and variable costs of feedstock remain obstacles to market expansion.
Sustainability trends continue to sculpt the biofuel market landscape. As a renewable energy source, biofuels present a robust solution for decreasing greenhouse gas emissions. The report observes technology advancements and international collaboration as crucial trends, set to further cement the market’s upward trajectory.
The competitive landscape of the biofuel market is marked by the strategies of key players, who are increasingly investing in innovative solutions and strategic developments. The market’s fragmented nature indicates that these players are vying to strengthen their positions through various initiatives aimed at enhancing their global impact.
As the world gears up for a future underpinned by renewable energy, biofuels emerge as a powerful player, helping to shape a more sustainable and eco-friendly global energy paradigm. This comprehensive report offers valuable insights for stakeholders and delineates a clear map of the biofuel market’s prospective journey through 2028.
Key Market Dynamics
Growth Drivers
Rapid Urbanization
Emergence of Bio-jet Fuel
Growing Demand as Environment-friendly Fuel in Road Transportation
Growing Demand for Cleaner Fuels and Favorable Government Policies
Rising Focus on Lowering Greenhouse Gas Emission and Curbing Carbon Emissions
Limited Availability Of Fossil Fuel-based Resources
Challenges
High Initial Capital Investment
Variable and High Cost Of Feedstock
Market Trends
Sustainability
Technology Advancements in Biofuels
Strategic Development and International Collaboration
Companies Profiled
Ineos Group
Cosan
Vereinigte BioEnergie
Repsol,
Green Plains
Archer-Daniels-Midland Company
Louis Dreyfus Company
Neste
Chevron
Wilmar International
CropEnergies
POET LLC
Cargill
For more information about this report visit https://www.researchandmarkets.com/r/7nh417
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1904
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
SOURCE Research and Markets
