Emergen Research Logo

Rising demand for reduced carbon-emitting fuels and advancements in algae-based biofuel generation are factors driving biofuels market revenue growth

VANCOUVER, BC, CANADA, April 6, 2023 /EINPresswire.com/ -- The Global Biofuels Market size reached USD 154.76 Billion in 2021 and is expected to register a revenue CAGR of 7.0% during the forecast period, according to the latest analysis by Emergen Research. Biofuels burn cleaner than gasoline and result in low carbon emissions, therefore, their use in transport results in fewer greenhouse gas emissions. This factor is driving biofuel market revenue growth.

Biofuels are manufactured from renewable energy sources, such as corn, biomass, and sugarcane, among others, thus, adoption of biofuels can result in significant savings on crude oil imports for several countries. Not every country has sufficient reserve of crude oil, which results in substantial import of crude oil from oil-exporting countries, in turn, resulting in major economic pressure. In addition, rising demand for biofuels is resulting in increasing pressure to grow biofuel crops, which is further expected to drive growth of the agricultural sector. Moreover, expansion of the biofuel industry is expected to create job opportunities in an economy, therefore, shifting trend toward biofuels from any conventional fuels, such as coal and petroleum, is expected to secure economic conditions of a country and drive market revenue growth. Furthermore, increased use of biofuels in industrial and transportation applications is driving revenue growth of the market. Biofuels have potential to fulfill 30% of transportation fuels by 2050, thereby avoiding around 2.1 gigatons of CO2 emission per year compared to continued use of petroleum-derived fuels.

Request a sample copy of the report @ https://www.emergenresearch.com/request-sample/114

In 2019, CO2 level was recorded highest at around 409 Parts Per Billion (PPM), while carbon emissions have increased by approximately 12 billion tons over the period from 1990 to 2021. This has raised concerns, hence countries across the globe are trying to invent alternative methods to reduce CO2 emissions.

Rising R&D activities, such as development of algae-based biofuel, are driving market revenue growth. Microalgae is considered to be a potential feedstock for biofuel production in recent times, which consists of rich energy and culture process is inexpensive. In addition, it has ability of oxygen addition and carbon dioxide fixation to environment. Moreover, numerous biofuels, such as bio-oil, biodiesel, and bioethanol, among others, have been produced from microalgae.

Some of the key participants in this industry include: Neste, Archer Daniels Midland (ADM), INEOS, BlueFire Renewables, Inc., Renewable Energy Group, Inc., Alto Ingredients, Inc., POET, LLC., Valero Energy Corporation, Shell, Abengoa, and Bunge Limited.

Table of Contents:

Chapter 1 includes an introduction of the global Biofuels market, along with a comprehensive market overview, market scope, product offerings, and an investigation of the market drivers, growth opportunities, risks, restraints, and other vital factors.

Chapter 2 offers an in-depth analysis of the key manufacturers engaged in this business vertical, along with their sales and revenue estimations.

Chapter 3 elaborates on the highly competitive terrain of the market, highlighting the key manufacturers and vendors.

In Chapter 4, our team has fragmented the market on the basis of regions, underscoring the sales, revenue, and market share of each region over the forecast timeline.

Chapters 5 and 6 have laid emphasis on the market segmentation based on product type and application.

Request a discount on the report @ https://www.emergenresearch.com/request-discount/114

Some Key Highlights From the Report

The ethanol segment is expected to register a rapid growth rate during the forecast period due to its easy availability and ability to reduce global warming. Tropical climate is ideal for sugarcane production and corn & grain are produced in almost every country, hence, easy accessibility of ethanol is driving its adoption in manufacturing of products including lacquers, drugs, and plastic. Ethanol-fueled vehicles emit a lower amount of carbon dioxide compared to traditional gasoline-fueled vehicles, which results in reduced global warming.

The sugarcane segment is expected to register a high growth rate over the forecast period. Biofuels, which are produced from sugarcane, results in low net greenhouse gas emissions and reduce adverse impact on environment. Sugarcane is an economical choice for biofuel producers and several benefits, such as pest & disease resistance, drought, and cold tolerance of crop, are driving its adoption as a raw material for biofuel production.

The Asia Pacific market is expected to grow at a rapid rate during the forecast period due to availability of considerable resources to produce biofuels. Market revenue growth is also driven by rising government initiatives in this region for reduction of greenhouse gases.

Some major companies included in the global market report include Neste, Archer Daniels Midland (ADM), INEOS, BlueFire Renewables, Inc., Renewable Energy Group, Inc., Alto Ingredients, Inc., POET, LLC., Valero Energy Corporation, Shell, Abengoa, and Bunge Limited.

On 04 January 2022, Renewable Energy Group, Inc. (REG), a U.S.-based biodiesel production company, acquired Amber Resources, LLC. and its affiliated entities Amber Petroleum Products and M.O. Dion & Sons. Amber Resources is a distributor of diesel lubricants, gasoline, and other fuel components. Through this acquisition, the company will increase approximately 60 million gallons per year of diesel sales of REG.

To know more about the report, visit @ https://www.emergenresearch.com/industry-report/biofuels-market

Emergen Research has segmented the global biofuels market based on product type, feedstock, form, and region:

Product Type Outlook (Revenue, USD Billion; 2019–2030)

Biodiesel

Ethanol

Biogas

Others

Feedstock Outlook (Revenue, USD Billion; 2019–2030)

Sugarcane

Corn

Vegetable Oil

Others

Form Outlook (Revenue, USD Billion; 2019–2030)

Solid Biofuel

Liquid Biofuel

Gaseous Biofuel

Key Geographies Profiled in the Report:

North America (the U.S., Mexico, and Canada)

Asia Pacific (China, Japan, India, and Rest of Asia Pacific)

Europe (the U.K., France, Germany, and Rest of Europe)

Latin America (Brazil and Rest of Latin America)

Middle East & Africa (GCC Countries and Rest of Middle East & Africa)

Request customization of the report @ https://www.emergenresearch.com/request-for-customization/114

Thank you for reading the report. The report can be customized as per the requirements of the clients. For further information or query about customization, please reach out to us, and we will offer you the report best suited for your needs.

Explore More Emergen Research Reports @

Battery Monitoring System Market

https://www.emergenresearch.com/industry-report/battery-monitoring-system-market

Residential Energy Storage Market

https://www.emergenresearch.com/industry-report/residential-energy-storage-market

Tax Management Market

https://www.emergenresearch.com/industry-report/tax-management-market

Calcium Formate Market

https://www.emergenresearch.com/industry-report/calcium-formate-market

About Emergen Research

At Emergen Research, we believe in advancing with technology. We are a growing Marketresearch and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.

Eric Lee
Emergen Research
+91 90210 91709
sales@emergenresearch.com
Visit us on social media:
Facebook
Twitter
LinkedIn

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.