Global Biofuels Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028

“Global Biofuels Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. the global biofuels market is segmented on the basis of type, feedstock, and region.

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Global Biofuels Market: Overview

Biofuel is a liquid fuel produced from organic or biomass material, commonly used as an alternative for conventional fossil fuels, such as petroleum, propane, coal, and natural gas. Biofuels can be derived from fishery or agricultural products and municipal wastes, as well as from food industry, food service by-products and wastes, and agro-industry.

Global Biofuels Market: Dynamics

Rising energy demand for road transport is expected to be a major factor fueling growth of biofuels market owing to abundant availability of biodiesel and bioethanol, along with policies/mandates in significant economies. In addition, biofuels are environment-friendly, clean and harmless gases resulting in minimal impact on environment, which is another factor expected to drive growth of the target market. Renewable Energy Directive (RED) and the Fuel Quality Directive of the European Union region, has focusing on introducing 7% renewable energy coming from food and feed crops in the transport sector by 2020. Furthermore, developed and developing regions are taking efforts to minimize the reliability on fossil fuels, which is fueling the use of biofuels in the coming years. In addition, government support for R&D activities and production, and regulations mandating the use of fuel blends containing higher percentage of biofuel, along with promoting using biofuel in regional transportation sector in various countries across the globe, are some of the major factors expected to drive growth of the target market. In addition, growing awareness regarding renewables, coupled with improving economic conditions, rising living standards are some other factors expected to boost growth of the target market.

Global Biofuels Market: Segment Analysis

Among the type segments, the biodiesel segment is expected to account for significant revenue share in the global market.

Among the feedstock segments, the vegetable oil segment is estimated to account for major revenue share, and is projected to maintain its dominance over the forecast period.

Global Biofuels Market: Regional Analysis

The market in North America is expected to account for highest market share in terms of revenue as compared to that of markets in other regions, followed by Europe. This is attributed to increasing ethanol production and favorable biofuel blending policies. The market in Europe is projected to witness significant growth in terms of revenue, owing to increasing government initiatives and subsidiaries along with shifting preference to adopt or use of biofuel blend with conventional fuels in the countries in this region. Furthermore, the Asia Pacific biofuels market is expected to grow at a significant rate over the forecast period owing to government mandates to minimize emissions of greenhouse gases in the region.

According to data published by European Commission, the EU aims to have 10% of the transport fuel of every EU country come from renewable sources such as biofuels. Fuel suppliers are focusing to reduce the greenhouse gas intensity of the EU fuel mix by 6% by 2020 in comparison to 2010.

Global Biofuels Market Segmentation:

Segmentation by Type:

• Biodiesel
• Ethanol

Segmentation by Feedstock:

• Coarse Grain
• Sugar Crop
• Vegetable Oil
• Jatropha
• Molasses

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa