Pune, India, Aug. 08, 2022 (GLOBE NEWSWIRE) — The global liquid biofuels market size was valued at USD 116.00 billion in 2019. The market is forecast to rise USD 219.97 billion by 2027 at a CAGR of 8.4% during the forecast period 2021-2027. Fortune Business Insights™ has mentioned these insights in the latest research report, titled, “Liquid Biofuels Market, 2021-2027.” According to the analysis, surging vehicular pollution levels across the globe is expected to feed the growth of this market. The market is driven by the increase in the demand for biofuels owing to their environmental sustainability and lower greenhouse gas emissions.
May 2020: Canada-based BC Hemp Corporation announced its plans to construct a biofuel plant in Prince George, British Columbia for an estimated value of USD 2 billion. Employing close to 2500 people, the plant will be utilized for producing industrial-grade ethanol from hemp stock.
February 2020: Italy-based NextChem joined forces with US-based Saola Energy to produce renewable diesel from residual fats and vegetable oils. Saola will employ its hydro-treatment and isomerization technologies to produce renewable diesel, while NextChem will provide clients engineering, construction, and training services under the partnership.
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Report Scope & Segmentation:
|Forecast Period 2020 TO 2027 CAGR||8.4%|
|2027 Value Projection||USD 219.97 Billion|
|Market Size in 2019||USD 116.00 Billion|
|Historical Data for||2016-2018|
|No. of Pages||2026|
|Segments covered||Type, Feedstock, Process, Application, Region|
|Growth Drivers||Substitution of Conventional Fuels with Biofuels to Propel Market Growth|
|Biofuel Promotion and Renewable Energy Targets to Augment the Market Growth|
In-Depth Qualitative COVID 19 Outbreak Impact Analysis Include Identification and Investigation of The Following Aspects:
Falling Ethanol Prices amid COVID-19 Pandemic to Retard Market Growth
The outbreak of the COVID-19 contagion has threatened to cause long-term damage on many industries. One of them is the transport industry, which is experiencing sharp decline in demand. The trickle-down effect is being witnessed in an even steeper fall in biofuel prices, especially ethanol prices.
According to a study conducted by Purdue University, the average monthly price of ethanol fell from $1.32/gallon in December 2019 to $0.82/gallon in March 2020 due to rapid decline in demand for transport services. Reduced profit margins of ethanol producers have slowed down production of ethanol, which is expected to further cripple the Liquid Biofuels market growth during 2020.
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Product Type, Feedstock, Process, Application, and Region are studied:
- In terms of Product Type, the market is segregated into ethanol and biodiesel
- Based on Feedstock, the market is segmented into Sugar Crops, Starch Crops, Vegetable Oils, Animal Fats, and Others
- By Process the market is divided into Fermentation, Transesterification, and Others
- On the basis of applications, the market is categorized into Transportation, Power Generation, and Heat
- With respect to geography, the market covers North America, Europe, Asia Pacific, and the rest of the world.
Liquid Biofuels Market Drivers:
Substitution of Conventional Fuels with Biofuels to Propel Market Growth
Shortage of conventional fuels such as oil & natural gas and environmental degradation caused by them are major global problems. Production and use of renewable energy resources are likely to help overcome these problems. Biofuels are majorly used as substitutes of petroleum-based fuels for transport, and they are considered as a part of important strategies to improve fuel security, mitigate climate change, and support infrastructure development.
According to the U.S. Department of Energy, ethanol produces around 48% less carbon dioxide than conventional gasoline. Moreover, biodiesel releases only 25% of the amount of CO2 that conventional diesel releases, making it a much more attractive option from the standpoint of the environment. Aviation is one of the major consumers of energy in the transport industry. In 2018, aviation biofuel production was about 15 million liters. To date, more than 150,000 flights have used biofuels. Thus, several benefits associated with these new-age fuels are furthering the Liquid Biofuels market growth.
Increasing Production of Biofuels in the US to Accelerate Market Growth in North America
With North America accounting for 45% of the global biofuel production, the region is well-positioned to dominate the Liquid Biofuels market share in the foreseeable future. The US is largest producer of ethanol worldwide, having produced 15.8 billion gallons of ethanol in 2019 alone. In 2019, the region’s market size stood at USD 42.96 billion.
Latin America is expected to emerge as the second most dominant region in the market, supported by surging ethanol production in Brazil. Besides this, Argentina is also aggressively expanding its renewable energy sector, which bodes well for this market. Europe being the largest producer and consumer of biodiesel in the world is expected to offer several lucrative opportunities for players in this market.
Production Capacity Elevation Measures to be Implemented by Market Players
Competition in the Liquid Biofuels market is characterized by the variety of strategies implemented by the players to consolidate their position in this market. Prominent among these are the measures adopted by these companies to enhance their production capabilities to meet the rising demand for biofuels around the world.
Exhaust from motor vehicles is one of the biggest contributors of air pollution in the world. The US Environment Protection Agency (EPA) estimates that on-road automobiles cause 75% of carbon monoxide pollution in the country. The European Parliament has also stated that 72% of the EU’s carbon emissions come from road transport. To address the issues surrounding escalating air pollution levels, Liquid Biofuels such as ethanol and biodiesel have emerged as the most viable and feasible substitutes to conventional fossil fuels such as petrol. Governments around the world are actively promoting the adoption of biofuels for transport activities as the carbon-based fuels carry heavy environmental as well as human health costs. Liquid biofuel can be used in various applications such as transportation fuel, heating fuel, and electricity generation fuel. Liquid biofuels have been considered as an alternative solution for petroleum-based fuels, which are considered unsustainable and expensive.
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The report has been prepared painstakingly through qualitative and quantitative analysis, emphasizing industry landscape, trends and market dynamics. The use of top-down and bottom-up approaches further validates the authenticity of the research report. Efforts have also been taken to boost primary and secondary research. The report also provides a birds-eye-view on global and regional market size, share, and volume.
List of Key Players Profiled in the Liquid Biofuels Market Report:
- Butamax Advanced Biofuels, LLC (U.S.)
- Gevo, Inc. (U.S.)
- Eniven Group (Slovakia)
- Emami Agrotech Limited (India)
- Fulcrum BioEnergy, Inc. (U.S.)
- Renewable Energy Group, Inc. (U.S.)
- Enerkem (Canada)
- ADM (U.S.)
- Pacific Ethanol, Inc. (U.S.)
- BIO OILS ENERGY (Spain)
- Bangchak Corporation Public Company Limited (Thailand)
- Algenol (U.S.)
- CropEnergies AG (Germany)
- Renewable Biofuels Inc. (U.S.)
- POET (U.S.)
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- Sugar Crops
- Starch Crops
- Vegetable Oils
- Animal Fats
- Power Generation
- North America (U.S., and Canada)
- Europe (UK, Germany, France, Netherland, Poland, Spain, and Rest of Europe)
- Asia Pacific (China, India, Thailand, Indonesia, and Rest of Asia Pacific)
- The Middle East & Africa (South Africa, and Rest of the Middle East & Africa)
- Latin America (Brazil, Argentina, and Rest of Latin America)
Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Liquid Biofuels Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Liquid Biofuel Market Analysis (USD Billion) (Billion Liters), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Market Analysis, Insights and Forecast – By Feedstock
- Sugar Crops
- Starch Crops
- Vegetable Oils
- Animal Fats
- Market Analysis, Insights and Forecast – By Process
- Market Analysis, Insights and Forecast – By Application
- Power Generation
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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