Liquid Biofuels Market Size to Hit USD 265.01 Billion by 2030 | Exhibiting CAGR of 8.6%
Fortune Business Insights
7 min read
Fortune Business Insights
Liquid Biofuels Market Key Companies studied are ADM, CropEnergies AG, Bangchak Corporation Public Company Limited, Enerkem, Renewable Biofuels, Chevron Renewable Energy Group, POET, Algenol, Fulcrum BioEnergy, Emami Agrotech Limited, Bio-Oils Energy S.A., Alto Ingredients, Gevo.
Pune, India, Sept. 08, 2023 (GLOBE NEWSWIRE) -- The global liquid biofuel market size was valued at USD 137.26 billion in 2022. The market is projected to grow from USD 148.51 billion in 2023 to USD 265.01 billion by 2030, exhibiting a CAGR of 8.6% during the forecast period. This information is published in an upcoming report by Fortune Business Insights, titled, "Liquid Biofuels Market Size, Share & COVID-19 Impact Analysis, By Type (Ethanol and Biodiesel), By Feedstock (Sugar Crops, Starch Crops, Vegetable Oils, Animal Fats, and Others), By Process (Fermentation, Transesterification, and Others), By Application (Transportation, Power Generation, and Heat), and Regional Forecast, 2023–2030".
The report provides elaborate information regarding the liquid biofuels market trends, future prospects, growth drivers, regions, and obstacles. Besides these, it highlights all the segments of the market and states the leading ones separately. It further pin-points the competition dynamics to offer comprehensive data about the competitive edge.
Gain insights into the market's current state and future projections.
Understand the impact of the COVID-19 pandemic on Liquid Biofuels Market.
Explore the latest liquid biofuels Industry trends and technologies driving the market.
Learn about key factors driving market growth and potential challenges in liquid biofuels market.
Stay informed about government policies and initiatives shaping the industry.
Discover the top industry players and their strategies.
Liquid biofuel is produced using several processes such as transesterification, fermentation, and others. This is derived from organic materials such as plants or waste materials and can be used as an alternative to fossil fuels in heat, transportation, and power generation. Ethanol and biodiesel are the two mostly used liquid biofuels.Fortune Business Insights™ mentioned this in a report titled “Liquid Biofuel Market, 2023-2030.”
Inclining Trends toward Environment-friendly Fuel to Stimulate Market Growth
Rapid Increase in Conventional Fuel Prices to Surge Demand for Liquid Biofuels
Drivers and Restraints:
Transportation Sector to Deliver Lucrative Opportunities for Liquid Biofuel
The world’s current transportation system mostly depends on petroleum, a resource concentrated in a few countries. If biofuel is utilized in public transportation, vehicle fuel economy, and new automotive technologies, it will play a major role in building a sustainable transport sector.
Increased prices of raw materials of biofuel have decreased demand across various sectors, restricting the market growth.
COVID-19 Impact:
Disruptions in Supply Chains Hindered Market Development during Pandemic
The outbreak of the COVID-19 pandemic has substantially impacted the global market. The market was affected negatively owing to factors such as declining oil prices, disruptions to supply chains, and reduced demand for transportation fuels. However, the demand for renewable fuels such as biofuel is anticipated to increase during the projected period, propelling the liquid biofuel market growth.
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into regional developments.
List of major industry players.
Key strategies adopted by the market players.
Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
Segmentation:
Increasing Use of Ethanol as Green Alternative for Fossil Fuels to Augment Market Growth
On the basis of type, the market is bifurcated into biodiesel and ethanol. The ethanol segment is anticipated to dominate the liquid biofuel market share. The segment’s dominance is due to the increased use of ethanol, as it can also be used as a green alternative to fossil fuels and mixed with gasoline to power vehicles without engine modifications.
Increased Use of Starch Crops to Dominate the Market Share During the Projected Period
Based on feedstock, the market is segmented into vegetable oils, sugar crops, animal fats, starch crops, and others. The starch crops segment is predicted to dominate the market share is due to corn as the primary feedstock for fuel ethanol production in most of the countries, as it is widely available and relatively inexpensive.
Fermentation Process to Augment Market Growth Owing to Cost-Effectiveness
According to process, the market is segmented into fermentation, transesterification, and others. The fermentation segment is estimated to dominate the market for ethanol production as it is cost-effective and highly prevalent.
Stringent Regulations on Carbon Emissions to Propel Market Growth
As per application, the market is divided into heat, transportation, and power generation. The transportation segment is anticipated to lead the market due to imposition of strict laws and regulations by the government on carbon emissions.
Regional Insights:
North America to Dominate Market Share Owing to Increase in Demand for Biofuel
North America dominated the market with the largest share and is anticipated to maintain a steady growth rate. North America is the largest consumer and producer of liquid biofuel. The region has heavily invested in developing biofuel technology and infrastructure, establishing high regional production.
The Latin America market is growing owing to the rising demand for renewable energy sources, surging government initiatives to decrease carbon emissions.
Bangchak Corporation Public Company Limited (Thailand)
Enerkem (Canada)
Renewable Biofuel Inc. (U.S.)
Chevron Renewable Energy Group. (U.S.)
POET (U.S.)
Algenol (U.S.)
Fulcrum BioEnergy, Inc. (U.S.)
Emami Agrotech Limited (India)
Bio-Oils Energy S.A. (Spain)
Alto Ingredients, Inc. (U.S.)
Gevo, Inc. (U.S.)
Competitive Landscape:
Key Players in the Market are Adopting Acquisitions, Partnerships, and Mergers to Gain Traction
Companies in the market are adopting mergers, partnerships, and acquisitions to gain competence and stay competitive in the market. They are joining forces with other companies or acquiring new technology, expertise, and resources to improve their products, accelerate growth, and increase their market share. Key players in the market include ADM, POET, Renewable Biofuel Inc., and Bangchak Corporation Public Company Limited.
Key Industry Development:
May 2022: POET declared that the company would invest USD 30 million and reopen its ethanol production facility in Cloverdale, Indiana.
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