Pune, India -- (SBWIRE) -- 08/06/2018 -- Market Overview:-
The latest trend making waves in the biofuel market currently is conversion of biomass into biodiesel (type of biofuel), using biomass to liquid (BTL) technology. For instance, Beijing Sanju Environmental Protection and New Material Co. Ltd. jointly have used this technique for biomass liquefaction using agricultural residues to produce clean liquid hydrocarbon fuel.
However, the biofuel market is threatened by the fact that biofuel sometimes harms the rubber hoses in some engines. But despite the restraint, the biofuel market is well on its way to showcase high growth in the future. Favorable economies around the globe, demand for renewable source of fuel, and biofuel being a cheaper substitute for fossil fuel shape the market size positively.
At present, the world is perceiving an all-time high demand for bio fuels. This is the primary reason why experts of this market believe that bio fuels market will expand tremendously during the projection period. The revenue turnover figures look pretty promising and the approximate CAGR for this term will be 5.7%.
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Industry News:-
April 16, 2018 – Red Rock Biofuels a major player in this market recently declared that it will be starting the construction process on a new plant in south-central Oregon. This facility is anticipated to annually convert around 136,000 tons of woody bio mass and forest bi-products into 15 million gallons of renewable fuels.
Competitive Analysis:-
The highly competitive market for biofuels is growing remarkably due to presence of key players such as Abengoa Bioenergy Inc. (Spain), INEOS Group AG (U.K.), Archer Daniels Midland Company (U.S.), and BioWanze SA (Belgium).
Finnish biofuel company Neste will acquire a majority stake in the Dutch company, Demeter Animal Fats, and Proteins, with Neste being the controlling shareholder by buying 51% of the total share. This acquisition is a business strategy adopted by Neste in a bid to expand its biofuel platform, secure raw material availability from Demeter and further establish its position in the global biofuel market.
Market Segmentation:-
The research report distributed by Market Research Future on the topic 'Bio Fuels Market' consists of a special section that is concerned with providing a detailed segmental analysis for the market. Here is a glimpse of that part of the report.
By composition – Miscellaneous, starch feedstocks, lingnocellulosic and sugar feedstocks.
By fuel type – Ethanol and bio diesel.
By feedstock type – Ethanol feedstock and bio diesel feedstock.
By application – Power generation and transportation.
Comprehensive Regional Analysis:-
The bio fuels market has accomplished the goal of instituting itself on a global level. Over the years it has outreached many major countries and regions of the world. Some of the main areas where its prominence can be observed are Asia Pacific, Middle East & Africa, North America and Rest of the World.
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Regional Analysis
Based on regions, the market is segmented on the basis of North America, Europe, Asia-Pacific and the Middle-East and Africa.
MRFR experts opine that the Asia-Pacific biofuel market is projected to witness the strongest growth due to the presence of countries such as China and India, which are major contributors in terms of biofuels particularly ethanol. In the backdrop of constant challenges with the availability of fossil fuels and the impact of global warming, the demand for biofuel in this region has risen significantly over the past few years. The governments across countries in the region are supporting the biofuel market in the form of subsidies and tax incentives leading to profits churned out by biofuel producing companies.
The biofuel market in North America region is shaping up emphatically owing to favorable regulations and policies, innovation support, high demand from agricultural sectors and shifting focus on environmental issues. The region is also blessed with copious amount of raw materials that are used for the production of bio-diesel such as rape-seeds, soybean, and sugarcane. Also, the Canadian government is promoting the use of biodiesel in a bid to reduce carbon emissions from automotive vehicles. The region has observed expansion of biodiesel manufacturing plants, which increases the demand for biodiesel.