Biofuels Market To Drive Swiftly And Reach USD 218.7 Billion in 2022
Key players in biofuels market are Green Plains Inc., Copersucar S.A DSM, Western Dubuque Biodiesel Llc, Aemetis Inc, Renewable Energy Group, Solazyme Inc, BlueFire Renewables, Raizen Energia Participacoes S.A, Australian Renewable Fuels Ltd., and AVRW Inc. among others. These players are set to power the global biofuels market in the years to come.
As per the researchers at Zion Market Research, global biofuels market was capitalized at USD 168 Billion in 2016. The global biofuels market is likely to cross USD 218.7 Billion in 2022 and is likely to develop at a CAGR of 4.5% from 2017 to 2022.
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Low Cost Of Biofuels In Comparison To Other Vegetable Oils To Foster The Development Of Biofuels Market In The Years To Come
Factors such as increasing living standards, developing economic conditions, and altering eating habits in up-and-coming nations are set to bolster the development of the biofuels market. In addition to this, increasing requirement for vegetable oil as a feedstock for production of biodiesel is also boosting the growth of biofuels market. Moreover, stringent rules on trans-fat foods in Europe and U.S. are leading to rapid movement in usage of soybeans oil to biofuels, thereby powering the growth of biofuels market. In addition to this, low cost of biofuels in comparison to other vegetable oils is likely to foster the development of biofuels market in the years to come. Furthermore, rising penetration in the market by major producing nations such as Malaysia, Indonesia, and Thailand might unlock new avenues in the forecast period in the biofuels market.
Apart from this, different measures taken by market players in order to maintain their status are set to foster the development of biofuels market. For example, in June 2017, MEE (My Eco Energy) sold biodiesel, promoted under the Indizel brand name, in canisters via retail supply model in cities all over India, boosting the biofuels market.
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Crude Oil To Dominate Derivative Segment In The Biofuels Market In The Forecast Period
Derivative segment in the biofuels market comprise palm kernel oil, crude palm oil, and others including palm kernel cake. The crude oil division was a dominant segment amongst the other biofuels derivative in 2015 in the biofuels market due to increasing applications such as surfactants, edible oil, biofuel, cosmetics, and lubricants.
Asia Pacific To Rule The Overall Demand Of Biofuels Market In The Years To Come
Asia Pacific dominated the overall demand of biofuels market in 2016 and it added up for a noteworthy share in the global market. Manufacturing in the area elevated considerably in recent times due to rise in the yield of biofuels, rise in the cumulative land region of biofuels plantation, and high spending in R&D related activities.
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The global biofuels market is segmented as follows:
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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