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Key Takeaways from Market Study
- North America and Latin America together command over 55% of global biofuel revenue owing to their large production base.
- The market in both, East Asia and Middle East and Africa is expected to witness a CAGR of over 6% during the forecast period.
- Revenue through biodiesel is expected to increase 170 BPS during 2021 – 2031.
- Corn-based biofuel accounts for over one-third of global demand; however, demand for vegetable oil and other feedstocks is expected to grow at a faster pace.
- Land transport application of biofuel remained dominant with more than 90% share. However, demand in shipping applications is expected to surge over the coming years.
- Top five players manufacturing biofuel accounted for 21% market share in 2020.
Market Segments Covered in Biofuels Industry Research
By Biofuel Type
- Corn-based Biofuel
- Sugarcane-based Biofuel
- Vegetable Oil-based Biofuel
- Other Feedstock-based Biofuel
- Biofuel for Land Transport
- Biofuel for Shipping
- Biofuel for Other Applications
According to Fact.MR’s market research analysis, innovations as well as product development have been prominent developments related to biofuel in recent years.
- In July 2021, Alpha Biofuels, a Singapore based company announced that it has blended its biofuel at its Tuas plant, wherein, it was converted from cooking oil that it had collected from food & beverage manufacturers. In the same month, it is also used as trial in the vessel The Frontier Jacaranda, which sailed on 93% standard fuel and 7% biofuel.