Biofuels Industry Is Likely To Expand At A CAGR Of 4.8% During 2022-2032

As per a new report published by Fact.MR, a market research and competitive intelligence provider, the global biofuels market is anticipated to exceed a valuation of around US$ 141 Bn by 2021. Under the likely scenario, the market can register a CAGR of around 4.8% over the projection period of 2021 to 2031. North America accounts for nearly 35% of global biofuel demand.

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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

  • Biodiesel
  • Bioethanol
  • Others

• By Feedstock

  • Corn-based Biofuel
  • Sugarcane-based Biofuel
  • Vegetable Oil-based Biofuel
  • Other Feedstock-based Biofuel

• By Application

  • Biofuel for Land Transport
  • Biofuel for Shipping
  • Biofuel for Other Applications

Competitive Landscape

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.