Biofuels Market: Global Biofuels Share to surpass USD 218.7 by 2022
Zion Market Research has published a new report titled “Biofuels Market Analysis by Type (Bioethanol, Biodiesel), and by Form (Solid, Liquid, and Gaseous) – Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. According to the report, global biofuel market was valued at USD 168 billion in 2016, is expected to reach USD 218.7 billion in 2022 and is anticipated to grow at a CAGR of 4.5% between 2017 and 2022.
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Biofuel is an economically important and versatile vegetable oil used as a raw material for both food and nonfood products. Biofuel is most widely used vegetable oil in the world and is found in supermarkets ranging from sweets, baked goods, margarine, cereals, washing powders, and cosmetics. Biofuel is also used as a first-generation fuel. It is also used in preventing vitamin A deficiency, cancer, brain disease, aging; and treating malaria, high blood pressure, high cholesterol, and cyanide poisoning. Most biofuels are produced in Asia, Africa, and South America because the trees require warm temperatures, sunlight and plenty of rain in order to maximize crop production.
Factors such as improving economic conditions, rising living standards, and changing eating habits in emerging countries, and growing demand for vegetable oil as a feedstock for biodiesel production are driving the biofuels market growth. Furthermore, stringent regulations on trans-fat foods in U.S. and Europe are resulting in a rapid shift in consumption of soybeans oil to biofuels. Additionally, low price of biofuels than other vegetable oils is expected to boost the market growth within the forecast period. Moreover, increasing market penetration by major producing countries such as Indonesia, Malaysia, and Thailand may open up a new opportunity in the biofuels market in the forecast period.
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Biofuels derivative segment includes crude palm oil, palm kernel oil, palm kernel cake, and others. The crude oil segment was a leading segment among the other biofuels derivative in the global biofuels market in 2015 owing to growing applications such as edible oil, surfactants, cosmetics, biofuel, and lubricants. On the basis of application biofuels market is divided into edible oil, cosmetics, bio-diesel, lubricants, surfactants and other applications. Edible oil segment is expected to witness strong growth in upcoming years owing health concerns regarding trans-fat consumption.
Asia Pacific biofuels market dominated the overall demand in 2016 and it accounted for a significant share in the market. Production in the region increased significantly in recent years driven by the increase in the cumulative land area of biofuels plantation, rising biofuels yield, and high investment in R&D related activities. Malaysia and Indonesia biofuels industry currently dominate the global production scenario. They are also the major global exporters, covering a large portion of the global trade. Latin America and Middle East & Africa are expected to witness significant growth in areas such as food applications and other industrial uses.
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Key players in Biofuels market are Copersucar S.A DSM, Green Plains Inc., Aemetis Inc, Western Dubuque Biodiesel Llc, Solazyme Inc, Renewable Energy Group, Raizen Energia Participacoes S.A, BlueFire Renewables, Aventine Renewable Energy Holdings, Inc. (AVRW), and Australian Renewable Fuels Ltd. among others.
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