The Growth of the Global Biofuels Market is majorly driven by the cleaner emission of biofuels than traditional fossil fuels. The biofuels market is increasingly used in the transportation sector as blended fuels to power automobiles and reduce the use of gasoline and diesel. The market is further driven by the requirement to meet climate change targets and the obligation to reduce CO2 emissions from transport sector operations. Recent strict legislations on global automotive sector have increased the use of biofuels as vehicle fuels in Europe and North American. However, the growth of this market can be restrained by the rise in price of raw materials and increased use of electric vehicles in the transport sector.
The use of bio fuels is rapidly increasing because of the growing environmental concerns due to the use of fossil fuels and the strict environmental regulations. There is constant research and development in the biofuel market and countries are increasingly looking to commercialize the use of biofuels. Bio fuels are particularly used in the transport sector, where they are mixed with the traditional fuels such as gasoline and diesel as blended fuels. They emit very less toxic pollutants and result in very less particulate matter emissions, which will result in increased health standards. The ethanol market is expected to dominate the biofuels market, owing to its importance in the automobile industry. Increasing population and growing demand for automobiles and its low cost compared to that of traditional fossil fuels, drives the market for ethanol.
Global Bio Fuels Market is predicted to grow at approximately 5.7% by 2023
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The key players of Global Bio Fuels Market are Archer Daniels Midland Company (U.S.), Aceites Manuelita S.A.( Colombia ), Abengoa Bioenergy, Inc.(Spain), INEOS Group AG (U.K.), Neste Corporation (Finland), Renewable Energy Group, Inc (U.S.), BlueFire Renewables (U.S.), Cosan S.A. Indústria E Comércio (Brasil), Infinita Renovables SA (Spain) and BioWanze SA (Belgium).
Use of Ethanol in the Transportation sector
The automobile and transportation industry is slowly moving over to the use of renewable energy fuels from that of fossil fuels. Increasing stringent laws to curb global vehicle emissions, is driving automobile manufacturers to come up with alternative sources of fuel for automobiles. The biofuel is one such alternative to traditional fossil fuels and they can also be used in conventional gasoline and diesel engines without much modification. There are increased subsidies for using bio ethanol in automobiles and they also help achieve the vehicle climate change targets. Biofuels are also used in power generation and heating applications because of their reduced carbon emission qualities than traditional fossil fuels.
Market Research Analysis
Currently, North America is expected to maintain its high market for biofuels market. This is mainly due to the fact that stringent environmental laws are enforced to reduce vehicle emissions and promote the use of biofuels in U.S. and in Brazil. Similarly, Europe remains a very significant market since it comprises of many climate change targets that limit the use of fossil fuel powered cars. The Asia-Pacific region is expected to witness an upward trend in biofuel use because of growing popularity in countries such as China and India. Abundant sunshine, favorable climate and arable land availability makes the Asia, an attractive market for the production and use of biofuels.
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The market has been analyzed based on the fuel type, feedstock type, composition, applications and regions. Biofuels are mainly used in the automobile industry. Their use is preferred for their environment friendliness and increased use in the automobile sector. Ethanol can be produced from various feedstock and fuel suppliers blend ethanol with different fuel proportions, which are used in automobiles as fuels.
Key questions answered in this report
- What will the market size be in 2023 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
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