Global Bio Fuels Market – Overview
The non toxic nature of bio fuels has promoted their growth drastically in the past few years. Market Research Future, a firm which specializes in market reports related to the Energy and Power sector among others, published in its recent report on Global Bio Fuels Market Research Report – Forecast to 2023 that the Bio fuels market is expected to grow by a CAGR of 5.7% during the forecast period while achieving significant rise in revenue generated.
As the continual availability of natural fuels cannot be guaranteed owing to limited resources, there has been a significant boost in the demand for bio fuels. Since they can be easily synthesized from naturally available resources and do not have harmful by products from their production processes, they are demanded intensely by their user sectors. The automobile sector is estimated to be one of the most prominent users of this sector. Toxic emissions from various types of transport are also significantly reduced due to the use of bio fuels which has further created more users for this market. The use of bio fuel blend has been made compulsory in quite a lot of countries as they also qualify for carbon credits which have also spurred demand for this market.
Global Bio Fuels Market
The bio fuel market is gaining importance because of the swift economic development around the world and strict environmental regulations that enable the use of biofuels. In recent years, the bio fuels market has seen rapid development in cellulosic and algae bio fuel technology. These technologies majorly involve the use of feedstock such as grass, corn stover, and algae for the bio ethanol and bio diesel production.
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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).
Latest Industry News:
Dec 2017 Sodra and Statkraft have decided to invest in a biofuel demo facility. The investment will be made through the joint company Silva Green Fuel AS. The Danish-Canadian company Steeper Energy will deliver the technology. Construction will start in February next year and completion is scheduled for 2019. Enova will finance around 25 percent. The total investment will be approximately SEK 500 million ($59 million).Statkraft is championing this industry development as it will contribute to the green shift.
Dec 2017 Brazil’s Senate approved a bill this month creating a national biofuels policy, RenovaBio, to increase use of biodiesel and ethanol, in addition to other biofuels. RenovaBio is a state policy that aims to recognize the strategic role of all types of biofuels in the national energy matrix, both for energy security and for reducing greenhouse gas (GHG) emissions.
Nov 2017 The Federal Government through the Australian Renewable Energy Agency (ARENA) has announced $11.9 million in funding for Australian bio fuel company Ethanol Technologies Limited (Ethtec) to assist in the development of its ground-breaking process. The facility produces ethanol from a range of waste plant matter left over from crop harvesting and forestry. As part of a $48 million dollar project, Ethtec plans to construct a $30 million purpose-built pilot facility in the Hunter Valley town of Muswellbrook, expected to produce 270,000 liters of bio fuel per annum with the aim of making the technology available to the commercial market in five years’ time.
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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.
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