The liquid biofuels market size is expected to reach around US$ 126.45 billion by 2030, growing at a CAGR of 6.5% every year, according to a 2022 study by Precedence Research, the Canada-based market Insight Company.
The base year for the study has been considered 2021, the historic year 2017 and 2020, the forecast period considered is from 2022 to 2030. The liquid biofuels market is analyzed on the basis of value (US$ Million), volume (Unit), and price (US$/Unit).
Exhaust from motor vehicles is one of the biggest contributors of air pollution in the world. The U.S. Environment Protection Agency have declared that the on- road motorcars emits three fourth of carbon monoxide pollution in the country. The European Parliament has also stated that 72% of the EU’s carbon emigrations come from road transport.
To address the issues surrounding raising air pollution layers, Liquid Biofuels similar as biodiesel and ethanol have come out as the most feasible and viable substitutes to conventional fossil fuels similar as petrol. Governments around the world are actively promoting the adoption of biofuels for transport conditioning as the carbon- grounded energies carry human health costs as well as heavy environmental costs.
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Liquid Biofuels Market Scope
|Market Size||USD 126.45 Billion by 2030|
|Growth Rate||CAGR of 6.5% from 2021 to 2030|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2022 to 2030|
Liquid Biofuels Market Report Highlights
- Based on product, the bioethanol & biodiesel is the dominating segment of liquid biofuels market. Significant factors impacting the growth include innovation support (for second and third generation biofuels), favorable regulatory and political support, environmental support, geopolitical support, customer support, and agricultural and economic support.
- Based on application, transportation is the dominating segment during the forecast period. Transportation biofuel consumption is demanded to three times by 2030 and has to be on the trail with the Sustainable Development Script (SDS). This compares the one tenth of global transportation energy demand, to be compared with the current position which is around 3.5%.
Liquid Biofuels Market Dynamics
The demand towards snowballing energy around the world is aiding the mining & energy industries in taking a transformational leap towards new types of energies. This is mixed with the growing concerns regarding the environment which is leading to the greater investments in the clean source of energy development. These factors inclusively are forming a rich base for the global liquid biofuels market development. In addition, more than few years, biofuels have gained substantial popularity owing to the factor that they’re extracted via biological processes and are eco-friendly in nature and has the ability to replace exhaustible energy sources.
The outbreak of the COVID-19 contagion has hovered to beget long- term damage on numerous industries. One of them is the transport industry, which is passing sharp decline in demand. The teardrop-down effect has observed an indeed major fall in the prices of biofuel, specifically in the prices of ethanol. In addition, as per the study of Purdue University, on an average manual price of ethanol fell from$1.32/ gallon in December 2019 to$0.82/ gallon in March 2020 owing to rapid drop in transport services demand. Reduced profit of ethanol among the producers has barked down the growth of the product of ethanol, which is anticipated to hamper the market growth during 2020.
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This implies substantial production potential, with various feedstocks via presenting myriad opportunities. In metropolises, municipal waste solid in nature is to be attractive, since it’s cheap and readily available and has many contending on-energy uses. In rural areas, agricultural remains have major implicit but also face contending uses similar as for animal feed.
In economies with wood product diligence which are substantial in nature, timber remainders are low in cost and easy to access but also sell into an established and growing market for heat and electricity generation. Dedicated energy of lignocellulosic crops have further eventuality if more land is been available for a blend of food and energy. This could be attained via advanced food crop yields and more effective use of grassland for animals.
Biofuels that are produced from biobased materials are a good alternative to petroleum based energies. They offer several benefits to the environment and society. Production of biofuels of alternate generation is indeed more puzzling than producing the biofuelsof first generation owing to the intricacy of the biomass and its problems related to harvesting, producing, and transporting less dense biomass to centralized biorefineries.
In addition, about$ 1 billion was spent in the time 2012 by the government agencies in US to meet the mandate to replace 30%existing liquid transportation energies by 2022 which is 36 billion gallons/ time. Other countries in the world have set their own targets to replace petroleum energy by biofuels. Still, above mentioned challenges hampers the expansion of liquid biofuel market.
Some of the prominent players in the global Liquid Biofuels market include:
- Archer Daniels Midland Company
- Green Plains
- Wilmar International
- Pacific Ethanol Inc.
- Valero Energy Corp.
- Petrobras; Butamax
- Renewable Energy Corp.
- Bunge North America Inc.
Segments Covered in the Report
- Transportation Fuel
- Power Generation
- Thermal Heating
- Sugar Crops
- Starch Crops
- Vegetable Oils
- Animal Fats
- North America
- South Korea
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of the Middle East & Africa
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