According to a report by BIS Research, titled ‘Global Biofuels Market Analysis and Forecast (2017-2023)’, the global biofuels market is expected to reach a market size of $132.67 billion by 2023.
Increasing population across the globe has led to an increase in the demand for energy sources. This has directly resulted in an increased consumption of fossil fuels such as coal and petroleum, which are expected to deplete by 2060. It is estimated that the world consumes approximately 10 billion tonnes of oil every year. Owing to this, there is an increase in demand for sustainable solutions such as biofuels and other alternate sources of energy.
Biofuels are mainly produced from feedstock such as corn and waste among others. They are mainly classified as first, second and third generation biofuels depending on the feedstock. Biofuels have numerous advantages over fossil fuels; such as, they produce less greenhouse gases as compared to fossil fuels and are renewable source of energy, among others. Factors such as increased globalization, surge in population, and Gross Domestic Product (GDP), among others, have led to an increase in the overall energy demand globally.
BIS Research Analysis: bisresearch.com/industry-report/global-biofuels-market-2023.html
The U.S. Energy Information Administration (EIA) predicts that the increase in energy demand will continue to grow in the future with the fastest growth in non - Organization for Economic Cooperation and Development (OECD) countries. Therefore, the need for biofuels for applications such as transportation, electricity generation, and heating has increased largely on a global scale.
The biofuels industry is expected to advance due to increased energy demand, policy mandates and pressure to reduce greenhouse gas emissions in developing and non-developed economies. Existing players will have an established platform for increased commercialization and business expansion across the various segments of biofuels value chain. Countries are focusing to increase the blending percentage of biofuels in fossil fuels. Moreover, production of advanced biofuels is on the rise owing to policy mandates. Increasing production of advanced biofuels is expected to abruptly revolutionize the biofuels industry and its value chain. It will help various public and private stakeholders to enhance their abilities for the production of biofuels and market it to the end user.
Few Companies Mentioned in the Report:
• POET, LLC
• Cargill Incorporated
• Andersons Inc.
• Future Fuel Corporation
• Green Plain Renewable
• Royal DSM
• Louis Dreyfus Company
• E.I. Du Pont De Nemours And Company
• Wilmar International Limited
• Bunge Limited
• Neste Oil
• Renewable Energy Group
• Archer Daniel Midland (ADM)
Key questions addressed in the report:
- What is the size, in terms of revenue, of biofuels market in 2016, and growth rate during the forecast period, 2017-2023?
- What are different forms of biofuels produced globally and their sub segments?
- What is the market value of different applications of biofuels in 2016, on the basis of heating, electricity generation and transportation?
- What is the market size of biofuels on the basis of different geographical regions?
- What are the key trends opportunities in global biofuel market, pertaining to countries included in different geographical regions?
- What are the major driving forces that tend to increase the demand for biofuels during the forecast period?
- What is the real time percentage share of different types of projects implemented for resource recovery from solid waste and how much did biofuels accounted for in that period?
- How policy mandates are driving the growth of biofuels across different regions and policies laid by different governments?
- What are the major challenges inhibiting the growth of the global biofuels market?
- What kind of new strategies is being adopted by existing market players to make a mark in the industry?
- Which segment of the value chain has a high opportunity where investors can invest and make significant profit margins?
- How attractive is the market for different stakeholders present in the market by using Porter’s Five Forces model?
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