Bio Fuels Market Research Report by Size, Share, Regional Overview, Future Demand, Leading Players Updates and Business Prospects, 2023

Market Scenario:

A biofuel is a fuel produced from contemporary biological processes using organic matter and differs from the mineral fuels produced by geological processes. Biofuels is derived from plants, using agricultural or industrial byproducts. The bio fuels market is anticipated to grow at a 5.7% CAGR during the forecast period of 2016 to 2023.

Market Dynamics:

Drivers

Renewable nature of biofuels, low pollution due to lower sulfur and carbon monoxides emission, are the prime drivers of the market. As bio fuels are manufactured using plants biomass, large scale cultivation of biofuel plants such as jatropa help in fixation of carbon dioxide and reduce the amount of carbon dioxide in the atmosphere decreasing global warming, thereby offsetting their CO2 admissions when burned. The environmental benefits will transition to improved health standards. Biofuel blends have been made mandatory in several countries as they help in achieving for carbon credits.

Biofuels need little or no modification in standard internal combustion engines which is in stark contrast to fuels like hydrogen or electricity, needing a complete redesign of the engine. Biofuels are bio degradable which means reduced scale of impact in cases of spillage as compared to fossil fuels.

Geopolitical and energy independence are of prime importance especially for poor economies. Countries with land resources can secure their own source of energy, and achieve climate change targets which is a very attractive proposition. Advancements in technology especially the thermal conversion, chemical conversion, and biochemical conversion have resulted in renewed interests in the field. Rapid strides in cellulosic and algae bio fuel technology has resulted in use of feedstock such as grass, corn, and algae for the bio fuel production.

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Government support marks an important determinant of bio fuels use. For example, in 2007, 10 ASEAN nations comprising Australia, China, India, Japan, South Korea and New Zealand, signed the Cebu Declaration on the East Asian Energy Security Pact in the Philippines to promote the development of biofuels and to transition to a cleaner sources of energy. Many nations such as Philippines, Brazil and others have made it mandatory to blend biofuels. Thailand has established a 10 % target for ethanol mix, while Malaysia has set a 5% palm oil diesel blend.

Dominant Players:

The prominent players of Global Bio Fuels Market are Archer Daniels Midland Company (U.S.), INEOS Group AG (U.K.), Aceites Manuelita S.A. (Colombia), BlueFire Renewables (U.S.), Abengoa Bioenergy, Inc. (Spain), Infinita Renovables SA (Spain), Neste Corporation (Finland), Renewable Energy Group, Inc. (U.S.), Cosan S.A. Indústria E Comércio (Brasil), BioWanze SA (Belgium) and others.

Restraints:

Food security is likely to be threatened as crops will be diverted for production of bio fuels. Bio fuels may also destabilize nations with economies dependent on oil and gas exports such as the Middle East. Competition from other energy sources such as wind, solar are other constraints on the market. Biofuels also create risks for biodiversity as it can benefit excessive cultivation of a few plants species.

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Regional Analysis:

Europe dominates the global bio fuels market owing to strong support from the government and it being an early adopter. Germany followed by France are the leading markets of bio fuels in Europe. Other European nations with a large market include Spain, U.K. and Sweden.

The Asia Pacific region is led by China, India and Malaysia. China and India have large land resources which can be diverted to biofuels. The Middle East and Africa region is expected to reflect moderate growth owing to large fossil fuels resources and lower cost of fossil fuels.