The Supportive Adoption of Bio-Based Fuel Alternatives, and Volatility in Cost of Petroleum to Drive the Biofuel And Biodiesel Market over the Forecast Period: ken Research
According to study, “Global Biofuel and Biodiesel Market Size study, by Type (Bioethanol, Biodiesel), by Application (Agriculture, Transportation, Chemical, Pharmaceuticals) and Regional Forecasts 2018-2025” some of the major companies that are currently working in the global biofuel and biodiesel market are Diester Industries, Infinita Renovables, ADM, Neste Oil Rotterdam, Ital Green Oil, VERBIO Vereinigte Bioenergie KG, Greenfield Specialty Alcohols Inc., Biopetrol, Renewable Energy Group Inc., Cargill Inc.,AI Liquide SA, Abengoa Bioenergy, S.A., Ag Processing, Solazyme Inc., Wilmar International Ltd., Louis Dreyfus, Glencore, Marathon Petroleum Corporation, RBF Port Neches, Evergreen Bio Fuels, Elevance, Minnesota Soybean Processors, Hebei Jingu Group, Caramuru, Shandong Jinjiang, Jinergy,Flint Hills Resources, China Clean Energy Inc., Novozymes A/S, My Eco Energy, Granbio, Longyan Zhuoyue, Abengoa Bioenergy, Dupont Industrial Biosciences, Western Dubuque Biodiesel LLC, BTG International Ltd., CropEnergies AG, Aventine Renewable Energy Holdings Inc., Poet-DSM Advanced Biofuels LLC, Archer Daniels Midland, Algenol Biofuels, Petrobras, The Andersons, Fiberight LLC, Valero, Australian Renewable Fuels Ltd., Inbicon, Clariant SE, Zeachem Inc., Pacific Ethanol Inc., CropEnergies, Blue Fire Renewables, Green Plains, Raizen.
Biofuel is a fuel which is derived from biomass including plant, algae material or animal waste. The feed stock material can be replenished readily. Biofuel is considered to be a basis or source of renewable energy, unlike fossil fuels for instance petroleum, coal, and natural gas. The biodiesel is a typically made by reacting lipids with an alcohol producing fatty acids. The use of liquid biofuels is of larger interest areas due to the large infrastructure on place to use them, especially for transportation. The liquid biofuel is of the greatest production which is used as ethanol (ethyl alcohol), made by fermenting starch or sugar.
Biofuel have some of the major advantages such as easy to source, cost benefit, lower level of pollution, renewable, economic security, less dependence on fossil fuel oils. Moreover, some of the other major benefits of using biodiesel include the produced from the renewable energy resources followed by less green house gas emissions, which are used in the existing diesel engines, biodegradable and non-toxic, positive economic impact, cleaner biofuel refineries, and so on.
Based on product type, global biofuel and biodiesel market is segmented into biodiesel and bioethanol. Based on feed stock market is segmented into jetropha, sugar crop, molasses, coarse grain, vegetable oil and others. Based on application, market is segmented into chemical, transportation, agriculture and pharmaceuticals.
The global biofuel and biodiesel market is driven by supportive adoption of bio-based fuel alternatives and volatility in cost of petroleum, growing demand for vegetable oil as a feed stock, changing consumer taste and preference, rising living standards, and low cost of biofuels in comparison to other vegetable oils. The major restraining factors of the market include high production cost of oil compared to conventional fuel and fluctuation in the global oil prices.
In global biofuels market, Asia-pacific region is the leading region as a result of cost efficient availability of feed stock. Moreover, the biodiesel market in European region is dominating province across the globe in the provisions of market owing to Germany as a major producer for biodiesel in the region. It is predicted that the global biofuel and biodiesel market to remain bright owing to improving economic conditions, stringent rules and regulations and growing interest in clean and alternative fuel.
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Ankur Gupta, Head Marketing and Communications