Biofuels Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
Biofuels have gathered groundswell of interest by industry players and governments alike to act as alternatives to fossil-fuels. Stridently, profuse demands in the biofuels market have come from the transportation industry, where these - notably ethanol and biodiesel--are blended with petroleum diesel or gasoline. Biodegradability, non-toxicity, and renewable nature of biofuels are compelling propositions attracting investments in transport biofuel production in various parts of the world.
Continuing interest in finding new biological and thermochemical ways of biofuel production, including seeking sustainable array of biomasses, has helped scale up the production, contributing to the evolution of the biofuels market. Ethanol biorefineries have increasingly benefitted from these developments. The feedstock primarily comprise range of plant-based waste. Next-generation products in the biofuels market have come increasingly from non-plant sources such as cellulose and algae. In recent years, the commercialization of drop-in biofuels has gained momentum, especially in developed nations of the U.S., thus propelling the evolution of the biofuels market.
Growing demand for plant-based fuel in the aviation, shipping, and transportation industry is a key factor propelling interest of industry players. Numerous countries have been actively blending ethanol with gasoline to reduce air pollution levels due to the transportation industry. A case in point is the U.S. Growing adoption of biofuels for commercial aviation in numerous countries—at least 150,000 flights have adopted biofuels in some form--has augmented the prospects in the biofuels market.
The Sustainable Development Goals by the UN have envisaged new technologies and products in the biofuels market to occupy more significant role in economies the coming years. Another impetus to the market has come from the adoption of biofuels to International Energy Agency's targets of sustainable growth by 2030.
Developing economies are coming forward to strengthen their regulations and policies to reinforce the demand in the marine industry. Numerous governments, for instance, are trying to assess the risk that biofuels will bring to food production, since large swathes of farmlands are being utilized for the feedstock.
The transportation sector around the world sees a vast revenue stream in the commercialization of biofuels. The marine industry is no stranger to the huge benefits that biofuels adoption bring toward decarbonizing emissions. More importantly, it serves the industry to comply with new regulations on reducing the sulfur content from its fuels. The business proposition paves way to global players in the biofuels market to ink partnership deals and enter collaborations. CMA CGM Group, a France-based container transportation and shipping company, has recently in 2019 announced that it has entered into partnership with Shell to allow it to use the latter’s biofuels in several of its fleets. The biofuel made from cooking oil is expected to cut down on greenhouse gas emissions by as much as 80%, a compelling proposition fueling their interest in products in biofuels market.
The Sustainable Shipping Initiative (SSI) in its recent initiatives has already attracting interest of investors in the biofuels market. In one of its recent reports, the SSI has projected a promising potential of biofuels in attaining the greenhouse gas reduction targets for the marine industry. Another area that will help producers realize more revenues is increasing the blend percentage of biofuels.
Meanwhile, the biofuels market is moving ahead in the path to commercialization of next-generation fuels on the back of a consistent policy thrust. The governments in developing economies have included biofuels in their regulatory framework. The Cabinet in the Africa has among other things come out with a feedstock protocol in consolidating efforts to integrate biofuels in their energy framework. Further, it is finalizing on biofuels subsidy mechanism to support farmers and manufacturers.
On the regional front, North America and Europe have proved to increasingly lucrative for biofuel commercialization. Favorable government mandates and advances in biofuel conversion process in countries such as the U.S., China, and in numerous economies in Europe have imparted a large momentum to pace of adoption. Further, North America and Asia Pacific have recently been witnessing slew of research initiatives in finding novel processes and ingredients for second-generation biofuels, notably producing drop-in fuels from organic waste.
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