Biofuels are a class of fuels derived from carbon fixation. Biofuels are primarily derived via numerous conversion procedures from liquid fuels, gases, and solid biomass. The global biofuels market is expected to witness new investments due to the rising demand for energy. Biofuels are now replacing several conventional fuels in numerous applications including heating and transportation. Increasing demand for biofuels from various applications has propelled the global market for biofuels. Increased awareness among people regarding maintaining a clean environment and increase in population will also steady the growth of the global biofuels market.
Demand for Environment-friendly Fuels Drives Global Biofuels Market
Increased levels of carbon dioxide in the environment due to human activities cause the oceans to acidify and the Earth to warm at a faster rate. Leading players in the global biofuels market are taking efforts to introduce products that can seamlessly replace fossil fuels such as petroleum and coal. The research fraternity, too, is engaged in novel projects. Earlier in December, 2015, scientists at the University of Delaware, developed algae biofuels as a green alternative to fossil fuels such as gasoline. They are further planning to create sustainable biofuels that can reduce the emission of carbon dioxide and other harmful chemicals in the atmosphere. Algae have the capacity to produce 12 times more biodiesel per acre than plants and can be grown in desert areas. Moreover, marine algae can be easily grown in seawater.
Demand for Environment-friendly Fuels Drives Global Biofuels Market
Increased levels of carbon dioxide in the environment due to human activities cause the oceans to acidify and the Earth to warm at a faster rate. Leading players in the global biofuels market are taking efforts to introduce products that can seamlessly replace fossil fuels such as petroleum and coal. The research fraternity, too, is engaged in novel projects. Earlier in December, 2015, scientists at the University of Delaware, developed algae biofuels as a green alternative to fossil fuels such as gasoline. They are further planning to create sustainable biofuels that can reduce the emission of carbon dioxide and other harmful chemicals in the atmosphere. Algae have the capacity to produce 12 times more biodiesel per acre than plants and can be grown in desert areas. Moreover, marine algae can be easily grown in seawater.
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The global biofuels market is expected to expand rapidly during the forecast period due to factors such as strict environmental regulations, the need for economic development, rising energy import bills of several nations, and the resultant energy security concerns. Debates on the fuel-versus-food competition resulting to increased food prices are expected to restrict the growth of the biofuels market, as are factors such as restrictions related to development, retailing, and distribution of biofuels. Developments in more sustainable biofuels are expected to create new growth opportunities for the global biofuels market in the next few years.
North America to Lead Production of Biofuels till 2019
Biofuels can be easily manufactured from oil-rich crops such as oil palm, soy, and sunflower. The eco-friendly nature of biofuels makes them more popular than other conventional fuels. Geographically, the global biofuels market is divided into North America, Asia Pacific, Europe, and Rest of the World. In 2012, 24,326.7 million gallons of biofuels were produced worldwide, out of which North America had the largest share. North America is expected to maintain its dominant position in the global biofuels market in the years to come. The global production of biofuels is expected to progress from 24,326.7 million gallons in 2012 to 50,921.4 million gallons by 2019 at a 9.60% CAGR.
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BlueFire Renewables, Aventine Renewable Energy Holdings, Inc (AVRW), Renewable Energy Group, Solazyme Inc., Raizen Energia Participacoes S.A, and Australian Renewable Fuels Limited are the leading players in the global biofuels market. The introduction of environment-friendly biofuels by the emerging players has made the global biofuels market highly competitive for the leading players.
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