Top & Emerging Biofuels Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMCH1307 | Last Updated On: Jan 31 2023 | Available Formats

> Top & Emerging Biofuels Market Expected to reach a high CAGR by 2029: DataM Intelligence

Global Top & Emerging Biofuels Market is segmented By type (Feedstock, Corn, Sugarcane, Soybeans, Vegetable Oil, Others), By Product ( Ethanol Feedstock, Biodiesel feedstock), By Composition (Starch Feedstock, Sugar Feedstocks, Lignocellulosic Feedstocks, Plant Oil & animal fats, Miscellaneous feedstocks), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

[150 Pages Report]  Top & Emerging Biofuels Market size was worth US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

Top & Emerging Biofuels Market - Strategic Insights

Metrics

Details

Market CAGR

 High

Segments Covered

By type, By Product, By Composition, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Biofuels are liquid or gaseous fuels primarily used for transportation applications and are produced from biomass within a short period. Bioethanols and biodiesels are the two main types of biofuels. Bioethanol is an alcohol produced through the fermentation of sugars in corn and sugarcane. Biodiesel is produced through the transesterification of vegetable and animal oils and fats. Top and emerging biofuels are mainly produced using second and third-generation feedstock materials such as grass and waste vegetable oils. 

Top & Emerging Biofuels Market Dynamics

The rising usage of alternative fuels mainly drives the global top and emerging biofuel market. The supply chain volatilities in feedstock material are a key factor in limiting the growth of the global market. 

Rising global usage of alternative fuels

Countries globally face an energy crisis due to the volatile prices of major energy sources such as petroleum and natural gas. Oil and gas are the primary fuels used in transportation. The price of oil fluctuates according to various economic and geopolitical events. Emerging countries, such as India, are major global oil and gas importers. The fluctuation in oil prices increases the fuel import bill for countries. Sustained high oil prices can create an economic crisis due to the depletion of foreign currency reserves. 

Therefore, countries are promoting the usage of alternative fuels to reduce oil and gas imports and ensure fiscal stability. Although the usage of electric vehicles has increased tremendously in recent years, it is not considered an ideal substitute for conventional vehicles. Biofuels have gained popularity since they can be used in conventional vehicles without needing modification. Countries are promoting biofuel usage by increasing the blending of ethanol with petrol. 

For instance, in October 2022, the Petroleum and Natural Gas Ministry of India announced during a press conference that 20% ethanol-blended petrol would be available to consumers by the year-end. The adoption of EN 15376 standards in the European Union (EU) has led to a mandatory blending of 5% ethanol in gasoline. Starting in 2021, many European countries are piloting programs to deliver 10% ethanol blended gasoline fuels to consumers. The growing usage of alternative fuels is a major driver for the growth of the global top and emerging biofuels market. 

Supply chain volatilities in feedstock materials

Biofuels are mainly manufactured from natural plant-based feedstock materials such as corn, sugarcane, soybean, vegetable oils, cellulose, grass and biomass. Since crops are the main source of feedstock materials, the biofuel production supply chain is uniquely vulnerable to shocks. Various factors such as low crop yields, crop diseases and extreme weather events can affect harvest, leading to a decrease in feedstock material and, subsequently, biofuel production. 

In developing countries such as India, where there is low mechanization of agricultural processes, labor shortages can have a major impact on crop yields. A drop in harvest invariably leads to higher prices. The volatility in harvest makes it difficult for biofuel manufacturers to increase output to cater to growing demand. Furthermore, a certain amount of crop is lost during storage and transportation due to various factors. The supply chain volatilities in feedstock materials are key challenges to the growth of the global market. 

COVID-19 impact analysis on Top & Emerging Biofuels Market 

The global top and emerging biofuels market experienced a major impact due to the COVID-19 pandemic. Governments imposed strict lockdowns and movement restrictions to stem the rising COVID-19 cases. Therefore, fuel usage by the transportation sector witnessed steep declines in 2020 as individuals and businesses drastically cut down on non-essential travel. 

The initial phase of the pandemic led to a sharp decrease in demand for fuel across many countries globally. The primary application of biofuels is within the transportation sector for usage as a gasoline additive. The decline in fuel demand led to a crisis for biofuel manufacturers since they were saddled with excess production capacity. 

Global demand witnessed some recovery starting from mid-2021 onwards, as vaccination drives led to the lifting of pandemic restrictions. Even in the post-pandemic period, the global market still faces challenges from the aftereffects of the pandemic. A persistent labor shortage caused during the pandemic has hampered the harvest of crops used as feedstock material in emerging countries. Various ongoing global supply chain complications are expected to exacerbate this problem further. 

The pandemic will not mar the long-term growth prospects of the global top and emerging biofuels market since governments will likely increase their uptake of alternative fuels in the coming years. The demand for top and emerging biofuels is expected to grow significantly during the coming years.

Top & Emerging Biofuels Market Segment Analysis

The global top and emerging biofuels market is segmented into type, product, composition and region. The global top and emerging biofuels market by product is further segmented into ethanol and biodiesel. Ethanol is leading within this segmentation since it is the most widely used biofuel. Ethanol or ethyl alcohol, is a compound denoted by the chemical formula C₂H₆O. 

Ethanol is a flammable, volatile, colorless liquid with a characteristic pungent odor. It is the main active ingredient in various types of alcoholic beverages. Different methods are used for ethanol production depending upon the application. The major modern application for ethanol is as a biofuel additive in gasoline. Various countries have stepped up the usage of biofuels to curb emissions and reduce petroleum imports. 

Top & Emerging Biofuels Market Geographical Analysis

North America is an industrialized, high-income region with a population leading high quality of life. The region generates a significant chunk of global energy demand. North America has a well-developed agricultural industry and is a leading producer of cash crops such as rye, corn, barley, wheat and sugarcane. Major conglomerates mainly carry out agricultural activities in North America with thousands of hectares of land. All major cash crops produced in North America can be used as ethanol production feedstock. 

The major application of ethanol in North America for usage as an alternative fuel. Almost all types of gasoline sold in U.S. contains some amount of blended ethanol. E10, E15 and E85 are the common types of ethanol-blended gasoline grades available in U.S. The U.S. government has passed several acts, such as the renewable fuel standards act (RFS), to encourage the adoption of alternative biofuels. 

Various U.S. state governments have also rolled out tax credits for businesses and consumers utilizing ethanol-blended gasoline. According to data from the U.S. energy information administration (EIA), nearly 13.9 billion gallons of ethanol fuel were consumed in U.S. in 2021. Due to a well-developed biotechnology industry, many companies are actively involved in researching and developing new sources of feedstock material for biofuel production. 

Top & Emerging Biofuels Market Competitive Landscape

The global top and emerging biofuel market is competitive due to the availability of a wide range of biofuels produced from different feedstock materials. Some major players contributing to growth in the market are Abengoa Bioenergy, Aceites Manuelita S.A., Archer Daniels Midland Company, Bajaj Hindusthan Ltd., Bangchak Petroleum Public Company Ltd, Beckons Industries Ltd., Biowanze, Brasil Ecodiesel Ind Com, Copersucar S.A. and Ecopetrol S.A. The major players in the global market adopt strategies such as expanding production capacity, entering new regional markets and forming collaborative partnerships to contribute to the industry's growth.

Archer Daniels Midland Company

Overview: Archer Daniels Midland is a multinational company specializing in food processing and commodities trading. The company primarily processes cereal grains and oilseeds into intermediates for use in processed food products, beverages, nutraceuticals, health supplements and animal feed. Most of the company's formulations are custom-made according to client requirements and are sold under strict confidentiality agreements. Archer Daniels Midland company was founded in 1895 by George A. Archer and John W. Daniels and is headquartered in Chicago, Illinois, U.S. 

Product Portfolio

  • ADM Ethanol is the company's main offering in the biofuels segment. The company produces ethanol through corn-based feedstock. It delivers industrial-grade ethanol to customers through an extensive delivery network of trucks, railcars and terminals. 

Key Developments

  • On October 21st, 2021, Archer Daniels Midland Company agreed with BioUrja Group to sell its ethanol distillation plant in Peoria, Illinois, U.S. 

The global top and emerging biofuels market report would provide approximately 58 market data tables, 67 figures and 210 pages.

Report suggestion:

  • Global Biofuels Market
  • Global Ethanol Market
  • Global Biodiesel Market

Frequently Asked Questions

What is the Top & Emerging Biofuels Market growth?

The market is growing at a High CAGR

What is Top & Emerging Biofuels Market size in 2021

The Top & Emerging Biofuels Market size was valued at USD YY million in 2021

Who are the key players in Top & Emerging Biofuels Market?

Aceites Manuelita S.A., Archer Daniels Midland Company, Bajaj Hindusthan Ltd., Bangchak Petroleum Public Company Ltd

Trending Topics

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