A comprehensive overview of the global biofuels market is recently added by UnivDatos Market Insights to its humongous database. The global biofuels market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the global biofuels market. The global biofuels market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the global biofuels market at the country levels. Biofuels Market was valued at US$ 140 billion in 2020 and is expected to grow at a CAGR of 7% over the forecast period (2021-2027).
The global biofuel market is expected to witness a boost on account of growing concerns over the degrading environment coupled with the rising incidences of deaths due to pollution caused primarily due to greenhouse gas emissions. For instance, according to the World Health Organization, every year nearly 7 million people die because of air pollution. Also, 91% of the population across the world live in places where air quality exceeds limits set by WHO which may cause major health hazards to the people of the world.
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Furthermore, the market is also boosting as the demand for energy across the globe is enormous and biofuels including biodiesel and bioethanol comprises of a majority share in renewable energy demand in the road transport sector. Therefore, to meet the growing demand of consumers investment in renewable energy across the world is increasing in order to reduce carbon emissions with cheaper technology and economies of scale which in turn is driving the growth of biofuels market. For instance, the global investment in renewable energy capacity reached more than USD 282 billion in 2019. This was more than USD 213 billion renewable energy investments made throughout the world in 2010.
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. All industries have suffered some form of loss due to the pandemic and the biofuels industry has not been left untouched by this unprecedented crisis of modern times. This industry has its share of challenges due to the COVID-19 pandemic as the major consumer of biofuels is the transportation sector which has been relentlessly hampered owing to the lockdown restrictions across the globe. Consequently, the demand for biofuels was decreased among end-users thereby, affecting the growth of the global biofuels market. However, the market is expected to boost in the upcoming years with the relaxation in lockdown restrictions and surge in automobiles on road.
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The global biofuels market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Type, the market is primarily segmented into
The ethanol segment generated revenue of US$ X billion in 2020 and is expected to grow at a CAGR of X% during the forecast period owing to the growing adoption of ethanol as a potential transport fuel.
By Feedstock, the market is primarily segmented into
Amongst feedstock, the vegetable oils segment of the global biofuels market was valued at US$ X billion in 2020 and is likely to reach US$ X billion by 2027 growing at a CAGR of X% from 2021-2027.
Global Biofuels Market Geographical Segmentation Includes:
Based on the estimation, North America dominated the biofuels market with almost X% revenue share in 2020 owing to the wide adoption of biofuels as rising air pollution in the country is causing serious to human lives and the economy. For instance, according to the United Nations, more than 140 million Americans live in municipalities with unsafe levels of air pollution.
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The major players targeting the market includes
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global biofuels market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
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