Fortune Business Insights offers a detailed overview of the global market in a report, titled The global Liquid Biofuels market size is projected to reach USD 219.97 billion by 2027, exhibiting a CAGR of 8.4% during the forecast period. Surging vehicular pollution levels across the globe is expected to feed the growth of this market, states Fortune Business Insights™ in its report, titled “Liquid Biofuels Market Share, Size & COVID-19 Impact Analysis By Product Type (Ethanol and Biodiesel), By Feedstock (Sugar Crops, Starch Crops, Vegetable Oils, Animal Fats, and Others), By Process (Fermentation, Transesterification, and Others), By Application (Transportation, Power Generation, and Heat), and Regional Forecast, 2020-2027”.
Exhaust from motor vehicles is one of the biggest contributors of air pollution in the world. The US Environment Protection Agency (EPA) estimates that on-road automobiles cause 75% of carbon monoxide pollution in the country. The European Parliament has also stated that 72% of the EU’s carbon emissions come from road transport. To address the issues surrounding escalating air pollution levels, Liquid Biofuels such as ethanol and biodiesel have emerged as the most viable and feasible substitutes to conventional fossil fuels such as petrol. Governments around the world are actively promoting the adoption of biofuels for transport activities as the carbon-based fuels carry heavy environmental as well as human health costs.
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List of Key Players for Liquid Biofuels Market
- Butamax Advanced Biofuels, LLC (U.S.)
- Gevo, Inc. (U.S.)
- Eniven Group (Slovakia)
- Emami Agrotech Limited (India)
- Fulcrum BioEnergy, Inc. (U.S.)
- Renewable Energy Group, Inc. (U.S.)
- Enerkem (Canada)
- ADM (U.S.)
- Pacific Ethanol, Inc. (U.S.)
- BIO OILS ENERGY (Spain)
- Bangchak Corporation Public Company Limited (Thailand)
- Algenol (U.S.)
- CropEnergies AG (Germany)
- Renewable Biofuels Inc. (U.S.)
- POET (U.S.)
As per the report findings, the global market value stood at USD 116.00 billion in 2019. The report also contains the following:
- Piecemeal study of all market segments and their performance;
- Actionable research into the upcoming Liquid Biofuels Market opportunities;
- Critical insights into the factors driving and restraining the market growth; and
- Detailed examination of the regional dynamics and competitive landscape of the market.
Falling Ethanol Prices amid COVID-19 Pandemic to Retard Liquid Biofuels Market Growth
The outbreak of the COVID-19 contagion has threatened to cause long-term damage on many industries. One of them is the transport industry, which is experiencing sharp decline in demand. The trickle-down effect is being witnessed in an even steeper fall in biofuel prices, especially ethanol prices. According to a study conducted by Purdue University, the average monthly price of ethanol fell from $1.32/gallon in December 2019 to $0.82/gallon in March 2020 due to rapid decline in demand for transport services. Reduced profit margins of ethanol producers have slowed down production of ethanol, which is expected to further cripple the Liquid Biofuels market growth during 2020. In Canada, the national government is attempting to ease implementation of low-carbon fuels as the country’s oil sector has taken a severe blow due to the pandemic. Growing turmoil in the hydrocarbon industry as a result of the coronavirus will, therefore, stem the uptake of Liquid Biofuels in the current year.
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Major Segments for Liquid Biofuels Market
- By Feedstock
- Sugar Crops
- Starch Crops
- Vegetable Oils
- Animal Fats
By Application Liquid Biofuels Market
- Power Generation
- North America (U.S., and Canada)
- Europe (UK, Germany, France, Netherland, Poland, Spain, and Rest of Europe)
- Asia Pacific (China, India, Thailand, Indonesia, and Rest of Asia Pacific)
- The Middle East & Africa (South Africa, and Rest of the Middle East & Africa)
- Latin America (Brazil, Argentina, and Rest of Latin America)
Increasing Production of Biofuels in the US to Accelerate Market Growth in North America
With North America accounting for 45% of the global biofuel production, the region is well-positioned to dominate the Liquid Biofuels market share in the foreseeable future. The US is largest producer of ethanol worldwide, having produced 15.8 billion gallons of ethanol in 2019 alone. In 2019, the region’s market size stood at USD 42.96 billion.
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Table of Contents Liquid Biofuels Market:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
2 Executive Summary
3 Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
4 Key Insights Liquid Biofuels Market
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
5 Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Liquid Biofuelss Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
Production Capacity Elevation Measures to be Implemented by Market Players
Competition in the Liquid Biofuels market is characterized by the variety of strategies implemented by the players to consolidate their position in this market. Prominent among these are the measures adopted by these companies to enhance their production capabilities to meet the rising demand for biofuels around the world.
- May 2020: Canada-based BC Hemp Corporation announced its plans to construct a biofuel plant in Prince George, British Columbia for an estimated value of USD 2 billion. Employing close to 2500 people, the plant will be utilized for producing industrial-grade ethanol from hemp stock.
- February 2020: Italy-based NextChem joined forces with US-based Saola Energy to produce renewable diesel from residual fats and vegetable oils. Saola will employ its hydro-treatment and isomerization technologies to produce renewable diesel, while NextChem will provide clients engineering, construction, and training services under the partnership.
Quick Buy – Liquid Biofuels Market:
KEY QUESTIONS ANSWERED:
- What is the Liquid Biofuels Market size and growth rate of the global and regional market by various segments?
- What is the market size and growth rate of the market for selective countries?
- Which region or sub-segment is expected to drive the market in the forecast period?
- What Factors are estimated to drive and restrain the Medical Lighting Technologies Market growth?
- What are the key technological and market trends shaping the market?
- What are the key opportunities in the market?
- What are the key companies operating in the market?
- Which company accounted for the highest Liquid Biofuels Market share?
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