With the past decade showing various economic activities like government biofuel incentives, soaring oil prices, green and clean venture investments, Middle East turmoil, and emerging technologies, the green sentiment has now become a global concern for all. All such factors are contributing to the critical launch of the global biofuel market, once and forever.
The dogma of biodiesel industry is to create a balanced energy activity across multiple verticals in the world. This industry is gaining increasing attention from petroleum prices and its subsequent environmental advantages. The energy demand across the globe is enormous and the biofuel market is witnessing maximum amounts of investments to ascertain an everlasting source of green and clean energy in every sector.
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Biofuels Market: Overview
Biofuels are a class of fuels whose energy is biologically gained from carbon fixation. Biofuels are resultant of different conversion processes such as liquid fuels, solid biomass, and various gases. Biofuel or biodiesel is a derivative of vegetable oil, typically extracted by squashing oil-seed, whereby, the oil is then strained with ethanol or methanol by combining fatty acid molecules. It is an element free of petroleum and can be easily blended with petroleum diesel to produce a blend of biodiesel at any level. Some countries in the U.S. create biodiesel from recycling cooking oils or soybean oil.
Biofuels market is experiencing extensive R&D and economic growth due to large amount of company investments across various industrial, commercial, as well as domestic sectors. Also, with growing concern pertaining to the development of clean, green, and alternative fuel, the need for biofuel comes into highlight yet again. Since, biofuels are elements that can replace non-renewable sources there has been ubiquitous rise in demand for biofuels on many platforms. The constant demand for biofuels has stirred high growth in the base market, markedly known as the biomass industry.
Drivers for Biofuel Market
Due to the rise in population and increased awareness amongst all ages of the population, the global market for biofuels is undergoing a linear growth over the last few years. One of the major exciting factors is that biofuels are derived from natural biological procedures and can be further utilized as an eco-friendly element in nature or any industry application.
Liquid forms of biofuels are effective in terms of renewable energy. They can be produced from any oil-rich crop like plant such as, oil palm, sunflower, and soy, or can also be obtained from poultry and other fish products as byproducts of the food industry. These are types of organic matter that helps in eliminating bio-waste products in a given application process. Liquid biofuels are used in transport, as well as in commercial heating processes. They are significant accelerators that help in minimizing carbon emissions and increase the importance of renewable energy sources. Biofuel helps in delivering approximately 50 percent reductions in carbon intensity as compared to petroleum, and hence, remains the most advanced forerunner through the forecast. Additionally, certain stringent government policies, depleting natural resources and new environmental regulations are likely to increase the market for biofuels.
Biofuels: Industry Analysis - By Type & Form Analysis
Considering the biofuels segmentation with respect to type, the market includes two main types of biofuels – bioethanol and biodiesel product, in addition to amylases and industrial lipases which are other forms of biofuels in the market. Amylase has the capacity to tolerate a wide range of temperature and pH level. The market for amylases enzymes includes cellulase and industrial proteases enzymes, wherein, the industrial proteases sector is growing rapidly at a CAGR of 8.7%. The amylases sector is estimated to be the fastest growing segment across the globe, growing at a CAGR of 8.0% for the given forecast 2013 – 2019.
Geographically, North America is the commanding market in the biofuels industry, followed by growth in Europe and other developing economies like India, China, and Russia for the next six years.
Biofuel Market: Global Outlook & Statistics
The value-driven analysis provided by leading market research reports states that the global biofuels market was valued at $11.16 billion in 2012, and is further expected to reach $15.90 billion by 2019 for forecast 2013 – 2019. The market is growing at a CAGR of 5.2% from 2013 to 2019. According to the studies provided under the Porter’s Five Force Model, the biofuels market production was worth 24,326.7 million gallons in 2012 and is predicted to reach 50,921.4 million gallons by 2019, pacing at a CAGR of 9.6% from 2013 to 2019.
Nevertheless, due to major drivers such as rising demand for reliable electricity delivery and shortage of adequate power infrastructure, the market is all set to witness significant emerging opportunities in the near future.