The global Biofuels market is anticipated to proliferate at an approximate CAGR of 5.4% during the forecast period of 2017 to 2024. Stringent environmental rules are encouraging the usage of Biofuels which is leading to the market growth for Biofuels. The rise in economic development, increase the awareness among the population regarding the environmental effects and the shrinking of the fossil fuel resources which is propagating the market.
The global Biofuel market is segmented on the basis of Feedstock, Market by type and Geography. The Biofuel market by Feedstock is segmented into simple and complex lignocelluloses, syngas/biomass/MSW, sugar and starches, algae-based biofuel, oils and fats and other feedstock. The biofuel market by type is segmented into cellulosic ethanol, biogas, bio-alcohols, biodiesel, vegetable oil biobutanol, bioDME and others. The market on the basis of geography is segmented into Europe, North America, Asia-Pacific and Rest of the world.
The availability of feedstock in abundance, the adoption of bio-based fuel alternatives supported by the government regulations and the multiple applications for biofuels are some of the primary drivers for the growth of global biofuels market. The favorable government regulations and policies are dominant drivers for the growth of the global biofuels market. The biofuels are used in varied applications and in diverse industries; the rising demand from the producers are employing other application areas to efficiently use the biofuels.
North America accounts for a colossal market share in the global biofuels market. With the easy availability of raw materials for biofuels production and rise in the demand for eco-friendly fuels, North America is anticipated to continue the dominance during the forecast period. Europe holds the second largest market share in the global biofuels market. The European centers for biofuels production are France, Germany, Sweden, and Spain. The Asia-Pacific market is anticipated to grow at a high CAGR during the forecast period. The dominant driver for biofuels market is the increasing usage and demand for biofuels in developing economies like India, Japan, and China
The major market players in the biofuels market are Solazyme Inc., Dupont Industrial Bioscience, Zeachem Inc., Australian Renewable Fuels Limited, Inc., Abengoa Bioenergy, Granbio, Renewable Energy Group, and Aventine Renewable Energy Holding.