Liquid Biofuels Market
Growth Factors of Liquid Biofuels Market
The liquid biofuels market size was valued at USD 148.50 billion in 2023, and the market is now projected to grow from USD 160.55 billion in 2024 to USD 316.71 billion by 2032, exhibiting a CAGR of 8.86% during the forecast period of 2024-2032.
The substantial decrease in 2020 billion of barrels of oil, trillions of cubic meters of gas, and millions of tons of coal was influenced by the COVID-19 that led to imposed travel and industry restrictions. This reduction in energy demand consequently affected the creation of liquid biofuels because their mix with gasoline or diesel depends on existing requirements associated with road transportation. As a result, the current reduction in road transport requirements due to the pandemic has posed the problem of sustaining biofuel production.
Manufacturing technologies have also advanced biofuels and powertrains for transportation therefore improving the energy security and environmental performance of transportation fuels by offering a less carbon intensive solution than petroleum. A prominent issue about transportation fuel is the concern over the accessibility and the sustainability percentage of the global petroleum endowment that is correlated with the insufficiency of local available oil to satisfy energy needs. If fuels that are produced from renewable sources of biomass produced domestically are used, the US would therefore not be threatened by disruptions in foreign oil and can therefore move towards a secure source of energy supply.
Enhancing biofuel production is made possible through consolidated bioprocessing (CBP) which makes it possible to ferment not only the sugars but also cellulose and hemicellulose of biomass. Mechanisms such as co-cultivation and application of ‘designer’ microbes enable efficient conversion of diverse feedstocks, waste biomass and algae inclusive into different biofuels. Furthermore, methods such as gasification and pyrolysis are continually being improved to separate and obtain usable biofuels and bioproducts from LCB. Overall, this style of integration makes a positive contribution towards the development of pragmatic biodegradable fuel production techniques.
Comprehensive Analysis of Liquid Biofuels Market
The liquid biofuels market growth is also increasing exponentially because of the segmentation of its market. This market expansion rightly provides a thorough market breakdown near to the industry considering the leading supply and demand forces. These segmentations are methodically segregated by type analysis, by feedstock analysis, by process analysis, and by application analysis. By type analysis incudes ethanol and biodiesel. By feedstock analysis incudes sugar crops, starch crops, vegetable oils, animal fats, and others. By process analysis incudes fermentation, transesterification, and others. By application analysis incudes transportation, power generation, and heat.
The North America region lead the liquid biofuels market share by benefitting a market size of USD 55.51 billion in 2023 due to increasing demand for biofuels for the operation.
Top players in the market have their responsibility of power & energy industrial prospectus growth of the retailing industry and the markets. These players include, ADM, CropEnergies AG, Bangchak Corporation Public Company Limited, Enerkem, Renewable Biofuels Inc., Chevron Renewable Energy Group, POET, Algenol, Fulcrum BioEnergy, Inc., Emami Agrotech Limited, Bio-Oils Energy S.A., Alto Ingredients, Inc., Gevo, Inc. these market players provide a level-playing competitive landscape.
In May 2022, Fulcrum BioEnergy Inc. announced the successful commissioning of the Sierra Biofuels plant, the world's first facility to convert landfill waste into renewable transportation fuels, integrating feedstock processing with operations to transform waste into clean feedstock.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 8.86% from 2024 to 2032
Unit Value (USD Billion) and Volume (Billion Liters)
Segmentation By Type
By Feedstock
- Sugar Crops
- Starch Crops
- Vegetable Oils
- Animal Fats
- Others
By Process
- Fermentation
- Transesterification
- Others
By Application
- Transportation
- Power Generation
- Heat
By Region
- North America (By Type, By Feedstock, By Process, By Application, and By Country)
- U.S. (By Type, By Feedstock, By Process, and By Application)
- Canada (By Type, By Feedstock, By Process, and By Application)
- Europe (By Type, By Feedstock, By Process, By Application, and By Country)
- Germany (By Type, By Feedstock, By Process, and By Application)
- France (By Type, By Feedstock, By Process, and By Application)
- U.K. (By Type, By Feedstock, By Process, and By Application)
- Netherland (By Type, By Feedstock, By Process, and By Application)
- Spain (By Type, By Feedstock, By Process, and By Application)
- Poland (By Type, By Feedstock, By Process, and By Application)
- Rest of Europe (By Type, By Feedstock, By Process, and By Application)
- Asia Pacific (By Type, By Feedstock, By Process, By Application, and By Country)
- China (By Type, By Feedstock, By Process, and By Application)
- India (By Type, By Feedstock, By Process, and By Application)
- Thailand (By Type, By Feedstock, By Process, and By Application)
- Indonesia (By Type, By Feedstock, By Process, and By Application)
- Rest of Asia Pacific (By Type, By Feedstock, By Process, and By Application)
- Latin America (By Type, By Feedstock, By Process, By Application, and By Country)
- Brazil (By Type, By Feedstock, By Process, and By Application)
- Argentina (By Type, By Feedstock, By Process, and By Application)
- Rest of Latin America (By Type, By Feedstock, By Process, and By Application)
- Middle East & Africa (By Type, By Feedstock, By Process, By Application, and By Country)
- South Africa (By Type, By Feedstock, By Process, and By Application)
- Rest of the Middle East & Africa (By Type, By Feedstock, By Process, and By Application)
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