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Biofuels Market Size Worth USD 247.38 Billion by 2027 Growing environmental awareness and increasing government supportive policies and initiatives regarding the adoption of biofuels are driving the demand of the market.
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Market Summary The global Biofuels Market is expected to reach USD 247.38 Billion by 2027, according to a new report by Emergen Research. The growth of this market can be attributed to the growing environmental awareness among consumers and increasing government supportive policies and initiatives regarding the adoption of biofuels to reduce the emission levels of carbon dioxide in the environment. Advancing research and development for the production of cost-effective biofuels is augmenting the demand for the industry.
The pandemic has severely affected the automotive & transportation industry, and disrupted the supply chain, raw material supplies. The liquidity shortfall and the cash crisis have already affected the sales of the product. The declining demand for road transport will directly affect the production of biofuel. Due to the reducing international and local demand, numerous biofuel plants have reduced their output.
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Market Summary Some Key Highlights From the Report Ethanol dominated the market with a share of 61.5% in 2019 due to its higher efficiencies and lower emission levels of carbon dioxide. The huge demand for corn for the production of biofuels is mainly due to its larger availability and lower price. Excessive usage of corn all across the world is leading to the scarcity of the food products made from corn. The increasing demand for liquid biofuel is mainly due to its growing usage in the transportation sector, mostly the aviation segment. North America dominated the market with a share of 48.6% in 2019, owing to the presence of a substantial amount of feedstock. Besides, the U.S. is one of the leading producers of biofuels and is also utilizing it in the transportation sector. Request Free Sample Copy@ https://www.emergenresearch.com/request-sample/114
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Market Summary Emergen Research has segmented the global Biofuels Market on the basis of Product type, feedstock, form, and region: Product Type Outlook (Revenue, USD Billion; 2017-2027) Biodiesel Ethanol Feedstock Outlook (Revenue, USD Billion; 2017-2027) Vegetable Oils Corn Sugarcane Others Form Outlook (Revenue, USD Billion; 2017-2027) Liquid Biofuel Solid Biofuel Gaseous Biofuel
Read More@ https://www.emergenresearch.com/industry-report/biofuels-market
Parameter
Details
Market Size Estimation Period
2020-2028
Base Year Considered
2020
Historical Data
2017-2019
Forecast Period
2021-2028
Quantitative Units
Revenue in USD million & CAGR from 2020 to 2028
Segments Covered
Types, Application, End-Users, Regions & more.
Countries Included
The U.S., Germany, U.K., Italy, China, India, Japan, Brazil
Report Coverage
Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, and Trends
Regions Scope
North America, Europe, Asia Pacific, Latin America, Middle East and Africa
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10 hours of free customization & expert consultation
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Explore Different Purchase Options & Request for Discount to Avail New Year Discount
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