Why Does the Americas Continue being the Nucleus of Global Biofuel Production As per a new report published by Fact.MR, a market research and competitive intelligence provider, the global biofuels market is anticipated to exceed a valuation of around US$ 141 Bn by 2021. Under the likely scenario, the market can register a CAGR of around 4.8% over the projection period of 2021 to 2031. North America accounts for nearly 35% of global biofuel demand. For detailed insights on enhancing your product footprint, request for a sample here – https://www.factmr.com/connectus/sample?flag=S&rep_id=6485 Several shipping companies across the globe have started using biofuel to showcase their clean operational performance.
Mitsui O.S.K. Lines (MOL) and NYK Group, two of Japan’s largest shipping companies, have shown their interest in using an alternate fuel such as biofuel in their operations. In a trial engaging Euro Marine Logistics, one of MOL’s subsidiaries, 370 tons of biofuel was loaded on City of Oslo, a 11-year old vessel. The biofuel was provided by GoodFuels. NYK, on the other hand, conducted a biodiesel test in partnership with Anglo American, a mining company. Such developments suggests strong prospects for biofuel demand in shipping applications. For critical insights on this market, request for methodology here – https://www.factmr.com/connectus/sample?flag=RM&rep_id=6485 Key Takeaways from Market Study
North America and Latin America together command over 55% of global biofuel revenue owing to their large production base. The market in both, East Asia and Middle East and Africa is expected to witness a CAGR of over 6% during the forecast period. Revenue through biodiesel is expected to increase 170 BPS during 2021 – 2031. Corn-based biofuel accounts for over one-third of global demand; however, demand for vegetable oil and other feedstocks is expected to grow at a faster pace. Land transport application of biofuel remained dominant with more than 90% share. However, demand in shipping applications is expected to surge over the coming years. Top five players manufacturing biofuel accounted for 21% market share in 2020.