Asia Pacific biofuels market accounted for $22313 million in 2016 and now it is expected to reach $39616 million in 2024 growing at a CAGR of 7.5% during 2017-2024. The forecast period is from 2017 to 2024 while the base year is deliberated at 2016.The availability of feedstock, the government’s law to support the approval of bio-based fuel alternatives, multiple applications of biofuels are some of the key factors driving the biofuels market. Stringent laws and regulations, the rise in competition among major players in the market are some of the challenges faced by the biofuels market.
The Asia –Pacific biofuels market is segmented by Feedstock on the basis of Simple and Complex Lignocellulose, Syngas/Biomass/MSW, Algae-based biofuel, sugar and starches, oil and fats market and other feedstock. It is further segmented by type on the basis of Cellulosic Ethanol, vegetable oil, biogas, bio-alcohols, bio-diesel, biobutanol, biodme and others. The rising demand for bio-diesel in developing regions and rising focus on affordable, reliable and sustainable energy are some of the new opportunities facing the biofuels market.
The major players in the biofuels market are Abengoa Bioenergy, Algenol Biofuels, Australian Renewables Fuel Ltd,Aventine Renewable energy holdings, Blue Fire Renewables, Clariant SE, Dupont Industrial Biosciences, Fiberlight LLC, Granbio, Inbicon Ineos Bios, Poet-DSM advanced Biofuels LLC, Renewable energy group, Petrobras and Zeachem Inc