Global Biofuels & Biodiesel Market Forecast 2021-2028
The global biofuels & biodiesel market is forecasted to register a CAGR of 5.25% over the estimated years of 2021 to 2028. Key factors such as the fluctuating prices of petroleum, the increasing interest in clean and alternative fuels, and the rising availability of feedstocks are primarily attributed to the growth of the market.
Biofuels are characterized as any fuel derived from biomass— animal waste and plant or algae material. Since such types of feedstock material can be readily replenished, biofuel is considered a vital source of renewable energy, unlike fossil fuels, including coal, petroleum, and natural gas. Biofuel is generally advocated as an environmentally benign and cost-effective alternative to petroleum, in addition to several other fossil fuels, primarily within the context of increased concerns linked to the role played by fossil fuels towards global warming and rising petroleum prices. Furthermore, several critics continue to express concerns regarding the scope of the expansion of biofuels, owing to the environmental and economic expenses associated with the refining process as well as the removal of extensive areas of arable land from food manufacturing.
Oil prices are predominantly influenced by factors like the decisions concerning the output made by producers, such as the Organization of Petroleum Exporting Countries (OPEC), as well as private oil-producing enterprises like ExxonMobil. As with any stock, commodity, or bond, the laws of demand and supply result in fluctuating oil prices. As a result, when supply exceeds demand, prices fall, and the contrary is also correct when demand surpasses supply. Hence, surging petroleum prices raises the manufacturing expense of transportation and fertilizers, leading to higher total costs for importing nations. Therefore, fluctuating petroleum costs play a vital role in fueling the global market’s growth.
The global biofuels & biodiesel market growth assessment entails the analysis of North America, the Asia-Pacific, Europe, and the Rest of World. Germany is set to grow with the highest CAGR of 7.19% over the forecast period, mainly due to the obligation of fuel suppliers to minimize greenhouse gas emissions as per the country’s greenhouse gas reduction quota and the initiatives introduced by the government.
An increased number of SMEs and start-ups compete with leading energy enterprises across the global biofuels & biodiesel market. Moreover, major firms often cooperate with smaller firms and start-ups, as well. While the high volume of companies indicates the high potential of the market, the industrial rivalry is set to be intense over the forecast years. Some of the key players operating in the market are Cargill Incorporated, BP PLC, GranBio, etc.
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