,The global Liquid Biofuels market size is projected to reach USD 219.97 billion by 2027, exhibiting a CAGR of 8.4% during the forecast period. Surging vehicular pollution levels across the globe is expected to feed the growth of this market, states Fortune Business Insights™ in its report, titled “Liquid Biofuels Market Size, Share & COVID-19 Impact Analysis By Product Type (Ethanol and Biodiesel), By Feedstock (Sugar Crops, Starch Crops, Vegetable Oils, Animal Fats, and Others), By Process (Fermentation, Transesterification, and Others), By Application (Transportation, Power Generation, and Heat), and Regional Forecast, 2020-2027”. Exhaust from motor vehicles is one of the biggest contributors of air pollution in the world. Liquid Biofuels Market to Grow at 8.4% CAGR till 2027; Growing Inclination towards Energy-Efficient Fuels Worldwide to Boost the Market: Fortune Business Insights™ The US Environmental Protection Agency estimates that 75% of carbon monoxide pollution in the country is caused by on-road automobiles. The European Parliament has also stated that 72% of the EU’s carbon emissions come from road traffic. To address the issues surrounding rising air pollution levels, liquid biofuels such as ethanol and biodiesel have emerged as the most viable and feasible alternative to conventional fossil fuels such as petrol. Governments around the world are actively encouraging the adoption of biofuels for transportation activities as carbon-based fuels cost the environment as well as human health. As per the report findings, the global market value stood at USD 116.00 billion in 2019. The report also contains the following:
- Piecemeal study of all Liquid Biofuels Market segments and their performance;
- Actionable research into the upcoming market opportunities;
- Critical insights into the factors driving and restraining the market growth; and
- Detailed examination of the regional dynamics and competitive landscape of the market.
Market Restraint
Falling Ethanol Prices amid COVID-19 Pandemic to Retard Market Growth
The outbreak of the COVID-19 contagion has threatened to cause long-term damage on many industries. One of them is the transport industry, which is experiencing sharp decline in demand. The trickle-down effect is being witnessed in an even steeper fall in biofuel prices, especially ethanol prices. According to a study by Purdue University, the average monthly price of ethanol dropped from $ 1.32 / gallon in December 2019 to $ 0.82 / gallon in March 2020 due to a sharp decline in demand for transportation services. Decreased profit margins of ethanol producers have slowed down ethanol production, which is expected to further weaken the growth of the liquid biofuel market by 2020. In Canada, the national government is trying to make it easier to implement low-carbon fuels because the country’s oil sector has taken over. A severe shock caused by the epidemic. The growing turmoil in the hydrocarbon industry as a result of the coronavirus will, therefore, stop the use of liquid biofuels in the current year. Liquid Biofuels Market Worth $219.97 Billion at 8.4% CAGR; Energy Industry Giants Such as POET and Enerkem to Focus on Expanding Global Business Horizons: Fortune Business Insights™
Industry Developments:
- May 2020: Canada-based BC Hemp Corporation announced its plans to construct a biofuel plant in Prince George, British Columbia for an estimated value of USD 2 billion.
- February 2020: Italy-based NextChem joined forces with US-based Saola Energy to produce renewable diesel from residual fats and vegetable oils. Saola will employ its hydro-treatment and isomerization technologies to produce renewable diesel, while NextChem will provide clients engineering, construction, and training services under the partnership.
Liquid Biofuels Market to Gather Traction; Eni Inaugurates Its Bio-Refinery in Italy with a Processing Capacity of 750,000 Tons Per Year: Fortune Business Insights™
List of Key Players Profiled in this Liquid Biofuels Market Report:
- Butamax Advanced Biofuels, LLC (U.S.)
- Gevo, Inc. (U.S.)
- Eniven Group (Slovakia)
- Emami Agrotech Limited (India)
- Fulcrum BioEnergy, Inc. (U.S.)
- Renewable Energy Group, Inc. (U.S.)
- Enerkem (Canada)
- ADM (U.S.)
- Pacific Ethanol, Inc. (U.S.)
- BIO OILS ENERGY (Spain)
- Bangchak Corporation Public Company Limited (Thailand)
- Algenol (U.S.)
- CropEnergies AG (Germany)
- Renewable Biofuels Inc. (U.S.)
- POET (U.S.)
