Global Renewable Fuels Market is expected to foresee significant growth. United States and China to lead the growth!
Global Renewable Fuels Market is expected to reach the market valuation of US$ XX billion by 2027 expanding at a reasonable CAGR of XX% during the forecast period (2021-2027) from US$ XX million in 2020. Technological advancement in the Energy Sector, Government policies and financial incentives for Renewable Energy and Low price of renewable fuels, compared to conventional fuels are the major factor driving the growth of the market.
Increasing demand for the Alternative fuel source in the Power and Automotive sector and Supportive government policies and incentive program for renewable energy source would provide ample growth opportunity for the fuel manufacturer during the forecast period. Global biofuel production has increased from 187 thousand barrels of oil equivalent per day in 2000 to 1.8 million barrels of oil equivalent per day in 2019. In the United States national army is regarded as the largest consumer of biofuel. Furthermore, biomass consumption in the United States amounted to 4,985 trillion British thermal units in 2019. China is expected to witness highest biofuel production growth globally. The rollout of 10% ethanol blending in a growing number of provinces and increasing investments in production capacity drive a tripling of ethanol production in China by 2024. Brazil registers the second-largest growth, boosted by the introduction of the Renovabio program in 2020. The United States and Brazil are expected to account for two-thirds of total biofuel production by 2024.
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The Covid-19 pandemic have resulted in a drop of 8.5% in global transport fuel consumption in 2020, compared to 2019 value, owing to the restrictions imposed on people’s movements and disruption in trade logistics around the globe. Similarly, consumption of biofuel also witnessed 8.7% decline in 2020 with respect to 2019. Over the medium-term period, global biofuel consumption is expected to increase, driven by higher blending targets in developing countries. In developed countries, biofuel expansion is expected to be limited due to decreasing fossil fuel demand and reduced policy incentives. Despite government support, and in line with decreasing demand, the overall level of global ethanol and biodiesel production decreased for the first time in the last decade by 13.2 bln L and 1.9 bln L respectively in 2020 compared to 2019.
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- Based on source the global Renewable Fuels market is bifurcated into Geothermal resources, Biomass Energy, Hydropower, Ocean Energy, Solar PV, Wind Power, Others. Biofuels (bioethanol and biodiesel1) are fuels produced from biomass. About 75% of biodiesel is produced using vegetable oils (20% rapeseed oil, 25% soybean oil, and 30% palm oil) or used cooking oils (20%)
- Based on End-use sector the market is divided into Cooling and Heating Sector, Power Sector, Transportation Sector, Others. Currently, in 2020, power sector dominated the demand for renewable fuel, followed by transport sector, which accounted for more than 20% share in terms of demand. Over the last 5 years, use of bioenergy has grown most rapidly in the electricity sector at around 6.7% per year, compared to around 4.4% in transport and 1.1% for bio-heat sector
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For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Netherlands, Spain, Rest of Europe), Asia-Pacific (China, India, Thailand, Indonesia, Rest of APAC), Latin America (Brazil, Argentina, Rest of Latin America) and Rest of World. The United States and Brazil recorded the highest reductions in ethanol consumption and drove down global demand. Indonesia and Thailand increased biodiesel use owing to higher blend rates, while decreasing diesel use. Increased use of ethanol, driven by its use as a sanitizer in response to the Covid-19 pandemic, also helped sustain biofuels production. Some of the major players operating in the market include Archer Daniels Midland, Eni S.p.A., BlueFire Ethanol Fuels, Inc., Cosan S.A., Coskata, Inc., Sapphire Energy, Neste Oyj, Renewable Energy Group, Shell, British Petroleum.
Global Renewable Fuels Market Segmentation
Market Insight, by Source
- Geothermal resources
- Biomass Energy
- Ocean Energy
- Solar PV
- Wind Power
Market Insight, by End-Use Sector
- Cooling and Heating Sector
- Power Sector
- Transportation Sector
Market Insight, by regions
- North America Renewable Fuels Market
- United States
- Rest of North America
- Europe Renewable Fuels Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Renewable Fuels Market
- Rest of Asia-Pacific
- Latin America Renewable Fuels Market
- Rest of Latin America
- Rest of World Renewable Fuels Market
Top Company Profiles
- Archer Daniels Midland
- Eni S.p.A.
- BlueFire Ethanol Fuels, Inc
- Cosan S.A.
- Coskata, Inc.
- Sapphire Energy
- Neste Oyj
- Renewable Energy Group
- British Petroleum