Rockville, Sept. 29, 2022 (GLOBE NEWSWIRE) -- 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$ 140.43 Billion by 2021. Under the likely scenario, the market can register a CAGR of around 4.8% over the projection period of 2022 to 2032. North America accounts for nearly 35% of global biofuel demand.

Furthermore, regulations by government authorities to reduce carbon emissions caused by vehicles has opened doors of opportunities for biofuels. This has led to rapid adoption of biofuels in different end user sectors. Moreover, the sustainable production of biofuels is bolstering the demand for biofuels.

Several shipping companies across the globe have started using biofuel to showcase their clean operational performance. In addition, the increasing use of feedstock to generate biofuels is favouring market growth. Research and development to use different sources to create biofuels will further positively influence the demand for the same.

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With an absolute dollar opportunity of US$ 22.7 Billion, North America will remain the most lucrative region for biofuel demand. North America has sufficient harvest land for sugarcane, corn, as well as soybean production.

This makes it a self-sufficient country in terms of feedstock for biofuels. Transportation, especially trucks, significant use of biodiesel in the U.S., which further makes it a fertile ground for biofuel sales.        

Key Takeaways from Market Study

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Fuel Policy Formulators Maintained a Non-deviated Demand Growth for Biofuels

In certain countries, biofuels demand have been accelerating due to the fuel policymakers’ support. For instance, RenovaBio program in Brazil will necessitate the fuel distributors to obtain emission reduction certificate.

Secondly, the competitive prices of gasoline and bioethanol in the country have been driving fuel demand in favour of biofuels. On the other hand, in the U.S., availability of blender’s tax credit has reduced refiners’ burden of competitiveness for biodiesel blending.

Key Segments Profiled in the Biofuel Industry Survey

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Market Competition

Key market players in the biofuel production are

More Valuable Insights

Fact.MR, in its new offering, presents an unbiased analysis of the global biofuels market, presenting historical revenue data (2017-2021) and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of type (biodiesel, bioethanol, and other biofuels), feedstock (corn, sugarcane, vegetable oils, and other feedstocks), and application (land transport, shipping and other applications), across seven regions of the world (North America, Latin America, Europe, South Asia, East Asia, Oceania, and MEA).

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Gasoline Octane Improvers Market - Increasing adoption of bio-based ethanol as a gasoline octane improver is identified as the recent trend within the market. Moreover, increasing ethanol production, emphasis on fuel efficiency along stringent government regulations regarding carbon emission reduction, which are some of the factors driving the global market over the forecast period. 

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