세계 바이오연료 시장 : 2028년까지 예측

Report Overview

Biofuel is a fuel that is produced over a short time span from biomass such as plants or from agricultural, domestic or industrial bio waste. Biofuels are mostly used for transportation, but they can also be used for heating and electricity and are regarded as a renewable energy source. It plays an important role in reducing carbon dioxide emissions. Biofuels are renewable alternatives to conventional fuels such as gasoline, diesel, and kerosene. They can be used in passenger vehicles, trucks, ships, and airplanes. In 2022, the global biofuel market was valued at US$126.37 billion, and is probable to reach US$216.05 billion by 2028.

The market growth is attributed to the increasingly supportive policies extended by the government, such as tax incentives provided by the government, along with the increasingly robust policies for encouraging production and consumption within the region. Further, technological advancements in the biofuel industry have reduced the cost of the biofuels which is among major factors used to replace the use of fossil fuels. In addition to this, the introduction of newer feedstock for the production of the biofuels is another factor expected to support growth of the target industry in the near future. The global biofuel market value is projected to grow at a CAGR of 9.35%, during the forecast period of 2023-2028.

Market Segmentation Analysis:

By Type: According to the report, the global biofuel market is segmented into three types: Ethanol, Biodiesel and Others. Ethanol segment acquired majority of share in the market in 2022, as the rise in global temperature and a number of industries have begun to look for alternative energy sources that reduce greenhouse gas emissions from their combustion engines. Whereas, Biodiesel segment is expected to grow at the highest CAGR, as environmental concerns grow, the demand for cleaner energy options like biodiesel increases. Biodiesel can be produced from domestic renewable resources, such as crops like soybeans, rapeseed, and palm oil, as well as waste oils and fats. The availability of diverse feedstocks for biodiesel production contributes to its growth.

By Form: According to the report, the global biofuel market is segmented into three form: Liquid, Gaseous and Solid. Liquid segment acquired majority of share in the market in 2022 and would grow at the highest CAGR, as Liquid biofuels includes all liquid fuels of natural origin (e.g. produced from biomass and/or the biodegradable fraction of waste), suitable to be blended with or replace liquid fuels from fossil origin. Liquid biofuels are derived from renewable sources such as agricultural waste, domestic waste, plant waste, and commercial waste and are widely available across all countries, hence, concerns regarding running out of resources is less in case of liquid biofuel production.

By Consumption: According to the report, the global biofuel market by consumption is expected to augment to 279.88 billion liters in 2028. The demand for biofuels is expected to increase due to developments in transportation fleets in some countries. The market by consumption is further segmented on the basis of three types: (Ethanol, Biodiesel and Others) and eight regions: (The US, Brazil, Indonesia, Canada, China, India, Europe and Rest of the world). The US and Brazil account for 61% of biofuel consumption growth in the historical years. The projected growth is premised on China, Europe, India and the US implementing more stringent policies to drive demand, and also assumes that efforts to increase ethanol blending in the US and India are successful. The US, Europe, Brazil and Indonesia are responsible for the majority of biodiesel, renewable diesel and biojet fuel consumption growth.

By Production: According to the report, the global biofuel market by production would reach 119.68 billion liters in 2023. The market by production is further segmented on the basis of three types: (Ethanol, Biodiesel and Others); six feedstocks (Maize, Sugars, Palm Oil, Soy Oil, Rapeseed Oil and Others) and eight regions: (The US, Brazil, Indonesia, Canada, China, India, Europe and Rest of the world). Maize segment acquired majority of share in the market in 2022 and would grow at the highest CAGR, as its widespread cultivation makes it easily accessible as a feedstock for biofuel production. Moreover, Maize is rich in starch, which can be converted into bioethanol through fermentation processes. Based on region, The US accounted to the major share in the overall production. The increase in the production of biofuels can be attributed to several factors, driven by both environmental and economic considerations. The production of biofuel is expected to remain largely reliant on first generation feedstocks such as maize and sugarcane to produce ethanol and vegetable oil for biodiesel.

By Region: The report provides insight into the biofuel market based on the geographical operations, namely Asia Pacific, North America, Europe, and Rest of the World. North America biofuel market enjoyed the highest market share in 2022, due to the advances in biofuel production technologies which have helped to increase efficiency and reduce costs, making biofuels more competitive with traditional fossil fuels. North America regional biofuel market is experiencing growth due to the presence of leading solution providers like ADM (the US), Chevron (the US), Valero (the US), and Cargill, Incorporated (the US).

Whereas, Asia Pacific biofuel market is expected to grow at the highest CAGR, as several governments in the region have shown their support for the industry by establishing a favorable regulatory environment. India and China are currently leading the pack in terms of manufacturing, research, and innovation investments.

Global Biofuel Market Dynamics:

Growth Drivers: The emergence of bio-jet fuel has emerged as a significant growth driver for the biofuel market, marking a pivotal shift towards sustainable aviation solutions. To propel higher demand, countries globally are amending their existing policies and implementing new ones. The increased focus on sustainable air travel and the global push towards decarbonization have stimulated investments and research in bio-jet fuel technologies. As airlines and regulatory bodies increasingly prioritize eco-friendly aviation solutions, the demand for bio-jet fuel is expected to soar, providing a substantial impetus to the overall biofuel market. Further, the market is expected to increase due to rapid urbanization, growing demand as environment-friendly fuel in road transportation, growing demand for cleaner fuels and favorable government policies, rising focus on lowering greenhouse gas emission and curbing carbon emissions, limited availability of fossil fuel-based resources, etc.

Challenges: The market’s expansion is projected to be hampered by high initial capital investment. The cost of building and operating a biofuels plant or biorefinery is significant, making it difficult for biofuels to compete with fossil fuels. The investment includes costs related to the installation of biorefineries, procurement, testing, maintenance, and cost of feedstock. These are only a few factors that make investing in biofuels expensive and undesirable. The other challenges that biofuel market faces include variable and high cost of feedstock, etc.

Trends: One of the most distinct and pervasive trends observed in the global biofuel market is sustainability. Biofuels are considered a more environmentally friendly alternative to traditional fossil fuels, and their production and use align with broader sustainability goals. One of the primary reasons for the adoption of biofuels is their potential to reduce greenhouse gas emissions compared to conventional fossil fuels. Biofuels, such as biodiesel and ethanol, can be produced from renewable resources like crops, algae, or waste, leading to lower carbon dioxide emissions during combustion. More trends in the market are believed to augment the growth of biofuel market during the forecasted period include, technology advancements in biofuels, strategic development and international collaboration, etc.

Impact Analysis of COVID-19 and Way Forward:

The COVID-19 epidemic negatively impacted the biofuel market due to the reduced fuel demand caused by the suspension of mobility. With reduced mobility and a decrease in overall fuel consumption, the biofuel industry faced challenges in maintaining production levels and meeting pre-pandemic growth projections. The market faced problems such as supply chain problems, a declining labor force, price volatility, and availability of raw materials, which hindered the overall market. Furthermore, the decline was further aggravated by plummeting oil prices, making traditional fossil fuels more economically attractive in the short term.

Competitive Landscape and Recent Developments:

Global biofuel market is fragmented, with intense competition among the top players to increase their share in the market. Key players of global biofuel market are:

Ineos Group
Cosan S.A.
Vereinigte BioEnergie AG (VERBIO)
Repsol, S.A.
Green Plains
Archer-Daniels-Midland Company
Louis Dreyfus Company B.V.
Neste Oyj
Chevron Corporation (Renewable Energy Group, Inc.)
Wilmar International Limited
CropEnergies AG, POET LLC
Cargill, Incorporated

The key players are constantly investing in strategic initiatives, such as new product launches, introducing their products to emerging markets and more, to maintain a competitive edge in this market. For instance, in February 2023, Neste opened an Innovation Centre in Singapore to improve its worldwide innovation and R&D capabilities. Asia has been an important market for Neste, and the new center will help the company’s growth in the Asia-Pacific region.

Table of Contents

1. Executive Summary

2. Introduction

2.1 Biofuel: An Overview
2.1.1 Types of Biofuel

2.2 Biofuel Segmentation: An Overview
2.2.1 Biofuel Segmentation

3. Global Market Analysis

3.1 Global Biofuel Market: An Analysis

3.1.1 Global Biofuel Market: An Overview
3.1.2 Global Biofuel Market by Value
3.1.3 Global Biofuel Market by Type (Ethanol, Biodiesel and Others)
3.1.4 Global Biofuel Market by Form (Liquid, Gaseous and Solid)
3.1.5 Global Biofuel Market by Region (North America, Europe, Asia Pacific and Rest of the world)

3.2 Global Biofuel Market: Type Analysis

3.2.1 Global Biofuel Market by Type: An Overview
3.2.2 Global Ethanol Market by Value
3.2.3 Global Biodiesel Market by Value
3.2.4 Global Other Biofuel Market by Value

3.3 Global Biofuel Market: Form Analysis

3.3.1 Global Biofuel Market by Form: An Overview
3.3.2 Global Liquid Biofuel Market by Value
3.3.3 Global Gaseous Biofuel Market by Value
3.3.4 Global Solid Biofuel Market by Value

3.4 Global Biofuel Market: Consumption Analysis

3.4.1 Global Biofuel Market by Consumption: An Overview
3.4.2 Global Biofuel Market by Consumption
3.4.3 Global Biofuel Market Consumption by Type (Ethanol, Biodiesel and Others)
3.4.4 Global Biofuel Market Consumption by Region (The US, Brazil, Indonesia, Canada, China, India, Europe and Rest of the world)

3.5 Global Biofuel Market: Production Analysis

3.5.1 Global Biofuel Market by Production: An Overview
3.5.2 Global Biofuel Market by Production
3.5.3 Global Biofuel Market Production by Type (Ethanol, Biodiesel and Others)
3.5.4 Global Biofuel Market Production by Feedstock (Maize Sugars, Palm Oil, Soy Oil, Rapeseed Oil and Others)
3.5.5 Global Biofuel Market Production by Region (The US, Brazil, Indonesia, China, Germany, Argentina, Europe (Excluding Germany) and Rest of the world)

3.6 Global Biofuel Market Production: Feedstock Analysis

3.6.1 Global Biofuel Market Production by Feedstock: An Overview
3.6.2 Global Maize Biofuel Market by Production
3.6.3 Global Sugar Biofuel Market by Production
3.6.4 Global Palm Oil Biofuel Market by Production
3.6.5 Global Soy Oil Biofuel Market by Production
3.6.6 Global Rapeseed Oil Biofuel Market by Production
3.6.7 Global Other Feedstock Biofuel Market by Production

4. Regional Market Analysis

4.1 North America Biofuel Market: An Analysis
4.1.1 North America Biofuel Market: An Overview
4.1.2 North America Biofuel Market by Value

4.2 Europe Biofuel Market: An Analysis
4.2.1 Europe Biofuel Market: An Overview
4.2.2 Europe Biofuel Market by Value

4.3 Asia Pacific Biofuel Market: An Analysis
4.3.1 Asia Pacific Biofuel Market: An Overview
4.3.2 Asia Pacific Biofuel Market by Value

4.4 Rest of the World Biofuel Market: An Analysis
4.4.1 Rest of the World Biofuel Market: An Overview
4.4.2 Rest of the World Biofuel Market by Value

5. Regional Consumption and Production Analysis

5.1 Global Biofuel Market by Region: Consumption Analysis

5.1.1 Global Biofuel Market Consumption by Region: An Overview
5.1.2 The US Biofuel Market by Consumption
5.1.3 Brazil Biofuel Market by Consumption
5.1.4 Indonesia Biofuel Market by Consumption
5.1.5 Canada Biofuel Market by Consumption
5.1.6 China Biofuel Market by Consumption
5.1.7 India Biofuel Market by Consumption
5.1.8 Europe Biofuel Market by Consumption

5.2 Global Biofuel Market by Region: Production Analysis

5.2.1 Global Biofuel Market Production by Region: An Overview
5.2.2 The US Biofuel Market by Production
5.2.3 Brazil Biofuel Market by Production
5.2.4 Indonesia Biofuel Market by Production
5.2.5 China Biofuel Market by Production
5.2.6 Germany Biofuel Market by Production
5.2.7 Argentina Biofuel Market by Production
5.2.8 Europe (Excluding Germany) Biofuel Market by Production

6. Impact of COVID-19

6.1 Impact of COVID-19
6.1.1 Impact of COVID-19 on Biofuel Market
6.1.2 Post COVID-19 Impact

7. Market Dynamics

7.1 Growth Drivers
7.1.1 Rapid Urbanization
7.1.2 Emergence of Bio-jet Fuel
7.1.3 Growing Demand as Environment-friendly Fuel in Road Transportation
7.1.4 Growing Demand for Cleaner Fuels and Favorable Government Policies
7.1.5 Rising Focus on Lowering Greenhouse Gas Emission and Curbing Carbon Emissions
7.1.6 Limited Availability Of Fossil Fuel-based Resources

7.2 Challenges
7.2.1 High Initial Capital Investment
7.2.2 Variable and High Cost Of Feedstock

7.3 Market Trends
7.3.1 Sustainability
7.3.2 Technology Advancements in Biofuels
7.3.3 Strategic Development and International Collaboration

8. Competitive Landscape

8.1 Global Biofuel Market Players: A Financial Comparison

9. Company Profiles

9.1 Ineos Group
9.1.1 Business Overview
9.1.2 Operating Segments
9.1.3 Business Strategy

9.2 Cosan S.A.
9.2.1 Business Overview
9.2.2 Operating Segments
9.2.3 Business Strategy

9.3 Vereinigte BioEnergie AG (VERBIO)
9.3.1 Business Overview
9.3.2 Operating Segments
9.3.3 Business Strategy

9.4 Repsol, S.A.
9.4.1 Business Overview
9.4.2 Operating Segments
9.4.3 Business Strategy

9.5 Green Plains
9.5.1 Business Overview
9.5.2 Operating Segments
9.5.3 Business Strategy

9.6 Archer-Daniels-Midland Company
9.6.1 Business Overview
9.6.2 Operating Segments
9.6.3 Business Strategy

9.7 Louis Dreyfus Company B.V.
9.7.1 Business Overview
9.7.2 Operating Segments
9.7.3 Business Strategy

9.8 Neste Oyj
9.8.1 Business Overview
9.8.2 Operating Segments
9.8.3 Business Strategy

9.9 Chevron Corporation (Renewable Energy Group, Inc.)
9.9.1 Business Overview
9.9.2 Operating Segments
9.9.3 Business Strategy

9.10 Wilmar International Limited
9.10.1 Business Overview
9.10.2 Operating Segments
9.10.3 Business Strategy

9.11 CropEnergies AG
9.11.1 Business Overview
9.11.2 Business Strategy

9.12 POET LLC
9.12.1 Business Overview
9.12.2 Business Strategy

9.13 Cargill, Incorporated
9.13.1 Business Overview
9.13.2 Business Strategy

List of Figures

Figure 1: Types of Biofuel
Figure 2: Biofuel Segmentation
Figure 3: Global Biofuel Market by Value; 2018-2022 (US$ Billion)
Figure 4: Global Biofuel Market by Value; 2023-2028 (US$ Billion)
Figure 5: Global Biofuel Market by Type; 2022 (Percentage, %)
Figure 6: Global Biofuel Market by Form; 2022 (Percentage, %)
Figure 7: Global Biofuel Market by Region; 2022 (Percentage, %)
Figure 8: Global Ethanol Market by Value; 2020-2022 (US$ Billion)
Figure 9: Global Ethanol Market by Value; 2023-2028 (US$ Billion)
Figure 10: Global Biodiesel Market by Value; 2020-2022 (US$ Billion)
Figure 11: Global Biodiesel Market by Value; 2023-2028 (US$ Billion)
Figure 12: Global Other Biofuel Market by Value; 2020-2022 (US$ Billion)
Figure 13: Global Other Biofuel Market by Value; 2023-2028 (US$ Billion)
Figure 14: Global Liquid Biofuel Market by Value; 2018-2022 (US$ Billion)
Figure 15: Global Liquid Biofuel Market by Value; 2023-2028 (US$ Billion)
Figure 16: Global Gaseous Biofuel Market by Value; 2018-2022 (US$ Billion)
Figure 17: Global Gaseous Biofuel Market by Value; 2023-2028 (US$ Billion)
Figure 18: Global Solid Biofuel Market by Value; 2018-2022 (US$ Billion)
Figure 19: Global Solid Biofuel Market by Value; 2023-2028 (US$ Billion)
Figure 20: Global Biofuel Market by Consumption; 2020-2022 (Billion liters/year)
Figure 21: Global Biofuel Market by Consumption; 2023-2028 (Billion liters/year)
Figure 22: Global Biofuel Market Consumption by Type; 2022 (Percentage, %)
Figure 23: Global Biofuel Market Consumption by Region; 2022 (Percentage, %)
Figure 24: Global Biofuel Market by Production; 2020-2022 (Billion liters/year)
Figure 25: Global Biofuel Market by Production; 2023-2028 (Billion liters/year)
Figure 26: Global Biofuel Market Production by Type; 2022 (Percentage, %)
Figure 27: Global Biofuel Market Production by Feedstock; 2022 (Percentage, %)
Figure 28: Global Biofuel Market Production by Region; 2022 (Percentage, %)
Figure 29: Global Maize Biofuel Market by Production; 2020-2022 (Billion liters/year)
Figure 30: Global Maize Biofuel Market by Production; 2023-2028 (Billion liters/year)
Figure 31: Global Sugar Biofuel Market by Production; 2020-2022 (Billion liters/year)
Figure 32: Global Sugar Biofuel Market by Production; 2023-2028 (Billion liters/year)
Figure 33: Global Palm Oil Biofuel Market by Production; 2020-2022 (Billion liters/year)
Figure 34: Global Palm Oil Biofuel Market by Production; 2023-2028 (Billion liters/year)
Figure 35: Global Soy Oil Biofuel Market by Production; 2020-2022 (Billion liters/year)
Figure 36: Global Soy Oil Biofuel Market by Production; 2023-2028 (Billion liters/year)
Figure 37: Global Rapeseed Oil Biofuel Market by Production; 2020-2022 (Billion liters/year)
Figure 38: Global Rapeseed Oil Biofuel Market by Production; 2023-2028 (Billion liters/year)
Figure 39: Global Other Feedstock Biofuel Market by Production; 2020-2022 (Billion liters/year)
Figure 40: Global Other Feedstock Biofuel Market by Production; 2023-2028 (Billion liters/year)
Figure 41: North America Biofuel Market by Value; 2018-2022 (US$ Billion)
Figure 42: North America Biofuel Market by Value; 2023-2028 (US$ Billion)
Figure 43: Europe Biofuel Market by Value; 2018-2022 (US$ Billion)
Figure 44: Europe Biofuel Market by Value; 2023-2028 (US$ Billion)
Figure 45: Asia Pacific Biofuel Market by Value; 2018-2022 (US$ Billion)
Figure 46: Asia Pacific Biofuel Market by Value; 2023-2028 (US$ Billion)
Figure 47: Rest of the World Biofuel Market by Value; 2018-2022 (US$ Billion)
Figure 48: Rest of the World Biofuel Market by Value; 2023-2028 (US$ Billion)
Figure 49: The US Biofuel Market by Consumption; 2020-2022 (Billion liters/year)
Figure 50: The US Biofuel Market by Consumption; 2023-2028 (Billion liters/year)
Figure 51: Brazil Biofuel Market by Consumption; 2020-2022 (Billion liters/year)
Figure 52: Brazil Biofuel Market by Consumption; 2023-2028 (Billion liters/year)
Figure 53: Indonesia Biofuel Market by Consumption; 2020-2022 (Billion liters/year)
Figure 54: Indonesia Biofuel Market by Consumption; 2023-2028 (Billion liters/year)
Figure 55: Canada Biofuel Market by Consumption; 2020-2022 (Billion liters/year)
Figure 56: Canada Biofuel Market by Consumption; 2023-2028 (Billion liters/year)
Figure 57: China Biofuel Market by Consumption; 2020-2022 (Billion liters/year)
Figure 58: China Biofuel Market by Consumption; 2023-2028 (Billion liters/year)
Figure 59: India Biofuel Market by Consumption; 2020-2022 (Billion liters/year)
Figure 60: India Biofuel Market by Consumption; 2023-2028 (Billion liters/year)
Figure 61: Europe Biofuel Market by Consumption; 2020-2022 (Billion liters/year)
Figure 62: Europe Biofuel Market by Consumption; 2023-2028 (Billion liters/year)
Figure 63: The US Biofuel Market by Production; 2020-2022 (Billion liters/year)
Figure 64: The US Biofuel Market by Production; 2023-2028 (Billion liters/year)
Figure 65: Brazil Biofuel Market by Production; 2020-2022 (Billion liters/year)
Figure 66: Brazil Biofuel Market by Production; 2023-2028 (Billion liters/year)
Figure 67: Indonesia Biofuel Market by Production; 2020-2022 (Billion liters/year)
Figure 68: Indonesia Biofuel Market by Production; 2023-2028 (Billion liters/year)
Figure 69: China Biofuel Market by Production; 2020-2022 (Billion liters/year)
Figure 70: China Biofuel Market by Production; 2023-2028 (Billion liters/year)
Figure 71: Germany Biofuel Market by Production; 2020-2022 (Billion liters/year)
Figure 72: Germany Biofuel Market by Production; 2023-2028 (Billion liters/year)
Figure 73: Argentina Biofuel Market by Production; 2020-2022 (Billion liters/year)
Figure 74: Argentina Biofuel Market by Production; 2023-2028 (Billion liters/year)
Figure 75: Europe (Excluding Germany) Biofuel Market by Production; 2020-2022 (Billion liters/year)
Figure 76: Europe (Excluding Germany) Biofuel Market by Production; 2023-2028 (Billion liters/year)
Figure 77: Global Urban Population; 2015-2050 (Million)
Figure 78: Global Market Size of the Airline Industry; 2020-2023 (US$ Billion)
Figure 79: Global Biofuel Market Demand in Transport in The Net Zero Scenario; 2016-2030 (EJ)
Figure 80: Ineos Group Revenue by Segment; 2022 (Percentage, %)
Figure 81: Cosan S.A. Revenue by Segments; 2022 (Percentage, %)
Figure 82: VERBIO AG Sales Revenue by Segments; 2022 (Percentage, %)
Figure 83: Repsol, S.A. Revenue by Segments; 2022 (Percentage, %)
Figure 84: Green Plains Revenue by Segments; 2022 (Percentage, %)
Figure 85: Archer-Daniels-Midland Company Revenue by Segments; 2022 (Percentage, %)
Figure 86: Louis Dreyfus Company B.V. Net Sales by Segments; 2022 (Percentage, %)
Figure 87: Neste Oyj Revenue by Segments; 2022 (Percentage, %)
Figure 88: Chevron Corporation Sales by Segments; 2022 (Percentage, %)
Figure 89: Wilmar International Limited Revenue by Segment; 2022 (Percentage, %)
Table 1: Global Biofuel Market Players: A Financial Comparison; 2023