Technavio Announces the Publication of its Research Report Global Biofuels Market 2016-2020
Technavio recognizes the following companies as the key players in the global biofuels market: ADM, INEOS Enterprises, Neste, and Renewable Energy.
Other Prominent Vendors in the market are: Archer Daniel Midland, Cosan, Fujian Zhongde Energy, Guangzhou Devotion Thermal Technology, Gushan Environmental Energy, Henan Tianguan Enterprise, Jiangsu Hengshunda Bio-Energy, Jiangsu Yueda Kate New Energy, Jilin Fuel Ethanol, Longyan Zhuoyue New Energy, Louis Dreyfus Commodities, Ningbo Tech-Bank, Petrobras, Shandong Jinjiang Bioenergy Technology, Shell, Tangshan Jin Lihai Biodiesel and Zhenghe Bioenergy.
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Commenting on the report, an analyst from Technavios team said: Development of second and third generation biofuels will be a key trend for market growth. First generation biofuels are produced using vegetable oil, animal fat, and used cooking oil. The feedstocks used in producing biodiesel are also used as food, and the prices of these feedstocks ware directly associated with the demand for biodiesel, thus creating conflict between the food and energy sectors. This continuous conflict led to the development of second and third generation biofuels to overcome the limitation of the first generation fuels. The second generation fuels are produced using non-food crops like wood (saw-dust), organic waste (corn-stover), and specific biomass plants like jatropha, camelina, and switchgrass. The third generation biofuels, also called advanced biofuels, are produced using specially engineered energy crop like algae.
According to the report, need for environment and energy security will be a key driver for market growth. Fossil fuels have limited reserve across the world with a majority of the energy production based on fossil fuel. This has led to a large number of countries importing large quantities of crude oil, which impacts the growth of their economy. Biofuels are one of the fastest growing alternative fuels across various parts of the world, as they help to diversify the energy mix and reduce the dependency on global petroleum markets. This reduces dependency on crude imports, which helps the countries to utilize the money to improve their economy and lessen the threat to their national security.
Further, the report states that one of the challenges for the market will be higher cost of production of biofuels compared to conventional fuels. The biofuels market is still in its nascent stage of development. Not only is the current technology used in production of biofuel is not efficient compared to the conventional fuels, but also the cost of procuring feedstocks is high. The market price of biodiesel is highly influenced by the prices of soybean oil and palm oil. There has been a growing interest in soybean, which is causing a rise in international prices, thus, directly impacting the cost of biodiesel. It is estimated that 80% of the operational cost in producing biodiesel is incurred by soybean oil. This affects countries like the US, which is the largest producer of biodiesel, where soybean oil is the largest biodiesel feedstock.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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Across the world, there has been an unprecedented interest in biofuels over the past decade. The main reason for this is the volatility in crude oil prices, which is affecting the economic condition of many countries that do not have significant oil and gas reserves to support their growing economy. High dependence on non-renewable fuels has created economic as well as environmental concerns, such as rising greenhouse gas emissions. Several developing and developed economies have implemented regulatory reforms, blending targets, and statutory norms while using biofuels to offset the growing environmental risks associated with conventional fuels.
Technavios analysts forecast the global biofuels market to grow at a CAGR of 5.87% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global biofuels market for 2016-2020. The report also presents the vendor landscape and a corresponding detailed analysis of the top four vendors operating in the market.
The market is divided into the following segments based on geography:
Technavio’s report, Global Biofuels Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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