The versatile nature of bio fuels happens to be the essential growth driver for the market. They have the ability to be utilized in traditional engines with almost little to no modification. The development in the automobile sector is another aspect that propels the growth of the market.
Additional factors that further foster the development of the market can be enlisted as speedy economic development in the developing countries, usage of bio fuels in algae bio fuel technology & cellulosic, initiatives & campaigns by the government in favor of this product and lastly higher margin of investments in research & development activities.
The Bio Fuels Market is increasingly used in the transportation sector as blended fuels to power automobiles and reduce the use of gasoline and diesel. The market is further driven by the requirement to meet climate change targets and the obligation to reduce CO2 emissions from transport sector operations. Recent strict legislations on global automotive sector have increased the use of biofuels as vehicle fuels in Europe and North American. However, the growth of this market can be restrained by the rise in price of raw materials and increased use of electric vehicles in the transport sector.
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The research report distributed by Market Research Future on the topic ‘Bio Fuels Market’ consists of a special section that is concerned with providing a detailed segmental analysis for the market. Here is a glimpse of that part of the report.
By composition – Miscellaneous, starch feedstocks, lingnocellulosic and sugar feedstocks.
By fuel type – Ethanol and bio diesel.
By feedstock type – Ethanol feedstock and bio diesel feedstock.
By application – Power generation and transportation.
The highly competitive market for biofuels is growing remarkably due to presence of key players such as Abengoa Bioenergy Inc. (Spain), INEOS Group AG (U.K.), Archer Daniels Midland Company (U.S.), and BioWanze SA (Belgium).
Finnish biofuel company Neste will acquire a majority stake in the Dutch company, Demeter Animal Fats, and Proteins, with Neste being the controlling shareholder by buying 51% of the total share. This acquisition is a business strategy adopted by Neste in a bid to expand its biofuel platform, secure raw material availability from Demeter and further establish its position in the global biofuel market.
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Currently, North America is expected to maintain its high market for biofuels market. This is mainly due to the fact that stringent environmental laws are enforced to reduce vehicle emissions and promote the use of biofuels in U.S. and in Brazil. Similarly, Europe remains a very significant market since it comprises of many climate change targets that limit the use of fossil fuel powered cars. The Asia-Pacific region is expected to witness an upward trend in biofuel use because of growing popularity in countries such as China and India. Abundant sunshine, favorable climate and arable land availability makes the Asia, an attractive market for the production and use of biofuels.