Biofuel Industry market is projected to grow at a CAGR of 7.6% by 2034: Visiongain
Biofuel Industry market is projected to grow at a CAGR of 7.6% by 2034: Visiongain Yahoo Finance
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Biofuel Industry Market Report 2024-2034: Forecasts by Type, End-use, Generation, Source, and Regional Analysis
The global Biofuel Industry market was valued at US$123.2 billion in 2023 and is projected to grow at a CAGR of 7.6% during the forecast period 2024-2034.
Rising Electric Vehicle Industry to Drive the Market
The growing demand for electric vehicles (EVs) is an important trend that is shaping the future of the biofuel industry. As consumers and governments around the world seek to reduce greenhouse gas emissions and combat climate change, there has been a rapid increase in the adoption of EVs. This shift towards EVs is creating both challenges and opportunities for the biofuel industry.
One of the main challenges is that EVs are powered by electricity, not liquid fuels, which means that they do not use biofuels directly as a fuel source. However, biofuels can still play a role in the production of electricity that powers EVs. Many electricity grids are transitioning to renewable energy sources, such as wind and solar, which can be complemented by bioenergy sources. Bioenergy can be generated from a variety of sources, including agricultural and forestry residues, municipal solid waste, and dedicated energy crops. Bioenergy can be converted to electricity using a variety of technologies, including combustion, gasification, and anaerobic digestion.
Land-Use Conflicts Continue to Be a Major Issue for the Industry
Land-use conflicts are one of the major restraining factors for the biofuel industry. This is because biofuels are often produced from agricultural crops, which can compete with food production and other land uses. As a result, the expansion of biofuel production can create conflicts with local communities, environmental groups, and other stakeholders.
The competition for land between biofuels and food production is particularly acute in developing countries, where food security is already a major concern. In some cases, large-scale biofuel production has led to the displacement of small farmers and local communities, as well as deforestation and other environmental impacts.
How will this Report Benefit you?
Visiongain’s 331-page report provides 128 tables and 174 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global biofuels market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for biofuels. Get financial analysis of the overall market and different segments including offering, application, service, airspace, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing biofuels market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximize the productivity of the company.
Growing Partnerships and Collaborations in Biofuel Industry
Partnerships and collaborations have been instrumental in driving innovation, growth, and sustainability in the biofuel industry. With the complexity and interdependence of the industry, partnerships and collaborations have been critical in enabling stakeholders to pool resources, expertise, and technologies towards shared goals.
One of the key benefits of partnerships and collaborations in the biofuel industry is the sharing of knowledge and resources. Through collaboration, stakeholders can leverage each other’s expertise, technologies, and networks, resulting in faster and more effective innovation, development, and deployment of biofuels.
In July 2023, Biofuel Express announced the expansion of the successful collaboration with Neste, a global leader in green fuels. This partnership signifies an important milestone in delivering top-quality biofuels to company’s current and future customers in the Danish market. Neste is partnering with Biofuel Express to sell Neste MY Renewable Diesel
in Denmark. Biofuel Express will distribute and sell Neste MY Renewable Diesel, while Neste will ensure sufficient volumes of the fuel.
Competitive Landscape
Biofuel market is highly competitive in nature as leading companies operating in this industry dominated the market in 2023 and is expected to continue their dominance over the forecast period. Leading companies are Abengoa, Air Liquide, Alto Ingredients, Inc. (Pacific Ethanol), Bunge Limited, Butamax Advanced Biofuels, Chevron Renewable Energy Group, Cosan S.A., Crop Energies AG, Gevo, Inc., Green Plains, Petrobras, Royal Dutch Shell PLC, Valero Marketing and Supply Company, and Wilmar International Limited. Companies are adopting different strategies such as new product development, merger & acquisitions, partnership, collaboration, and investment in order to stay competitive in the industry.
- In October 2023, Be8, the national leader in biodiesel, announced an exclusive product that will revolutionize the biofuels market.
- In March 2022, Renewable Energy Group Inc., a leading biobased diesel producer in North America, announced the introduction of a line of branded fuel solutions, EnDura Fuels.
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SDGs, Targets, and Indicators Relevant to the Biofuel Industry
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 7: Affordable and Clean Energy
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 13: Climate Action
- SDG 15: Life on Land
2. What specific targets under those SDGs can be identified based on the article’s content?
- SDG 7.2: Increase substantially the share of renewable energy in the global energy mix.
- SDG 9.4: Upgrade infrastructure and retrofit industries to make them sustainable.
- SDG 13.2: Integrate climate change measures into national policies, strategies, and planning.
- SDG 15.2: Promote the implementation of sustainable management of all types of forests.
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
- Indicator: Share of renewable energy in the global energy mix
- Indicator: Investments in sustainable infrastructure and industries
- Indicator: Integration of climate change measures in national policies and planning
- Indicator: Implementation of sustainable forest management practices
4. Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 7: Affordable and Clean Energy | Increase substantially the share of renewable energy in the global energy mix. | Share of renewable energy in the global energy mix |
| SDG 9: Industry, Innovation, and Infrastructure | Upgrade infrastructure and retrofit industries to make them sustainable. | Investments in sustainable infrastructure and industries |
| SDG 13: Climate Action | Integrate climate change measures into national policies, strategies, and planning. | Integration of climate change measures in national policies and planning |
| SDG 15: Life on Land | Promote the implementation of sustainable management of all types of forests. | Implementation of sustainable forest management practices |
The article highlights the connection between the biofuel industry and several Sustainable Development Goals (SDGs). The issues discussed in the article are relevant to SDG 7 (Affordable and Clean Energy), SDG 9 (Industry, Innovation, and Infrastructure), SDG 13 (Climate Action), and SDG 15 (Life on Land).
Based on the content of the article, specific targets under these SDGs can be identified. For SDG 7, the target is to increase substantially the share of renewable energy in the global energy mix. SDG 9 aims to upgrade infrastructure and retrofit industries to make them sustainable. SDG 13 focuses on integrating climate change measures into national policies, strategies, and planning. Lastly, SDG 15 promotes the implementation of sustainable management of all types of forests.
The article implies several indicators that can be used to measure progress towards the identified targets. These indicators include the share of renewable energy in the global energy mix, investments in sustainable infrastructure and industries, integration of climate change measures in national policies and planning, and the implementation of sustainable forest management practices.
Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.
Source: finance.yahoo.com
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