According to a new market report published by Transparency Market Research "Biofuels Market: Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019," biofuels production was 24,326.7 million gallons in 2012 and is expected to reach 50,921.4 million gallons by 2019, growing at a CAGR of 9.6% from 2013 to 2019.
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Biofuels is a class of fuels whose energy is derived biologically from carbon fixation. They are derived from various conversion procedures from solid biomass, liquid fuels and various gases. Liquid produced from various oil-rich crops and are grown in many regions across the globe. With the growing demand for energy across the globe, the biofuels market is witnessing large amounts of investments to ensure a permanent source of clean energy. There has been a tremendous increase in the demand for biofuels since they are naturally derived and can replace non-renewable resources.
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The global market for biofuels is experiencing a steady growth over the last few years due to the rise in population and due to the increased awareness amongst the population. One of the major factors propelling the growth of biofuels is that they are derived from biological processes and are eco-friendly in nature. Liquid biofuels can be manufactured from any oil-rich crop like sunflower, oil palm and soy which can be grown in all the regions around the world. Liquid biofuels can also be obtained from fish, oil or poultry products which are the byproducts of the food industry, which also helps in eliminating waste products.
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Geographically, North America has the largest market share due to the increased awareness amongst the population and stringent environmental regulatory policies. Europe is also experiencing steady growth. Developing economies like China, India, and Russia are also experiencing steady growth and it is expected to increase substantially for the next six years. Liquid not only used in transport, but are also used in commercial heating processes. They can significantly help in reducing carbon emissions and can be a key renewable energy source. With new environmental regulations, stringent government policies, and depleting natural resources, the demand for biofuels is likely to increase.