The Renewable Energy Directive (RED) II set by the EU Council and the European Parliament mandates that 6.8% of transportation fuels must be derived from renewable sources such as biofuels and renewable electricity generation. This will aid the EU’s efforts towards achieving the goal of 20% of the energy mix by 2020. There is a growing need for energy security in developing countries such as India and China. Thus, any disturbance in the supply chain of petroleum or an increase in petrol prices can have a negative impact on the growth of their economy. Indigenously produced biofuels are the best solution and they are being increasingly considered as one of the most efficient options to partially substitute petroleum and reduce dependence on crude oil imports.
The global Liquid Biofuels market size stood at USD 116.00 billion in 2019 and is projected to reach USD 219.97 billion by 2027, exhibiting a CAGR of 8.4% during the forecast period (2020-2027).
The shortage of conventional fuels such as oil & natural gas and environmental degradation caused by them are major global problems. Production and use of renewable energy resources are likely to help overcome these problems. Biofuels are majorly used as substitutes of petroleum-based fuels for transport, and they are considered as a part of important strategies to improve fuel security, mitigate climate change, and support infrastructure development.
List of Key Players Profiled in this Market Report:
• Butamax Advanced Biofuels, LLC (U.S.)
• Gevo, Inc. (U.S.)
• Eniven Group (Slovakia)
• Emami Agrotech Limited (India)
• Fulcrum BioEnergy, Inc. (U.S.)
• Renewable Energy Group, Inc. (U.S.)
• Enerkem (Canada)
• ADM (U.S.)
• Pacific Ethanol, Inc. (U.S.)
• BIO OILS ENERGY (Spain)
• Bangchak Corporation Public Company Limited (Thailand)
• Algenol (U.S.)
Competition in the Liquid Biofuels market is characterized by the variety of strategies implemented by the players to consolidate their position in this market. Prominent among these are the measures adopted by these companies to enhance their production capabilities to meet the rising demand for biofuels around the world.
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