The biofuels industry is expected to advance due to increased energy demand, policy mandates and pressure to reduce greenhouse gas emissions in developing and non-developed economies. Existing players will have an established platform for increased commercialization and business expansion across the various segments of biofuels value chain. Meanwhile, many countries are focusing on increasing the blending percentage of biofuels in fossil fuels. The increasing production of advanced biofuels is expected to abruptly revolutionize the biofuels industry and its value chain, which will help various public and private stakeholders to market it to the end user.
One of the key players in the biofuel market, Royal DSM, opened a new state-of-the-art biotechnology facility on its Delft, Netherlands, campus, in April 2017. The Biotechnology Center will accelerate DSM's biotech research and development capabilities for applications in food and nutrition, feed, fuel, pharma and bio-based materials1. Another industry giant, LanzaTech, has worked with Virgin Atlantic to create low carbon fuel through the recycling of carbon waste in industrial gases. The two companies have been working together since 2011 to create ethanol-based biofuel made from waste industrial gases from steel mills2.
LanzaTech has also taken steps to expand its biofuel market in developing economies. On 11th July, 2017, it was announced that India’s largest fuel retailer, Indian Oil Corporation, and carbon recycling company LanzaTech will jointly construct the world’s first refinery off gas-to-bioethanol production facility at IOC’s Panipat refinery. The ethanol produced from the recycling of refinery off-gases can have a greenhouse gas emissions savings of 70 per cent compared to conventional gasoline3.
Contracts, collaborations, partnerships, agreements and joint ventures were the key business development strategies from 2014 to 2016. Acknowledging the future potential of the market, especially in emerging economies, our research team has compiled a report titled ‘Global Biofuels Market - Analysis and Forecast: 2017-2023’. According to the analyst, “the global biofuels market is anticipated to grow to $132.67 billion by 2023. It is expected to be mainly driven by environmental impact, increasing population coupled with increase in energy demand, and climatic concerns which will act as key drivers for the growth of this market.”
The report provides an in-depth analysis of the key development strategies and market trend dynamics which includes drivers, challenges, and opportunities prevailing in the biofuels industry. Key regulatory bodies have also been considered in the report because of the compliance requirements with environmental regulations and promotion for the production of biofuels. The report profiles 25 organizations on the basis of manufacturers and service providers working across the biofuels industry and in different geographies.
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Source: ASDReports - Market Research
Date: Oct 5, 2017