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2022
Renewable Fuel Market

Renewable Fuel Market by Type (Geothermal resources, Biomass Energy, Hydropower, Ocean Energy, Solar PV, Wind Power, and Others) and Application (Cooling and Heating Sector, Power Sector, Transportation Sector, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030

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Jul 2022 | 254 Views
   
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COVID-19

Pandemic disrupted the entire world and affected many industries.

Get detailed COVID-19 impact analysis on the Renewable Fuel Market

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Renewable fuels are fuels produced from renewable resources which include biofuels (example, vegetable oil used as fuel, ethanol, methanol from clean energy and carbon dioxide or biomass, and biodiesel) and hydrogen fuel (when produced with renewable processes). This is in contrast to non-renewable fuels such as natural gas, LPG (propane), petroleum and other fossil fuels, and nuclear energy. Renewable fuels can include fuels that are synthesized from renewable energy sources, such as wind and solar. Renewable fuels have gained in popularity due to their sustainability, low contributions to the carbon cycle, and in some cases lower amounts of greenhouse gases. Renewable fuels have witnessed remarkable growth over the years owing to the technological advances, government policies and lower prices. The renewable fuels market is expected to continue to grow as to meet the energy demand.

Market Scope and Structure Analysis

Report Metric

Details

Market Size Available for Years

 2020–2030

  Base Year Considered

  2020

  Forecast Period

  2021–2030

  Forecast Unit

  Value (USD)

  Segments Covered

  Type, Application, and Region

  Companies Covered

My Eco Energy, Ingredion Incorporated, Cargill, BP, CHS Renewable Fuels Marketing LLC, Valero energy corporation, Exxon Mobil Corporation, Geobio Energy, Inc., Oil Center Operating, Inc., Bloom Energy, and Renewable Energy Group, Inc.

 

COVID-19 Impact Analysis 

  • The coronavirus's unfavorable global effects are already evident and had a big impact on the renewable fuel market in 2020.
  • The World Health Organization declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths globally. Exports & imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
  • The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy's already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
  • Since the pandemic, the restriction of imports and exports has affected the renewable fuel market to a great extent as consumers’ consumption and demand patterns are changing amidst the pandemic. 

Top Impacting Factors

The rapid increase in demand for reliable and sustainable energy along with the rise in focus on environmentally friendly clean energy sources is expected to propel the demand for renewable fuels across the globe. Government mandates regarding blending of renewable fuel in automotive fuels and expanding government support for environment-friendly power alternatives work in tandem and expand the global consumption of renewable fuel and ensure that the renewable fuels market size grows at a sustained level during the forecast period.

The government mandates for blending automotive fuels with biofuels in many developed economies drive the renewable fuels industry growth upwards. Renewable fuels, such as ethanol and biodiesel, comprise of a majority share in the renewable energy demand in the road transport sector.


Market Trends

  • Use of Renewable Fuel in Paints & Coatings is A Key Driver for Market
  • In recent years, there has been a growing interest in the production of more environmentally friendly paints and coatings. Concerning vegetable-oil-based binders, current research is focusing on the increased application of both traditional and modern oilseed crops to oils. Vegetable oils (VO) are the single, highest, readily available, low-cost, non-toxic, non-depletable, biodegradable family yielding material capable of competing with fossil-fuel-derived petro-based products. The outstanding feature of VO is its unique chemical structure with inherent fluidity characteristics along with unsaturation sites, epoxies, hydroxyls, esters, and other functional groups. These allow them to undergo various chemical transformations, producing polymeric materials of low molecular weight with versatile applications, particularly as the main ingredients in paints and coatings. The paint & coatings sector is based on creativity and is "green." Green represents lower carbon emissions, low VOC content, high renewable content, and green processes.
  • Increase in Demand in Power Generation Also Boosts Market Growth
  • Electricity generation is the single largest fuel usage in the world. Renewable natural gas, or biomethane, is another fuel that could theoretically be used not only for transportation but also for generating heat and electricity. Electricity generation is the main aim of biogas plants in Germany and other developed countries; turning biogas into electricity has become a common technique. Upgrading technologies make use of the different properties of the various gases contained within biogas to separate them, with water scrubbing and membrane separation accounting for almost 60% of biomethane production globally. The conversion of biogas by a generator set to electricity is much more realistic. Biogas is distinguished by a high knock resistance in comparison to natural gas, and can, therefore, be used in combustion engines with high compression rates.
  • Mandates Set by Government in Various Countries Propels Market Growth
  • The ambitious mandates set by various countries to blend biofuels with conventional fuels, to reduce the dependency on fossil fuels, has boosted the demand for renewable fuels globally. Moreover, to achieve the ambitious target, countries, such as the U.S., Germany, France, and Italy have implemented fuel excise tax reduction to help renewable fuel to compete with fossil fuels. These reforms promote the use of renewable fuel blend with conventional fuels. Also, low carbon energy targets and related policies are being set up to encourage the usage of renewable fuels.

Key Benefits of Report

This study presents the analytical depiction of the renewable fuel market industry along with the current trends and future estimations to determine the imminent investment pockets.

  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the renewable fuel market share.
  • The current market is quantitatively analyzed from 2020 to 2030 to highlight the renewable fuel market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed renewable fuel market analysis based on competitive intensity and how the competition will take shape in the coming years.

Questions Answered in Renewable Fuel Market Report

  • Who are the leading market players active in the renewable fuel market?
  • What current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What future projections would help in taking further strategic steps?

Key Market Segments

Segments Sub-segments
By Type
  • Geothermal Resources
  • Biomass Energy
  • Hydropower
  • Ocean Energy
  • Solar PV
  • Wind Power
  • Others
By Application
  • Cooling and Heating Sector
  • Power Sector
  • Transportation Sector
  • Others
By REGION
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia-Pacific
  • LAMEA
    • Brazil
    • Saudi Arabia
    • South Africa
    • Rest of LAMEA
 
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We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

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