Biofuels are energy sources made from biomass. Although biofuels have been in the market for a long time, the consumption of these resources for energy production is still low. This is primarily due to the high energy value, and the cheap prices of the traditional fossil fuels. However, as the oil prices are now on the rise and the reserves for fossil fuel are depleting, the individuals are shifting toward more reliable sources for energy production. This change in consumer demand has led to the resurgence of the biofuels in the energy industry.
Additionally, individuals are getting more aware of the adverse impact of greenhouse gas emissions on the environment. As a result, they are shifting toward clean energy resources to mitigate the effects of climate change.
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COVID-19 Impact Analysis: Biofuels Market
The global pandemic has forced industrialists across the globe to halt their production, leading to the disruption in the supply chain and impairing of various industries such as chemical, oil & gas, and agriculture. Additionally, as the number of cases is rising worldwide, governments across various economies are taking numerous actions to stop the impending danger. The country-wide lockdown to restrict the movement has plummeted the demand for gasoline and diesel across the globe. This is due to the decline in the number of vehicles on the road, resulting in the disruption from the demand side. This crash in demand for gasoline and diesel has not only collapsed the demand for biofuels in the market but have also affected the agriculture sector. The low demand of the biofuels results in the low production of feedstock; for instance, in 2019, around 37% of the corn crop harvested in U.S. was used in ethanol production.
Biofuels Market: Key Players
Biofuels Market: Segmentation
By Fuel Type
Central and South America and the Caribbean
The Middle East
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