North America Biofuels Market is Expected to Increase around US$ Mn by 2025, Due to Increased Application of Biofuels in Transport and Power Generation“The North America Biofuels Market is anticipated to reach about US$ Mn by 2025, and anticipated to expand at a CAGR over seven years of forecast period 2019-2025” owing to increased application in transport and power generation.
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The North America biofuels market size was accounted for US$ Mn in 2018 and anticipated to account for US$ Mn by 2025. Biodiesel used as replacements for transportation fuels like petroleum, diesel and jet fuel will create a demand for the growth of North America biofuels market. However, factors such as exhausting fossil fuels, growing North America population, and stringent environmental policies are stoking the growth of the market.
North America biofuels market segmented on the basis of type, application and end user.
Biodiesel Segment Expected to Dominate the Market
Based on type, the North America biofuel market is segmented into biodiesel and bioethanol. Biodiesel segment is expected to dominate the market due to increasing environmental concerns and the need for energy independence. Biodiesel can be produced using various feedstocks and can be used in diesel vehicles without any modification to the engine.
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U.S, Accounts for Major Revenue Share for North America Biofuels Market
Precision Business Insights (PBI), North America biofuels market report analyses the market in different countries of North America. U.S is expected to dominate the North America biofuels market. U.S market has lucrative growth attributed to increased use of green-fuels consumption to minimize ill effects on the environment.
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Strategic Collaboration Play Vital Role in North America Biofuels Market
Market strategies such as collaboration play an important role in the development of the market. For instance, In February 2016, Renewable Energy Group Inc. (Biofuel producer in U.S) has signed an agreement with Sanimax Energy, which is a U.S based company for acquiring its 20 million gallon nameplate capacity biodiesel refinery.
Key players in the market Aceites Manuelita S.A, Abengoa Bioenergy, Bajaj Hindustan Ltd, Archer Daniels Midland Company, Beckons Industries Ltd, BlueFire Ethanol Fuels Inc, Imperium Renewables, Inc, Renewable Energy Group Inc, Bangchak Petroleum Public Company Ltd, Solazyme Inc, Edmonton, Cosan S.A. Industria E Comrcio.
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