The market for biofuel enzymes is expected to grow at a CAGR of more than 6% globally. Major factor driving the market studied is the growing demand for biodiesel, along with increasing environmental concerns. On the flip side, high pricing of enzymes and unfavorable conditions arising due to the COVID-19 outbreak is hindering the growth of the market.
– The biodiesel is expected to dominate the application segment of the global biofuel enzymes market owing to increasing inclination against gasoline as a mean of better cleaner fuel.
– North America region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to early adoption, superior technologies and products and rapid industrialization.
Key Market Trends
Growing Demand for Biodiesel
– Biodiesel segment is expected to dominate the biofuel enzymes application market, on account of growing inclination over conventional fuels in automotive and power generation application.
– Biodiesel has the capacity to cater to existing engine specifications in automobiles which is anticipated to have a positive impact on the product demand. Furthermore, government mandates by different governments over use of cleaner fuels is expected to boost industry growth.
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– The rising depletion of fossil fuels and the need to maximize renewable sources in the energy mix for a sustainable growth is expected to drive the demand for biodiesel. Biodiesels can be produced in the existing diesel producing facilities unlike other biofuels, which is expected to have a significant impact.
– In addition, increasing mechanization in the agricultural sector is projected to boost the product demand.
– Biofuels (ethanol and biodiesel) holds major share of renewables in global energy demand for road transportation. Demand for bioenergy in the transportation sector is driven by blending mandates in significant economies and by cleaner fuel use around the world.
North America Region to Dominate the Market
– North America region represents the largest market and is also expected to be the fastest-growing market over the forecast period mainly because of increasing ethanol production in United States and rapid adoption of biofuel in Canada.
– United States is the largest producer globally for ethanol and both for consumption and fuel use, with around 13.9 billion gallons or nearly 53 billion liters of ethanol annually. Most of the ethanol produced is from corn/starch based, which is one of the lower-yield feedstocks.
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