According to a new report published by UnivDatos Markets Insights, the Bio-oil Market was valued at USD 335.2 million in 2021 & is expected to grow at a CAGR of 4.4% from 2022-2028. The analysis has been segmented into Process (Pyrolysis, Thermochemical Liquefication); Application (Fuel, Chemical, Others (food flavoring, raw materials in direct applications, etc.)); Region/Country.
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The Bio-oil market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Bio-oil market. The Bio-oil market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Bio-oil market at the global and regional levels.
Key Market Dynamics
At present, Bio-oil is growing at a propelling rate across the globe. As bio-oil is considered inexpensive, produces cleaner energy, and less pollution compared to conventional methods, it is considered an attractive alternative to conventional fuel. bio-oil is not just used as an energy source in the market, it has many different applications such as agricultural products, chemical resins, adhesives, water, air filters, soil amendments, and cosmetics.
Although biomass crops are abundant in the world, their efficiency of utilization is very low. In order to make bio-oil attractive alternative many companies are investing heavily in order to maximize its utilization. In recent years, the research on bio-oil has been focused on the property of being sustainable, carbon neutral, and easy to store & transport.
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COVID-19 Impact
During COVID-19, the global economy had impacted negatively owing to severe measures taken by governments across the globe such as nationwide lockdowns and border closures. This has impacted the industry’s performance resulting in the financial crisis and in some cases bankruptcy. Therefore, companies were operating with minimal expenditure to mitigate the COVID crisis.
Since Bio-Oil is an additional product of biofuel and bio-oil plants were not in operation therefore companies received a major setback as both the demand and supply of the product were negatively affected. The pandemic severely impacted the global economy and entire industries significantly scaled back production. This includes the global bio-oil sector which saw extraordinarily rapid falls in demand and price.
Moreover, Bio-Oil investments were almost certainly delayed and canceled due to the global economic downturn. In particular, oil and gas companies, which are involved in more than half of planned Bio-Oil projects due to their extensive use in the transport sector, announced significant capital spending cuts for 2020.
According to the International Energy Agency, the biofuel industry experienced a major drop of 11.6% in global production to 146 billion litres (both ethanol and biodiesel). This was the first reduction that the industry has experienced in two decades.
The oil prices declined during covid which led to the ethanol prices decreasing as well. This had a direct effect on the bio-fuel market which experienced a steady downfall during the year 2020.
However, post covid in 2021 as the majority of covid restrictions along with lockdown in most countries was lifted, the industry recovered exponentially. The biofuel industry bounced back to 151.3 billion litres and the international energy agency expects the biofuel market to produce 158.6 billion litres in 2022.
The global Bio-oil market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on Process, Pyrolysis caters to an extensive share of the market and is expected to grow at a significant rate in the forecasted period as well.
· Based on Application, the market is segmented into Fuel, chemicals, and Others (food flavoring, raw materials in direct applications, etc.). Fuel caters to an extensive share of the market and is anticipated to grow at an influential CAGR in the forecasted period as well.
Bio-oil Market Geographical Segmentation Includes:
· North and South America (U.S., Canada, Brazil, and the Rest of North and South America)
· Europe (Germany, Netherlands, France, Spain, Rest of Europe)
· Asia-Pacific (China, Indonesia, India, and the Rest of Asia-Pacific)
· Rest of the World
North and South America acquired more than half of the market share in the Bio-Oil market and is expected to witness an influential CAGR in the forecasted period. It is mainly owing to a large number of Bio-Oil operational projects taking place in Canada, the United States of America, and Brazil. Moreover, favorable government policies, regulations, and investments in achieving net zero emission targets are driving the market. For instance: In the United States, the Sustainable Aviation Grand Challenge Roadmap aims to improve understanding of the feedstock challenge, boost supply potential, and support new technology development. In Canada, a USD 1.1‑billion Clean Fuels Fund supports supply chain development. Policies focused on GHG emissions reductions can also be useful since they give biofuel producers an incentive to reduce the GHG intensity of their fuels, not just produce more.
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Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Bio-oil market. The major players have been analyzed by using research methodologies such as Porter’s Five Forces Analysis for getting insight views on global competition.
Recent Developments:
· February 2023: Alterra announced its license arrangement with a subsidiary of Freepoint Eco-Systems Holdings LLC for a proposed 192,000 tonnes per annum advanced plastics recycling facility to be sited in the Gulf Coast region.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Bio-oil market?
• Which factors are influencing the Bio-oil market over the forecast period?
• What are the global challenges, threats, and risks in the Bio-oil market?
• Which factors are propelling and restraining the Bio-oil market?
• What are the demanding global regions of the Bio-oil market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
• What are the descriptive profiles of key companies along with their SWOT analysis?
We understand the requirements of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.
Target Audience:
· Bio-oil Manufacturers
· Retailers/Distributors/Suppliers
· Service providers
· Market-related associations, organizations, forums, and alliances
· Government bodies, such as regulating authorities and policymakers
· Venture capitalists, private equity firms, and start-up companies
· Distributors and sales firms
· Research institutes, organizations, and consulting companies
About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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