Biofuel Enzymes Market Size, Share Analysis, Industry Trends, Growth and Forecast Report 2023 – 2030
The Global Biofuel Enzymes Market reached US$ 1.1 billion in 2022 and is expected to reach US$ 1.8 billion by 2030. The market is expected to witness a 6.4% CAGR during the forecast period 2023-2030.
New York, June 27, 2023 (GLOBE NEWSWIRE) — Market Overview:
According to the DataM market research report, the Global Biofuel Enzymes Market reached US$ 1.1 billion in 2022 and is expected to reach US$ 1.8 billion by 2030. The market is expected to witness a 6.4% CAGR during the forecast period 2023-2030. Strict environmental regulations and rising demand for fuel-efficient automobiles are predicted to encourage market expansion. The manufacturing and automotive industries’ increasing focus on energy efficiency and pollution prevention will probably boost market expansion.
The market growth is driven by the increased awareness among consumers of biodiesel additives and the auto industry’s continued growth. North America is expected to account for a major market share during the forecast period. Some of the major global players in the market include AB Enzymes GmbH, Codexis Inc., Du Pont De Nemours & Co., Logen Corporation, NextCAT Inc., Noor Creations, Novozymes A/S, Royal DSM NV, Verenium Corporation, and Agrivida, Inc.
The increasing demand for biodiesel results in increasing demand for biofuel enzymes. Biodiesel, being a cleaner fuel, has replaced diesel across the world. Biodiesel emits very less air pollutants and greenhouse gases. The rising cost of petroleum-based products is resulting in increasing demand for biodiesel, as it is an affordable alternative to petroleum-based fuel.
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Owing to the increased desire for greater efficiency and specificity, the market for biofuel enzymes is expected to experience explosive growth. The expanding market for biofuel enzymes has been significantly influenced by expanding government regulations and rising environmental concerns for legislation on biofuel blending. The demand for biofuel enzymes will grow globally as the amount of bio-based ethanol and biodiesel increases.
Enzymes used in biofuel production can be expensive, which adds to the overall cost of biofuel production. The cost of enzymes is influenced by factors such as production methods, purification processes and research and development expenses. The high cost of enzymes can limit their adoption and hinder the economic viability of biofuel production.
Global demand for biofuel enzymes is primarily driven by escalating ecological concerns and rising government attempts to produce a blend of biofuels. Due to the approaching depletion of nonrenewable resources and the advantages they offer to the environment, biofuels are preferred for the future. Concern for environmental safety has led manufacturers to manufacture ethanol from more environmentally friendly sources.
COVID-19 Impact Analysis:
The epidemic has brought up the significance of sustainability and carbon emission reduction. A new emphasis on renewable energy sources, such as biofuels, has arisen from it. The generation of biofuels from biomass requires the use of biofuel enzymes and the market has benefited from the increased focus on sustainability.
Russia-Ukraine Conflict Analysis:
Due to Russia’s substantial role in the global supply of natural gas and fertilizers, as well as both Russia and Ukraine’s considerable contributions to the sale of grains and oilseeds to international markets, the war has had a significant impact on the global energy landscape. The world’s supply of biofuel enzymes was impacted by the ongoing conflict between Russia and Ukraine.
The flow of raw materials and enzymes required for the synthesis of biofuel was hampered by the conflict between Russia and Ukraine. The region’s agricultural sector disruptions influenced the supply and cost of crops used as feedstock for the production of biofuels, such as maize and wheat, which in turn had an effect on the market for biofuel enzymes.
Recent Developments in the Industry:
- On November 20, 2021, the pharmaceutical company Novo Nordisk Pharmatech and the international biotechnology company Novozymes, with headquarters in Bagsvaerd, Denmark, joined forces to develop best-in-class technological enzymes to support the production of biopharmaceutical products.
- On April 2021, BASF SE, a Germany-based chemical producer, made an investment at the Kundl/Schaftenau Campus in Austria with Sandoz GmbH, a Novartis subsidiary. As a result of the agreement, BASF will be able to raise the size of its production facility for enzymes and biotechnology goods.
- On January 20, 2021, Advanced Enzyme Technologies, a company with global leadership in manufacturing enzymes and probiotics, completed the acquisition of a 51 percent controlling stake in SciTech Specialties Private Limited (SSPL), an Indian pharmaceutical company that produces granules and tablets.
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As per the research analysis, the global biofuel enzymes market is segmented by product into amylases, industrial lipases and others; by application into biodiesel, starch/corn-based ethanol, lignocellulosic ethanol and others.
- Based on the application, Biodiesel is anticipated to dominate the application segment despite the growing preference for conventional fuels in the automotive and power generation industries. In 2022, it is projected to account for about 40% of the segment’s market share. The ability of biodiesel to meet existing engine requirements in automobiles is projected to positively affect product demand. Government laws encouraging the use of cleaner fuels from different countries are also expected to drive market growth.
For instance, trials for the use of biodiesel in smelter operations were completed in 2022 by Vedanta-controlled Bharat Aluminum Co. Ltd. (Balco). The company heated the “ladles” that transport hot metal in its molten condition from its potlines to cast homes with biodiesel.
The global biofuel enzymes market is segmented into North America, Europe, South America, Asia Pacific and Middle East & Africa.
North America Biofuel Enzymes Market:
North America is anticipated to hold roughly one-third of the market share during the forecast period. Due to rising ethanol production in the United States and rising biofuel consumption in Canada, it is also predicted to grow fastest during the forecast period. The United States dominates in both categories, with an average annual production of 13.9 million gallons (or 53 million liters) of ethanol for domestic use and as a transportation fuel.
Market Key players
The major global players include AB Enzymes GmbH, Codexis Inc., Du Pont De Nemours & Co., Logen Corporation, NextCAT Inc., Noor Creations, Novozymes A/S, Royal DSM NV, Verenium Corporation, Agrivida, Inc.
Additional Benefits Post Purchase:
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The Full Report has the below insights:
- The report offers a comprehensive evaluation of the market in terms of market value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2021-2022) and verifiable projections about market size during the forecast period (2023-2030).
- Visualize the composition of the global biofuel enzymes market segmentation by products, application and region, highlighting the key commercial assets and players.
- By Product: Amylases, Industrial Lipases, Others
- By Application: Biodiesel, Starch/Corn Based Ethanol, Lignocellulosic Ethanol and Others
- By Region: North America, South America, Europe, Asia Pacific, Middle East & Africa
- Identify commercial opportunities in the global biofuel enzymes market by analyzing trends and co-development deals.
- The report also covers data insights on various industry forces such as Porter’s five forces analysis, supply chain analysis, pricing analysis and regulatory analysis.
- Excel data sheet with thousands of data points of the global biofuel enzymes market-level 4/5 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in Excel for the key product of all major market players
- The report will provide access to approximately 61 market data tables, 64 figures and close to 180 pages.
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