U.S. Biofuels Market Estimated To Witness High Growth
The U.S. biofuels market is estimated to be valued at US$ 32.91 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis:
Strength: The U.S. Biofuels Market benefits from supportive federal and state policies that mandate usage of biofuels. It has a well-developed supply chain and production facilities for biofuels. Biofuels are a renewable source of energy and help reduce dependency on fossil fuels.
Weakness: Fluctuations in crop yields and prices of raw materials impact production volumes and increase operating costs. Limited availability of key feedstocks restricts capacity expansion opportunities.
Opportunity: Growing emphasis on environmental sustainability and adoption of clean energy is driving the demand for biodiesel and ethanol fuels. Developments in advanced biofuel technologies will help increase flexibility and efficiency.
Threats: Frequent changes in trade policies and tariffs impact competitiveness of domestic biofuel producers. Slow electrification of transportation sector poses challenges to volume growth targets.
Key Takeaways:
The Global US Biofuels Market Size is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing demand for low carbon alternative fuels. Stringent environmental regulations and incentives for renewable fuel usage have significantly boosted the market.
Regional Analysis:
The Midwestern states dominate the U.S. Biofuels Market with the largest production and consumption volumes. Iowa, Illinois, Minnesota, and Nebraska have ideal conditions for growing corn and have a sizable number of refineries resulting in over 50% market share. Southern states like Texas and Southern California are also emerging as high growth markets supported by their ports and growing emphasis on sustainability.
Key Players:
Key players operating in the U.S. Biofuels Market are Marathon Petroleum Corporation, HollyFrontier Corporation, REG Life Sciences LLC, Louis Dreyfus Company, Orochem Technologies Inc., Hero BX, Archer Daniels Midland, Renewable Energy Group, Valero Energy Corp., Darling Ingredients Inc., Cargill Inc., POET LLC, Green Plains Inc., Flint Hills Resources, Bunge Limited, Crimson Renewable Energy LP, Aemetis Inc., Alto Ingredients, Inc., Pacific Ethanol, Inc., CHS Inc. These companies are investing in capacity expansions and partnerships to cater to increasing demand.
For more insights, read - https://www.articledistrict.com/u-s-biofuels-market-is-estimated-to-witness-high-growth/
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