The new report by Expert Market Research titled, ‘Global Biofuel Enzymes Market Share, Size, Price, Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the Global Biofuel Enzymes Market, assessing the market based on its segments like product, application, and region.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 6%
The growing replacement of expanding worldwide demand for biofuel due to increased conversion of biomass to biofuels made possible by biofuel enzymes is driving the global market for biofuel enzymes, helping to provide an excellent source of clean and sustainable energy.
Furthermore, rising environmental concerns, as well as a rise in government rules requiring biofuels to be blended, have bolstered the demand for biofuel enzymes. Because of the inevitable depletion of non-renewable resources and favourable environmental characteristics, biofuels are predicted to gain in popularity.
Biofuel Enzymes Industry Definition and Major Segments
Biofuels are defined as any renewable and sustainable fuel derived from animal or plant waste. It is produced through a biochemical process that uses proteins called biofuel enzymes to catalyse chemical reactions, resulting in improved performance, productivity, and environmental benefits in biofuels.
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Based on their product, they can be categorised as:
• Industrial Lipases
By application, the industry is bifurcated into:
• Starch/Corn Based Ethanol
• Lignocellulosic Ethanol
On the basis of region, the market is segmented into:
• North America
• Latin America
• Middle East and Africa
Biofuel Enzymes Market Trends
Within the projection period, increased markets for end applications and rising consumption of biodiesel and bio-based ethanol are expected to enable a reduction in carbon dioxide emissions and fuel costs. Various institutions, including as the National Renewable Energy Laboratory (NREL) and the US Department of Energy (DOE), have made significant progress in developing additional biofuel enzymes that could help overcome economic and technical obstacles. Biofuel enzymes are now being used in a variety of industries, including transportation, chemical, power, residential, and agriculture, leading in market expansion for biofuel enzymes.
Key Market Players
The major players in the market are Novozymes A/S, BASF SE, DuPont de Nemours Inc., Royal DSM N.V., and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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