by The biofuels market in India has been witnessing significant growth over the past few years. Biofuels such as bioethanol and biodiesel are renewable fuels derived from biomass like sugarcane molasses, corn, agricultural and food waste. They are cleaner sources of energy compared to petrol and diesel and help reduce dependence on imported petroleum fuels. The Indian government has implemented policies like the National Policy on Biofuels which mandate petrol and diesel to be blended with certain percentages of biofuels. This policy aims to reduce petroleum import bills, provide additional income to farmers, and decrease environmental pollution.
India biofuels market in India is estimated to be valued at US$ 2.56 Bn in 2024 and is expected to exhibit a CAGR of 22% over the forecast period 2024-2031.
Key players operating in the India biofuels market are Reliance Industries, Indian Oil, Bharat Petroleum, Hindustan Petroleum, and Tata Chemicals.
Key Takeaways
Key Players: Key players operating in the India Biofuels market are Reliance Industries, Indian Oil, Bharat Petroleum, Hindustan Petroleum, and Tata Chemicals.
Key Opportunities: Growth in the agricultural sector in India is creating opportunities for firms to establish private partnerships with farmers for crop plantation and raw material supply. Additionally, production of advanced biofuels from non-edible sources can further boost the market.
Global Expansion: Indian firms are partnering with global renewable energy companies and exploring export opportunities to expand their global footprint. The Indian government is also promoting the use of biofuels in the international market through trade agreements.
Market Drivers
Increasing Focus On Renewable Energy: Due to rising environmental concerns and import dependence on petroleum, the Indian government is strongly focusing on increasing the share of renewable energy including biofuels in the overall energy mix. Ambitious renewable energy targets and policies are driving market growth.
Availability Of Raw Materials: India has abundant availability of raw materials for biofuel production such as sugarcane, maize, and other agricultural residues. This ensures steady domestic supply and influences firms to enhance manufacturing capabilities.
PEST Analysis
Political: The government of India is focusing on increasing the production and use of biofuels like biodiesel and ethanol through various policies and initiatives like biofuel blending program.
Economic: Higher crude oil prices and need to reduce import dependence on fossil fuels is driving the growth of biofuels market in India. Biofuels can help in boosting the income of farmers as well.
Social: Rising environmental concerns and need for sustainable fuel options are increasing the social acceptance of biofuels in the country.
Technological: Companies are investing in research & development to enhance biomass resource utilization and develop cost-effective technologies for commercial production of advanced biofuels.
India accounts for nearly 40% of the market share in South Asia region due to favourable government policies supporting locally produced biofuels like biodiesel and ethanol. States like Uttar Pradesh, Maharashtra, Karnataka and Gujarat dominate the market in terms of biodiesel production majorly from non-edible oilseeds. The country has also emerged as a key exporter of biofuels in recent years.
The biofuels market in Southeast Asia region is expected to witness fastest growth during the forecast period led by countries like Thailand, Indonesia and Malaysia. Thailand is one of the largest bioethanol producers globally owing to ample availability of cassava and sugarcane. While Indonesia and Malaysia are focusing on increasing the production of biodiesel from palm oil to reduce their dependency on fossil fuel imports. Countries in this region offer huge market potential and are actively promoting adoption of biofuels.
What Are The Key Data Covered In This India Biofuels Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the India Biofuels’s growth between 2024 and 2031.
:- Accurate calculation of the size of the India Biofuels and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- India Biofuels Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of India Biofuels vendors
FAQ’s
Q.1 What are the main factors influencing the India Biofuels?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top India Biofuels companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the India Biofuels’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
