Global biofuels catalysts market is expected to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe. Transesterification reactions using animal fats or non-edible or edible oils produce biofuel catalysts. Enhanced biofuels require technologies that are capable to convert renewable feedstocks more effectively and economically.
The factors that are playing a major role in the growth of the market are increasing threat of fossil fuel depletion, no purification needed for using biocatalysts and rising use of latest technology in research & development activities. However, the presence of substitutes and high investment cost may restrain overall market growth in the years to come. Biofuels catalysts market is segmented based on product type, application, and region.
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Enzyme catalysts, alkaline catalyst, and acid catalysts are the product types that are explored in biofuels catalyst market. Alkaline catalyst sector accounted for the substantial market share of biofuels catalysts and is estimated to lead overall market in the years to come. The reason behind overall market growth could be abundant availability.
The biofuel catalyst market is categorized based on applications like power generation, transportation, and heating oil, power generation sector accounted for the substantial market share of biofuels catalysts and is estimated to lead overall market in the years to come.
Globally, Asia Pacific accounted for the substantial market share of biofuels catalysts and is estimated to lead overall market in the years come. The reason behind overall market growth could be the growing number of consumers using diesel vehicles and rising awareness regarding the benefits of biofuels catalysts. The developing countries like India and China are major consumers of biofuels catalysts in this region. The reason could be growing population using vehicles, high demand for biofuels, and developing industrial sector in region.
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Europe and North America are also estimated to have a positive influence on future growth. Europe is the second largest region with significant market share. However, North America is estimated to grow at the higher CAGR in the forecast period. The United States is a major consumer of biofuels catalysts in this region. The reason could be government initiative to implement laws to reduce oil dependency.
The key players of biofuels catalysts market are Sud-Chemie, W.R.Grace & Co.-Conn, and BHR Biofuels Ltd. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
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