Global biofuel testing services market size anticipated by 2019 end - ~USD 2 Billion. The biofuel testing services market is expected to observe a CAGR of ~7% over 2018 to 2028.
North America is expected to remain the leading regional markets for biofuel testing services High production of the biofuels in the USA is one of the major factors contributing to the growth of the biofuel testing services market. Europe holds a high growth potential for the biofuel testing services market. Europe holds prominent share in biofuel testing services after North American market due to high biofuel production in the region, is expected to boost the biofuel testing services market in Europe.
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Increasing demand for biofuels
Biofuels are gaining traction due to factors such as concern over greenhouse gas emissions from fossil fuels and oil price spikes. Biofuels offer alternative for the fossil fuels and helps to provide the solution over the various environmental problems. Usage of biofuels used in the engines and motors can reduce hazardous emissions. Benefits offered by biofuels and their high demand is boosting the growth of the biofuel testing services market.
The increasing presence of refineries in key regions
The increasing presence of refineries is boosting the growth of the market in the USA, where the production rate of the biofuels is high, and thus there is increasing demand for the biofuel testing services in the refineries in North America region. Along with that, there in increasing demand for the biofuel testing services in the refineries for quality testing of fuel grade ethanol, sustainability testing, and other related testing. Thus, the prominent presence of the various refineries in North America and Latin America is expected to witness rapid growth biofuel testing services market with a high CAGR during the forecast period.
Presence of prominent biofuel testing service providers in European countries
The prominent service providers of the biofuel testing services has the headquarters in the Europe, such as Intertek Group plc., BUREAU VERITAS, SGS SA, and others. The presence of the prominent service providers in European countries along with high biofuel production in Europe is ultimately contributing to the growth of the biofuel services in the Europe at significant CAGR.
European Union (EU) countries have signed up to the Renewable Fuels Directive.
This directive set targets which are applicable to the introduction of various types of alternative energy sources which includes biofuels to reduce dependence on petroleum products
Along with that, presence of refineries in the European countries, such as Italy and Germany needs the biofuel testing services, thus the presence of the prominent service providers in Europe is ultimately helping to the growth of the biofuel testing services market in Europe.
In the global biofuel testing services market, tier 1 companies hold a revenue share of more than 40%. Some of the prominent players in the market are Intertek Group plc, BUREAU VERITAS, Eurofins Scientific, SGS SA, AmSpec, LLC, ALS Limited, biofuel Systems Group Limited, Core Laboratories, Beta Analytic., SOCOTEC Group, AKSHAR ANALYTICAL LABORATORY & RESEARCH CENTRE, Chem-Tech Laboratories, Private Limited, FOI Laboratories, and Peak Petroleum Testing Services, Inc.
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With several countries making solid efforts to cut emissions and achieve ‘carbon neutrality’, biofuels have been gaining increasing popularity in the recent times. However, the quality of biofuel is critical to performance and acceptance in the market, creating high demand for stringent quality check. As standardization of biofuels ultimately aims to reduce dependence on petroleum products, biofuel testing services providers are focusing on strict compliance with international quality standards.
Demand for biofuel testing services is expected to register significant growth, and the gains remain influenced by growing criticality of the anticipated shift to biofuels. This shift is driven by depletion of fossil fuels and the subsequent rise in price.
As biofuel zooms into modern car engines, aircrafts, and even shipping industry, market players should be looking at a period of sustained demand. However, high costs associated with testing services continues to challenge the stakeholders.
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On the backdrop of increasing ethanol production, North America continues to capture a robust share in the biofuel testing services market. Service providers are leveraging opportunities arising from the market attractiveness of developing countries, including China and India among the key producers of biofuels in the world. Government initiatives in favour of bio-based fuel alternatives are further likely to open new growth avenues for participants in the market.
Market vendors continue to focus on expansion in developing regions by establishing new laboratories and improving qualitative and quantitative analytical assessment services. As biofuels have been capturing consumers’ attention in addition to garnering research interests, key players are strengthening their collaborations with biofuel manufacturers, and collectively ensure that the technical and environmental requisites of modern engines are met.
Biofuel testing services continue to gain relatively high demand from biofuel companies. On the other side, the increasing quality testing requirements in refineries for fuel grade ethanol is also likely to boost the market growth.
The growth outlook for the biofuel testing services market is predicted to advance at a CAGR of 7% from 2022 to 2032.
North America is anticipated to lead the biofuel testing services market during the forecast period.
The biofuel testing services market is likely to hold a valuation of USD 4.82 billion by 2032.
The automotive and bio-fuel industry sectors are the key end users in the biofuel testing services market.
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Biofuel Testing Services Market
