Biofuel market
The requested details regarding the Biofuel production market size has been populated in the attached spreadsheet. A summary of the findings has been provided below.
The global market size of Biofuel is $136.2 billion.
The industry is expected to grow at a CAGR of 2.2% during 2019 and 2024.
By 2024, the industry would have grown to reach $153.8 billion.
Geographically the Biofuel market is divided into six regions. These regions are North America, Europe, Asia Pacific, South and Central America, Middle East and Africa.
The middle East produced 16,000 tonnes oil equivalent in 2018 while the US produced 39,536,000 tonnes oil equivalent in the same period. The other regions produced: South and Central America – 25,478 ,000 tonnes, Europe – 15,949,000 tonnes, Africa – 437,000 tonnes and Asia Pacific – 13,938,000 tonnes.
Global Biofuels production is 95,354,000 tonnes oil equivalent.
The market size of Biofuel production in the middle east is 2.724 billion
Research Strategy
To provide the optional data requested, we had to triangulate the market size for the middle east because the requested information was not available. We provided the market size for the Middle East because data on the GCC region and U.A.E was not available.
For the triangulation, the team first calculated the total number of tonnes of biofuels produced globally. It summed up the number of tonnes of biofuels produced from each region.
= 39,536 ,000 + 25,478,000 + 15,949 ,000 + 16,000 + 437,000 + 13,938,000
= 95,354,000 tonnes
Next, the team found the percentage share of Biofuels produced in the Middle East
= 16,000/95,354,000 * 100
= 0.02%
Lastly, the team used the percentage share of biofuels produced in the middle east to calculate its market size in U.S dollars
= 0.02% of 136.2 billion
= 2.724 billion.