Why Biofuel Testing Services Market is Projected to Witness a Staggering Growth During 2019-2029
Biofuel is a liquid fuel that is produced through a contemporary biological process such as anaerobic digestion. Increasing use of various biofuels such as biogas, butanol, ethanol to mitigate the dependency on natural fuels create the opportunity for biofuel testing services providers. Biofuel testing services include the testing and quality inspection, cargo inspection, contamination testing and trace residual analysis. Biofuel testing services providers conduct the testing process on biodiesel, ethanol, biomass, and other biofuels, including blended fuels. Rapidly increasing use of biodiesel and ethanol and its quality testing as per the guidelines is ultimately accelerating the market growth of the biofuel testing services market. Factors such as initiatives by countries to minimize the greenhouse gas emission, and to reduce the dependence on petroleum products is also promoting the biofuel testing services market growth globally.
Biofuel Testing Services Market: Key Dynamics
Increasing consumption of biofuels and its quality inspection is fuelling the market growth
Various factors such as rapidly growing global population, urbanization, and industrialization are creating the burden on the natural energy resources. To reduce the consumption of natural energy resources, various developing and developed countries are concentrating on producing biofuels. Various types of biofuels such as butanol, ethanol, biomass, and biogas need to be tested to ensure the quality. Increasing production and consumption of biofuels across the globe with its quality inspection is driving the global biofuel testing services market. Factors such as rising oil prices and increased energy security has pushed consumers to shift the focus from natural energy sources to biofuels. Another factor which is contributing to the growth of the biofuel testing services market is the increasing use of ethanol as a vehicle fuel across the globe.
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Customization of services is likely to mark an important trend among biofuel testing services providers
Most of the biofuel testing services providers customize the testing services as per the client requirement. These biofuel testing services providers usually offer biofuel analysis, testing and expertise for additional research. Customization of the services is one of the vital factors which are boosting the biofuel testing services market considerably. On the other hand, less awareness associated with the biofuels is one of the factors that inhibits the growth of the biofuel testing services market.
Biofuel Testing Services Market: Segmentation
On the basis of testing type, biofuel testing services market is segmented into
- Ethanol testing
- Biomass fuel testing
- Diesel fuel testing
- Biofuel blend testing
On the basis of end use industry, biofuel testing services market segmented into
- Pulp and Paper
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Biofuel Testing Services Market: Competition Landscape
Some of the prominent biofuel testing services providers are Intertek Group plc, BUREAU VERITAS, SGS SA, Chem-Tech Laboratories Private Limited, AmSpec, LLC, ALS Limited, FOI Laboratories, and Eurofins Scientific.
- Key strategy adopted by prominent biofuel testing services providers is to provide an extensive range of services under their portfolio such as contamination analysis, trace residual analysis, quality control, and quality confirmation.
- Biofuel testing service providers are also focusing on expansion of their service network to boost their market share.
- For Example, Intertek Group plc, one of the leading biofuel testing service provider, provide its testing and inspection services nearly in 400 sites across the globe