Global Biofuels Market Growth Drivers 2024, Forecast To 2033
15 Feb, 2024
The biofuels market has experienced robust growth, increasing from $163.86 billion in 2023 to $176.59 billion in 2024, with a notable compound annual growth rate (CAGR) of 7.8%. This expansion is linked to concerns over energy security, oil price volatility, and government incentives in the historical period. Anticipated growth in the next years foresees the market reaching $240.55 billion in 2028, driven by renewable energy goals, advancements in feedstock production, heightened public awareness, and the adoption of biofuels in emerging economies. Key trends include advanced biofuel development, technological innovations, and market consolidation.
Global Biofuels Market Key Driver
Increased petroleum prices are anticipated to drive the growth of the biofuel market. Rising crude oil costs, increased taxation, and global geopolitical factors contribute to higher petrol and diesel prices. The surge in petroleum prices enhances the demand for biofuels as an alternative, derived from renewable resources, reducing the carbon footprint of transportation and mitigating the impact of volatile crude oil prices.
Get A Free Sample Of The Global Biofuels Market ReportGlobal Biofuels Market Segments
The biofuels market covered in this report is segmented –
1) By Form: Solid Biofuel, Liquid Biofuel, Gaseous Biofuel
2) By Product Type: Biodiesel, Ethanol, Biogas, Others Products
3) By Feedstock: Coarse Grain, Non-agri Feedstock, Biomass, Vegetable Oil, Sugar Crop, Jatropha, Other Feedstocks
By Geography: The regions covered in the template market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
North Americawas the largest region in the biofuel market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the biofuels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Biofuels Industry Players
The Archer-Daniels-Midland Company; Abengoa S. A.; Renewable Energy Corporation; Wilmar International Limited; Poet LLC; Praj Industries Limited; Raven SR Inc.; Shell PLC; Sustainable Oils; UPM-Kymmene Oyj; Velocys Inc.; Virent Energy Systems Inc.; Aemetis Inc.; Amyris Inc.; Anellotech Inc.; Avantium Technologies B. V.; Axens Technologies (IFP); Cargill Inc.; Chevron Corporation; Clariant International AG; Corbion N. V.; DG Fuels; Diamond Green Diesel LLC; Dimeta; DMC Biotechnologies Inc.; Enerkem Inc.; Fidelis New Energy LLC; Fluid Quip Technologies LLC; Genofuel; Gevo Inc.; Ginkgo BioWorks; GranBio; Green Plains Inc.; Haldor Topsoe A/S; Honeywell International Inc.
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Biofuels Market Overview
Biofuel refers to a cleaner-burning alternative to petroleum-based diesel fuel made from renewable sources such as new and old vegetable oils and animal fats. It is a harmless and biodegradable substance created by mixing alcohol with vegetable oil, animal fat, or recycled cooking grease. The primary purpose of biofuels is to help reduce the carbon footprint of transportation and other industries.
Biofuels Global Market Report 2023 provides data on the global biofuels market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The biofuels market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.