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Biofuel Market

Biofuel Market Size, Share & Trends Analysis Report By Fuel Type (Ethanol, Biodiesel, Renewable Diesel, and Biojets), Generation (First Generation, Second Generation, Third Generation), End-use, Application (Transportation, Aviation), By Region, And By Segment Forecasts, 2024-2031

Report ID : 2165 | Published : 2024-03-13 | Pages: 180 | Format: PDF/EXCEL

Biofuel Market Size is valued at USD 163.15 Bn in 2023 and is predicted to reach USD 257.19 Bn by the year 2031 at a 5.96% CAGR during the forecast period for 2024-2031. 

Biofuel

Biofuels are renewable fuels made from biomass such as plant matter, animal matter, or human waste. Several nations are making efforts to reduce their reliance on foreign oil. With oil refineries operating at full capacity and rising prices, businesses and consumers are looking for alternatives. There are hundreds of millions of cars and light trucks on the road across the world, and the only non-petroleum energy source available to use in them is biofuels, which are gasoline and diesel made from various crops.

Increased interest in ethanol and biodiesel, two types of liquid biofuels, has resulted from the recent increase in oil prices. However, biofuels will eventually be used to replace fossil fuels. Fans of advanced biofuel say it's the best renewable alternative to petroleum-based fuels like gasoline and diesel and is widely available. To date, this is the only renewable energy source that has proven to be a drop-in replacement for the liquid fuels used in the vast majority of internal combustion vehicles.

However, the market growth is hampered by the high cost and health of the biofuel market, and the global production of biofuels has become more expensive as a result of rising commodity costs. Manufacturers, project developers, and legislators face immediate ramifications due to this circumstance. The biofuels industry has experienced a cost reduction drift for over a decade, but recent increases in the price of key inputs have reversed this trend. This has the potential to delay the funding of several ongoing projects. The COVID-19 epidemic negatively impacted the biofuel market due to the reduced fuel demand caused by the suspension of mobility. Biofuels are often combined with fossil fuels. After a brief dip during the pandemic, the economy has fully recovered. Because of this, businesses all across the world were able to flourish.

Competitive Landscape

Some Major Key Players In The Biofuel Market:

  • ADM (US)
  • Chevron (US)
  • Valero (US)
  • Neste (Finland)
  • Cargill, Incorporated (US)
  • Wilmar International Ltd (Singapore)
  • VERBIO AG (Germany)
  • Borregaard AS (Norway)
  • POET, LLC (US)
  • The Andersons, Inc. (US)
  • Green Plains Inc. (US)
  • BP p.l.c. (UK)
  • FutureFuel Corporation (US)
  • Münzer Bioindustrie GmbH (Austria)
  • Aemetis, Inc. (US)
  • CropEnergies AG (Germany)
  • Raízen (Brazil)
  • Blue Biofuels, Inc. (US)
  • Pannonia Bio Zrt. (Hungary)
  • GreenJoules (India)
  • Algenol (US)

Market Segmentation:

The Biofuel Market is segmented based on fuel type, generation, and end-use and application. As per the fuel type, the market is segmented into ethanol, biodiesel, renewable diesel, and biojets. The market is segmented by generations into first-generation, second-generation, and third generation. By end-use and application, the market is segmented into transportation and aviation.

Based On The Fuel Type, The Biojets Segment Is Accounted As A Major Contributor To The Biofuel Market. 

The Biofuel market is expected to hold a major global market share in 2024. The growing interest in developing eco-friendly aeroplane fuel is a key factor driving the biofuel market. Governments and international organizations have established limits and targets to reduce air travel's carbon footprint.

Transportation Segment To Witness Growth At A Rapid Rate.

The transportation segment is projected to grow rapidly in the global biofuel market. The transportation industry makes a substantial contribution to the release of greenhouse gases. Biofuels can be useful since they contribute less carbon dioxide to the atmosphere during combustion than fossil fuels, especially in countries like the US, Germany, the UK, China, and India.

In The Region, The North American Biofuel Market Holds A Significant Revenue Share.

The North American biofuel market is expected to record the maximum market share in revenue in the near future. It can be attributed to the fact that there is a lot of material available to turn into biofuel. The region will dominate the global biofuels market due to its superior infrastructure for biofuel production and its government's supportive policies regarding the use of biofuels. In addition, Europe is estimated to grow rapidly in the global biofuel market because several variables point to expansion in the intended market. Among these is the government's renewed focus on implementing laws to reduce emissions of greenhouse gases.

Recent Developments:

  • In July 2023, Cargill built the world's most advanced biodiesel factory in Ghent, Belgium. In this plant, used oil and other leftovers are converted into biofuel. As a result of using the facility's advanced biodiesel in the shipping and trucking industries, customers will be able to minimize the impact on the environment of their respective businesses.
  • In March 2022, Chevron Renewable Energy Group introduced EnDura Fuels, a brand of branded fuel solutions that created a variety of renewable fuels like as InfinD, PuriD (a next-generation biodiesel), UltraClean BlenDVelociD, and more. Fuels that burn more cleanly and produce fewer emissions are becoming increasingly important as industries strive to improve their environmental footprint.

Biofuel Market Report Scope

Report Attribute

Specifications

Market Size Value In 2023

USD 1163.15 Bn

Revenue Forecast In 2031

USD 257.19 Bn

Growth Rate CAGR

CAGR of 5.96 % from 2024 to 2031

Quantitative Units

Representation of revenue in US$ Million and CAGR from 2024 to 2031

Historic Year

2019 to 2023

Forecast Year

2024-2031

Report Coverage

The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends

Segments Covered

By Fuel Type, Generation, End-Use

Regional Scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country Scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia

Competitive Landscape

ADM (US), Chevron (US), Valero (US), Neste (Finland), Cargill, Incorporated (US), Wilmar International Ltd (Singapore), VERBIO AG (Germany), Borregaard AS (Norway), POET, LLC (US), The Andersons, Inc. (US), Green Plains Inc. (US), BP p.l.c. (UK), FutureFuel Corporation (US), Münzer Bioindustrie GmbH (Austria), Aemetis, Inc. (US), CropEnergies AG (Germany), Raízen (Brazil), Blue Biofuels, Inc. (US), Pannonia Bio Zrt. (Hungary), GreenJoules (India), Algenol (US), and Others

Customization Scope

Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape.

Pricing And Available Payment Methods

Explore pricing alternatives that are customized to your particular study requirements.

Chapter 1. Methodology and Scope

1.1. Research Methodology

1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Biofuel Market Snapshot

Chapter 4. Global Biofuel Market Variables, Trends & Scope

4.1. Market Segmentation & Scope

4.2. Drivers

4.3. Challenges

4.4. Trends

4.5. Investment and Funding Analysis

4.6. Industry Analysis – Porter’s Five Forces Analysis

4.7. Competitive Landscape & Market Share Analysis

4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: By Fuel Type Estimates & Trend Analysis

5.1. By Fuel Type, & Market Share, 2019 & 2031

5.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Fuel Type:

5.2.1. Ethanol

5.2.2. Biodiesel

5.2.3. Renewable Diesel

5.2.4. Biojets

Chapter 6. Market Segmentation 2: By Generation Estimates & Trend Analysis

6.1. By Generation & Market Share, 2019 & 2031

6.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Generation:

6.2.1. First Generation

6.2.2. Second Generation

6.2.3. Third Generation

Chapter 7. Market Segmentation 3: By End Use Estimates & Trend Analysis

7.1. By End Use & Market Share, 2019 & 2031

7.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By End Use:

7.2.1. Transportation

7.2.2. Aviation

7.2.3. Others

7.2.3.1. Power Generation

7.2.3.2. Heating

7.2.3.3. Green Chemistry

Chapter 8. Biofuel Market Segmentation 4: Regional Estimates & Trend Analysis

8.1. North America

8.1.1. North America Biofuel Market revenue (US$ Million) estimates and forecasts By Fuel Type, 2024-2031

8.1.2. North America Biofuel Market revenue (US$ Million) estimates and forecasts By Generation, 2024-2031

8.1.3. North America Biofuel Market revenue (US$ Million) estimates and forecasts By End Use, 2024-2031

8.1.4. North America Biofuel Market revenue (US$ Million) estimates and forecasts by country, 2024-2031

8.2. Europe

8.2.1. Europe Biofuel Market revenue (US$ Million) By Fuel Type, 2024-2031

8.2.2. Europe Biofuel Market revenue (US$ Million) By Generation, 2024-2031

8.2.3. Europe Biofuel Market revenue (US$ Million) By End Use, 2024-2031

8.2.4. Europe Biofuel Market revenue (US$ Million) by country, 2024-2031

8.3. Asia Pacific

8.3.1. Asia Pacific Biofuel Market revenue (US$ Million) By Fuel Type, 2024-2031

8.3.2. Asia Pacific Biofuel Market revenue (US$ Million) By Generation, 2024-2031

8.3.3. Asia Pacific Biofuel Market revenue (US$ Million) By End Use, 2024-2031

8.3.4. Asia Pacific Biofuel Market revenue (US$ Million) by country, 2024-2031

8.4. Latin America

8.4.1. Latin America Biofuel Market revenue (US$ Million) By Fuel Type, (US$ Million) 2024-2031

8.4.2. Latin America Biofuel Market revenue (US$ Million) By Generation, (US$ Million) 2024-2031

8.4.3. Latin America Biofuel Market revenue (US$ Million) By End Use, (US$ Million) 2024-2031

8.4.4. Latin America Biofuel Market revenue (US$ Million) by country, 2024-2031

8.5. Middle East & Africa

8.5.1. Middle East & Africa Biofuel Market revenue (US$ Million) By Fuel Type, (US$ Million) 2024-2031

8.5.2. Middle East & Africa Biofuel Market revenue (US$ Million) By Generation, (US$ Million) 2024-2031

8.5.3. Middle East & Africa Biofuel Market revenue (US$ Million) By End Use, (US$ Million) 2024-2031

8.5.4. Middle East & Africa Biofuel Market revenue (US$ Million) by country, 2024-2031

Chapter 9. Competitive Landscape

9.1. Major Mergers and Acquisitions/Strategic Alliances

9.2. Company Profiles

9.2.1. ADM (US)

9.2.2. Chevron (US)

9.2.3. Valero (US)

9.2.4. Neste (Finland)

9.2.5. Cargill

9.2.6. Incorporated (US)

9.2.7. Wilmar International Ltd (Singapore)

9.2.8. VERBIO AG (Germany)

9.2.9. Borregaard AS (Norway)

9.2.10. POET, LLC (US)

9.2.11. The Andersons, Inc. (US)

9.2.12. Green Plains Inc. (US)

9.2.13. BP p.l.c. (UK)

9.2.14. FutureFuel Corporation (US)

9.2.15. Münzer Bioindustrie GmbH (Austria)

9.2.16. Aemetis, Inc. (US)

9.2.17. CropEnergies AG (Germany)

9.2.18. Raízen (Brazil)

9.2.19. Blue Biofuels, Inc. (US)

9.2.20. Pannonia Bio Zrt. (Hungary)

9.2.21. GreenJoules (India)

9.2.22. Algenol (US)

Segmentation Of The Biofuel Market-

Biofuel Market By Fuel Type-

  • Ethanol
  • Biodiesel
  • Renewable Diesel
  • Biojets 

Biofuel

Biofuel Market By Generation-

  • First Generation
  • Second Generation
  • Third Generation

Biofuel Market By End-use-

  • Transportation
  • Aviation

Biofuel Market By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • South East Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of the Middle East and Africa

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Frequently Asked Questions

How big is the Biofuel Market Size?

Biofuel Market is expected to grow at a 5.96% CAGR during the forecast period for 2024-2031.

CropEnergies AG (Germany), Raízen (Brazil), Blue Biofuels, Inc. (US), Pannonia Bio Zrt. (Hungary), GreenJoules (India), Algenol (US), and Others

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