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.
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 |
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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 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Fuel Type, Generation, End-Use |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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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 |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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