Global Biofuels Market

Biofuels Market Size, Share, Growth Analysis, By Type(Biodiesel, Ethanol), By Form(Solid Fuel Pellets Liquid, Gaseous), By Feedstock Type(Palm Oil, Jatropha), By End Users(Cosmetics, Edible Oil) - Industry Forecast 2024-2031

Report ID: SQMIG55E2010 | Region: Global | Published Date: February, 2024
Pages: 246 | Tables: 126 | Figures: 77

Biofuels Market Dynamics

Biofuels Market Drivers

Numerous Benefits of Biofuels to Bolster Market Growth

  • Medical researchers are rushing to produce the most effective energy source because of the growing need for environmentally friendly energy sources. In terms of competitors right now, biofuels are in the lead. As a fuel substitute for vehicles, they are also widely employed in the automotive industry. Over the anticipated timeframe, these variables will likely fuel market expansion.
  • Renewable biofuels have become more popular as fossil fuel stocks are gradually depleted. Due to their performance being comparable to that of gasoline and diesel, biofuels are being used on a small scale now but will eventually be widely commercialised.

Biofuels Market Restraints

Fluctuations in Raw Material Prices to Hinder Market Growth

  • The fluctuating cost of raw materials has a direct detrimental effect on the expansion of the market as a whole. Demand for biofuels has fallen across key industries as a result of increased pricing. As a result, the rate of market expansion for biofuels will be constrained by these fluctuations.
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FAQs

Biofuels Market size was valued at USD 2675 million in 2019 and is poised to grow from USD 2862.25 million in 2023 to USD 4917.88 million by 2031, growing at a CAGR of 7% in the forecast period (2024-2031).

The competitive landscape for the biofuels market contains information on each player. Included information includes a business overview, financials, revenue generated, market potential, investments in R&D, new market initiatives, presence, production sites and facilities, production capacities, company strengths and weaknesses, product launches, product breadth and depth, and application dominance. Only the companies' focus on the biofuels industry is mentioned in the data points above. 'Archer Daniels Midland Company', 'Cargill Inc.', 'Royal Dutch Shell plc', 'Neste Corporation', 'Renewable Energy Group, Inc.', 'Valero Energy Corporation', 'Bunge Limited', 'Wilmar International Ltd.', 'Louis Dreyfus Company BV', 'POET LLC', 'Green Plains Inc.', 'The Andersons Inc.', 'Pacific Ethanol Inc.', 'Raízen Energia SA', 'Flint Hills Resources LLC', 'Delta Air Lines, Inc.', 'Marathon Petroleum Corporation', 'TotalEnergies SE', 'Exxon Mobil Corporation', 'BP plc'

Medical researchers are rushing to produce the most effective energy source because of the growing need for environmentally friendly energy sources. In terms of competitors right now, biofuels are in the lead. As a fuel substitute for vehicles, they are also widely employed in the automotive industry. Over the anticipated timeframe, these variables will likely fuel market expansion.

Globally, the transportation industry is the largest producer of greenhouse gases, primarily as a result of the burning of fossil fuels in internal combustion engines. Private vehicles, including four-wheelers and two-wheelers, as well as commercial vehicles, make up a significant portion of the transportation sector. The majority of private automobiles are classified as lightweight vehicles and run-on gasoline as fuel. Worldwide regulations have been put in place to restrict the production of greenhouse gases, and an increasing number of nations now require the blending of gasoline and ethanol in order to cut emissions and rely less on fossil fuels. The ethanol category is anticipated to increase significantly in the biofuels market during the forecast period as a result of the identified components.

North America presently dominates the market in terms of revenue and market share, and this dominance will only grow over the forecast period. The government's expanding support measures, including its tax advantages and more forceful initiatives to promote regional production and consumption, are credited with driving market growth in this region.

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Global Biofuels Market

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