Global Biofuels Market

Biofuels Market Size, Share, Growth Analysis, By Forms of Biofuel (Liquid, Gaseous), By Fuel Type (Ethanol, Biojet), By Generation (First Generation, Second Generation), By End Users (Transportation, Aviation), By Region - Industry Forecast 2024-2031


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

Biofuels Market Insights

Global Biofuels Market size was valued at USD 57.6 billion in 2022 and is poised to grow from USD 97.24 billion in 2023 to USD 244.08 billion by 2031, growing at a CAGR of 11% in the forecast period (2024-2031). 

Additives that are added to biofuels to increase their efficiency are known as biofuel additives. These additives also address the issues of corrosion, fuel foaming, and deposits on injectors, which is why their demand is projected to soar high in the future. A high focus on sustainability and the imposition of new regulations to reduce emissions from vehicles are also slated to promote the sales of biofuel additives in the long run.  

High investments in the research and development of advanced biofuels will also create new opportunities for biofuel additives suppliers going forward. Rising fossil fuel prices, evolving consumer preferences, and high demand for clean energy and fuels are other factors that could uplift biofuel additives demand across the forecast period and beyond.  

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Biofuels Market size was valued at USD 57.6 Billion in 2022 and is poised to grow from USD 97.24 Billion in 2023 to USD 244.08 Billion by 2031, growing at a CAGR of 11% 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, global 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 (USA) ', 'Cargill Inc. (USA) ', 'Royal Dutch Shell plc (Netherlands) ', 'Neste Corporation (Finland) ', 'Valero Energy Corporation (USA) ', 'Bunge Limited (Switzerland) ', 'Wilmar International Ltd. (Singapore) ', 'Louis Dreyfus Company BV (Netherlands) ', 'POET LLC (USA) ', 'Green Plains Inc. (USA) ', 'The Andersons Inc. (USA) ', 'Raízen Energia SA (Brazil) ', 'Flint Hills Resources LLC (USA) ', 'Delta Air Lines, Inc. (USA) ', 'Marathon Petroleum Corporation (USA) ', 'Total Energies SE (France) ', 'Exxon Mobil Corporation (USA) ', 'BP plc (UK) ', 'CROPENERGIES AG (Germany) ', 'ALGENOL (United States)'

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. 

Global Transportation Sector's Impact on Greenhouse Gas Emissions and the Rise of Ethanol: In the world, transportation is the most significant emitter of GHG especially due to the use of fossil fuels in internal combustion engines. Four-wheelers and two-wheelers, owned by individuals as well as commercial vehicles constitute a large portion of the transportation sector. Most of the private automobiles are light cars and are operated using gasoline as the source of power. International standards have been imposed to limit emissions of greenhouse gases, and more countries introduce the mandatory use of a gasoline-ethanol mixture to reduce emissions from fossil fuels. This ethanol category is expected to grow significantly in the biofuels market in the forecast period due to the identified components.

North America is the largest market for biofuel in terms of both revenue and market share, which is set to expand even further over the forecast period. This growth is underpinned by a significant government support in the form of tax exemptions and highly assertive policies targeting augmented regional demand for biofuels. An analogy is the Renewable Fuel Standard (RFS) in the United States and comparable programs implemented in Canada sustain market characteristics that require the incorporation of renewable fuel into the energy supply. Such measures are crucial in ensuring North America continues to enjoy a superior position in the global biofuels industry.

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Global Biofuels Market

Report ID: SQMIG55E2010

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