Overview and Scope
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.
Sizing and Forecast
The biofuels market size has grown strongly in recent years. It will grow from $163.86 billion in 2023 to $176.59 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to energy security concerns, volatility in oil prices, government incentives.
The biofuels market size is expected to see strong growth in the next few years. It will grow to $240.55 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to renewable energy targets, advancements in feedstock production, rising public awareness, emerging economies’ adoption. Major trends in the forecast period include advanced biofuels development, technological innovations, integration with conventional fuels, market consolidation.
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Segmentation & Regional Insights
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
North America was 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
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Major Driver Impacting Market Growth
Increased petroleum prices are expected to propel the growth of the biofuel market. Rising crude oil costs and increased taxation have consistently contributed to increased petrol and diesel prices across the world. Furthermore, the Russia-Ukraine war is one of the primary reasons for the rapid spike in global petroleum prices. Several other reasons have also led to rising crude oil prices, including market tightness and uncertainty about demand and supply, geopolitical developments, fears of future supply disruptions, and speculation that impacted the petroleum market. Due to such a rise in petroleum prices, there is a greater demand for biofuel as an alternative which is derived from renewable resources and are less combustible than fossil diesel. It helps to reduce the carbon footprint of transportation and other businesses. For Instance, according to a 2021 report published by Our world in data on crude oil prices, the global crude oil prices per barrel US dollars have increased from $41.84 in 2020 to $70.91 in 2021. Therefore, the increasing petroleum prices will drive the biofuel market.
Key Industry Players
Major companies operating in the biofuels market report are 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.
The biofuels market report table of contents includes:
1. Executive Summary
2.Biofuels Market Characteristics
3.Biofuels Market Trends And Strategies
4. Biofuels market analysis
5.Biofuels Market Size And Growth
6.Biofuels Segmentation
7.Biofuels Regional And Country Analysis
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27.Biofuels Competitive Landscape And Company Profiles
28.Biofuels Key Mergers And Acquisitions
29.Biofuels Future Outlook and Potential Analysis
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