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Biofuel Market Size

  • Report ID: GMI7043
  • Published Date: Oct 2023
  • Report Format: PDF

Biofuel Market Size

Biofuel Market was valued at USD 167.2 billion in 2023 and is anticipated to grow at over 7.2% CAGR between 2023 and 2032. Increased demand for eco-friendly fuels in road transportation along with heightened awareness of renewable energy utilization, and a growing emphasis on reducing greenhouse gas emissions are significant factors propelling the market growth.

 

Biofuel Market

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Expanding feedstock diversity along with increasing advanced biofuel initiatives will favor the biofuel market growth. The industry is witnessing a shift toward a more diverse range of feedstocks along with the traditional sources like corn and sugarcane, non-food feedstocks such as algae, waste cooking oil, and agricultural residues were gaining prominence. This diversification aimed to reduce competition with food crops and improve sustainability. In addition, increasing focus on advanced biofuels, such as cellulosic ethanol and renewable diesel, is witnessing an increasing notable trend where the product offer higher energy efficiency and reduced greenhouse gas emissions compared to first-generation biofuels.

 

Growing consumer and regulatory emphasis on sustainability and carbon reduction is driving the demand for certified sustainable biofuels. Certifications like RSB (Roundtable on Sustainable Biomaterials) and ISCC (International Sustainability & Carbon Certification) gained importance, in turn adding biofuel market growth prospects. Similarly, ongoing research and development efforts are leading to more efficient and cost-effective biofuels production processes. Innovations in enzyme technology and biorefinery approaches were improving yields and lowering production costs.

 

Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

The market valuation of biofuel was worth USD 167.7 billion in 2023 and is set to grow at a rate of over 7.2% through 2032, backed by the increased demand for eco-friendly fuels in road transportation.

Vegetable oil feedstock is slated to register at a 6.5% CAGR through 2032. Vegetable oil feedstocks are considered to produce sustainable aviation fuels (SAF), fulfilling the aviation industrys aim to reduce carbon emissions.

North America biofuel market is estimated to observe 6.2% growth rate up to 2032, as the U.S. Environmental Protection Agency (EPA) continues to implement the Renewable Fuel Standard (RFS), which mandates the blending of biofuels into the nations transportation fuel supply.

Chevron Corporation, Neste, Wilmar International Ltd., BTG International Ltd, Cargill, VERBIO AG, Borregaard AS, and POET, LLC among others.

Biofuel Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 20
  • Tables & Figures: 610
  • Countries covered: 20
  • Pages: 450
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