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Biofuel Market Trends

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

Biofuel Market Trends

The global biofuel industry is expected to observe substantial growth, driven by the emergence of new applications that offer lucrative opportunities for key industry players. Biofuels are poised to become a cost-effective and dependable source of jet fuel, owing to innovative production methods developed by biofuel researchers and scientists. These methods facilitate the efficient conversion of biomass into jet fuel, opening up new avenues for the business growth. However, the implementation of carbon pricing mechanisms, such as carbon taxes and cap-and-trade systems, created economic incentives for businesses to reduce carbon emissions, which further promoted biofuels adoption.

The biofuel sector has seen significant cost reductions due to technological advancements, making it a compelling alternative to fossil fuels owing to the introduction of novel feedstock sources for biofuels production, in turn anticipated to bolster the industry's growth. Moreover, a growing emphasis on the circular economy and waste-to-energy approaches is contributing to the use of biofuels produced from organic waste materials, thereby complementing the business scenario.

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