Biofuels Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By type (biodiesel, ethanol, and other types), feedstock (palm oil, jatropha, sugar crop, coarse grain, and other feedstock), By Region, Competition, 2018-2028

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Summary

Report Description

Forecast Period

2024-2028

Market Size (2022)

USD 93.86 Billion

CAGR (2023-2028)

5.83%

Fastest Growing Segment

Ethanol

Largest Market

North America


Market Overview

Global Biofuels market was valued at USD 93.86 Billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 5.83% through 2028.

Key Market Drivers

Environmental Concerns will help with Biofuels Market growth.

Environmental concerns are a potent force driving the global biofuels market. With the ever-increasing awareness of the dire consequences of climate change and the need for sustainable energy sources, biofuels have emerged as a promising solution to mitigate environmental harm caused by traditional fossil fuels. The primary environmental benefit of biofuels is their capacity to significantly reduce greenhouse gas (GHG) emissions. Unlike fossil fuels, which release carbon dioxide (CO2) and other pollutants when burned, biofuels are derived from renewable sources, such as crops, algae, and organic waste. These feedstocks absorb CO2 during their growth, effectively creating a carbon-neutral cycle when converted into biofuels and subsequently burned. This closed-loop system plays a pivotal role in lowering the net GHG emissions from transportation, a major contributor to climate change.

Furthermore, biofuels help diminish other harmful pollutants, such as sulfur and particulate matter, which are notorious for their adverse effects on air quality and public health. By reducing emissions of these pollutants, biofuels can contribute to improved air quality and reduced health care costs. The environmental imperative is not limited to climate change and air quality; it also extends to the conservation of biodiversity and ecosystems. Sustainable biofuel production practices can safeguard vital ecosystems by discouraging deforestation and promoting responsible land use.

To address these environmental concerns, governments worldwide have implemented policies and regulations that incentivize the production and consumption of biofuels. Renewable fuel standards, carbon pricing mechanisms, and tax incentives are examples of such policies designed to steer the energy sector towards environmentally friendly alternatives. As public awareness of environmental issues continues to grow and governments become more committed to reducing their carbon footprints, the global biofuels market is poised for significant expansion. Biofuels' potential to reduce GHG emissions, improve air quality, and support sustainable land use aligns perfectly with the urgent need for eco-friendly energy sources. Consequently, the environmental drive behind the biofuels market is likely to remain a central and enduring force in the transition to a greener and more sustainable energy future.

Government Policies and Regulations Have Played a Crucial Role in The Growth of The Biofuels Market

Government policies and regulations are pivotal drivers in propelling the global biofuels market forward. These measures, enacted by countries around the world, are instrumental in shaping the industry's growth trajectory and encouraging the transition toward more sustainable and environmentally friendly fuel sources. One of the most significant policy mechanisms driving the biofuels market is renewable fuel standards (RFS) and blending mandates. Governments require a certain percentage of renewable fuels, including biofuels, to be blended into conventional transportation fuels. These mandates create a stable and guaranteed market for biofuels, stimulating production and consumption. In the United States, for instance, the Renewable Fuel Standard obligates fuel suppliers to blend increasing volumes of biofuels into gasoline and diesel.

Tax incentives and subsidies further bolster the biofuels sector. Governments often provide financial incentives to biofuel producers, making it economically viable to invest in biofuel production facilities and technologies. These incentives can include tax credits, grants, or reduced excise taxes on biofuels, which lower the overall cost of production and make biofuels more competitive with traditional fossil fuels. Environmental regulations also play a critical role in driving the global biofuels market. As countries strive to meet emissions reduction targets and combat climate change, they implement policies that penalize high-carbon fuels and reward low-carbon alternatives. This regulatory environment gives biofuels a distinct advantage, as they are considered a cleaner and more sustainable alternative to fossil fuels.

Moreover, trade policies can influence the biofuels market's global dynamics. Tariffs, import/export restrictions, and trade agreements impact the flow of biofuel feedstocks and products, creating opportunities for international collaboration and competition in the industry. Government support extends to research and development initiatives that advance biofuel technologies, making them more efficient and cost-effective. Funding for research into improved feedstock production, conversion processes, and infrastructure development accelerates innovation and enhances the competitiveness of biofuels. In summary, government policies and regulations are the bedrock upon which the global biofuels market is built. They provide the necessary incentives, standards, and legal frameworks to encourage the development, production, and consumption of biofuels. As the world grapples with environmental challenges and seeks sustainable energy solutions, these policies are likely to continue driving the expansion of the biofuels industry and its integration into mainstream energy markets.

 

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Key Market Challenges

Land Use and Biodiversity Concerns

Land use and biodiversity concerns represent significant challenges that could potentially hamper the growth of the global biofuels market. These issues arise due to the competition between biofuel feedstock production and the conservation of natural ecosystems and agricultural land. One of the primary concerns is the potential for biofuel crop cultivation to lead to deforestation and habitat destruction. As the demand for biofuels grows, there's a risk of clearing forests and converting diverse ecosystems into monoculture plantations, particularly in regions with lax land-use regulations. This can result in the loss of biodiversity, disruption of local ecosystems, and even contribute to climate change, as forests play a crucial role in carbon sequestration. Moreover, the expansion of biofuel crops can place pressure on agricultural land traditionally used for food production. This phenomenon has led to the "food vs. fuel" debate, where the diversion of arable land and resources away from food production toward biofuel feedstock cultivation can impact food security and contribute to rising food prices.

To mitigate these concerns and ensure the sustainability of the biofuels industry, several strategies can be employed: Sustainable Land Use Planning: Governments and industry stakeholders must adopt and enforce sustainable land use practices to prevent deforestation and habitat destruction. This includes setting aside land for conservation and promoting responsible land-use policies, Advanced Feedstock Development: Research and development efforts should focus on developing biofuel feedstocks that require less land, water, and resources, reducing the environmental footprint of biofuel production. Biofuel Crop Certification: Certification programs, such as the Roundtable on Sustainable Biomaterials (RSB) and the Roundtable on Sustainable Palm Oil (RSPO), promote responsible biofuel feedstock production by setting sustainability standards. Crop Diversification: Encouraging the cultivation of a variety of feedstock crops and integrating biofuel crops into existing agricultural practices can help reduce the pressure on land resources.

Addressing land use and biodiversity concerns is vital to ensure that the biofuels industry remains a sustainable and environmentally responsible alternative to fossil fuels. This requires a balance between the demand for renewable energy and the preservation of ecosystems and food security. Collaborative efforts between governments, industry stakeholders, and environmental organizations are essential to finding and implementing solutions that protect both the environment and human welfare.

Feedstock Availability and Competition

Feedstock availability and competition are critical challenges that can impede the growth of the global biofuels market. The biofuels industry relies heavily on a consistent and affordable supply of feedstock, which includes crops, algae, and organic waste materials. Several key factors contribute to the challenges associated with feedstock availability and competition, Firstly, the demand for biofuels is increasing due to their environmental benefits and energy security advantages. This heightened demand puts pressure on feedstock resources, potentially leading to shortages and price volatility. Secondly, competition for feedstocks arises not only from the biofuels industry but also from other sectors, including food production and livestock feed. This competition can lead to rising prices and resource conflicts, particularly in regions where agricultural land is limited.

Thirdly, sustainable sourcing of feedstock is crucial to ensure that biofuels meet environmental and social sustainability criteria. Inadequate sustainability practices, such as deforestation or excessive water use, can undermine the credibility of biofuels as a green alternative to fossil fuels. Moreover, the biofuels industry faces challenges related to technological barriers and the need for ongoing research and development. Improving feedstock varieties and agricultural practices to enhance yield, resource efficiency, and sustainability is an ongoing effort. To address these challenges and support the growth of the biofuels market, it is essential to promote responsible land use, diversify feedstock sources, and invest in research and innovation. Collaboration between governments, industry stakeholders, and the agricultural sector is crucial to finding solutions that ensure a stable and sustainable feedstock supply, enabling the biofuels industry to play a more prominent role in the transition to cleaner and more sustainable energy sources.

Key Market Trends

Rising Demand for Renewable Energy

The rising demand for renewable energy is a powerful force driving the global biofuels market towards rapid growth and expansion. As the world grapples with the urgent need to reduce greenhouse gas emissions, combat climate change, and transition to cleaner energy sources, biofuels have emerged as a prominent and environmentally friendly solution. One of the most compelling drivers is the imperative to reduce the carbon footprint of the transportation sector, which is a significant contributor to global emissions. Biofuels, such as ethanol and biodiesel, offer a viable alternative to traditional fossil fuels, as they can be seamlessly integrated into existing infrastructure and vehicle fleets. This ease of adoption positions biofuels as a practical and effective means of decarbonizing the transportation industry.

Government initiatives and policies, aimed at achieving renewable energy targets and reducing emissions, are bolstering the demand for biofuels. Many countries have implemented blending mandates and incentives that require a certain percentage of biofuels to be mixed with conventional gasoline and diesel. These policies create a stable and growing market for biofuels, stimulating production and investment in the sector. Biofuels also align with corporate sustainability goals, and many companies are actively seeking ways to reduce their carbon footprint. Utilizing biofuels in their fleets and operations helps businesses meet environmental objectives and demonstrate their commitment to sustainable practices.

Furthermore, biofuels contribute to energy security by reducing reliance on imported fossil fuels. This aspect becomes particularly relevant during periods of volatile oil prices or supply disruptions. As public awareness of climate change and environmental sustainability continues to rise, the demand for renewable energy sources like biofuels is expected to grow even further. The global biofuels market is well-positioned to meet this demand, offering a versatile and eco-friendly alternative that addresses both environmental and energy security concerns. Consequently, the trajectory of the biofuels market is closely intertwined with the world's transition towards a more sustainable and low-carbon energy future.

Advanced Biofuels

Advanced biofuels are poised to play a pivotal role in driving the global biofuels market forward. These next-generation biofuels are derived from non-food feedstocks such as algae, cellulosic materials, and agricultural residues, offering several advantages that are likely to fuel their adoption and expansion. One of the primary drivers of advanced biofuels is their reduced environmental impact. Unlike first-generation biofuels, which sometimes use food crops as feedstock and can contribute to land-use change and competition with food production, advanced biofuels rely on non-food feedstocks. This eliminates concerns about food security and reduces the potential for negative environmental impacts, such as deforestation or excessive land and water use.

Advanced biofuels also possess superior sustainability credentials. They often have lower greenhouse gas emissions throughout their lifecycle compared to traditional fossil fuels, making them a crucial tool in the fight against climate change. This aligns with global efforts to reduce carbon emissions and meet climate goals outlined in agreements like the Paris Agreement. Moreover, technological advancements are rapidly improving the efficiency and cost-effectiveness of advanced biofuel production processes. Innovations in biotechnology and bioengineering are enabling the conversion of a wider range of feedstocks into biofuels, making production more versatile and scalable. As governments worldwide implement renewable energy targets and stricter environmental regulations, advanced biofuels are well-positioned to meet these requirements. They offer a sustainable and low-carbon solution for reducing greenhouse gas emissions in sectors like transportation and aviation.

In summary, advanced biofuels represent a promising and sustainable path forward for the global biofuels market. Their reduced environmental impact, reliance on non-food feedstocks, and ongoing technological advancements position them as a key driver in the transition to cleaner and more sustainable energy sources. As awareness of climate change and sustainability grows, advanced biofuels are likely to gain even greater prominence in the global energy landscape.

Segmental Insights

Fuel Type Insights

The market's largest contribution will be the Ethanol segment. Globally, the transportation sector is the biggest emitter of greenhouse gases due to the combustion of fossil fuels in its internal combustion engines. To limit the emission of greenhouse gases, countries worldwide have adopted norms to promote the use of renewable energy resources. Biofuels such as ethanol affirm themselves as a cleaner energy source for the transportation sector, which could lead to a developed biofuel market in the future. According to the Renewable Fuels Association (RFA), in 2022, the United States produced 15,4 billion gallons of fuel ethanol, making it the leading producer of biofuel in the world. In 2022, SGP BioEnergy announced the development of the world's most extensive biofuel distribution and production hub in Panama, in association with the country's government, which is estimated to produce 180,000 barrels per day of biofuel. Similarly, in 2023, the US Department of Energy awarded USD 118 million for 17 projects to scale up ethanol and other biofuels to help America’s transportation and manufacturing needs. Such trends are likely to ramp up the biofuel market.

Therefore, owing to the above points, the ethanol segment is expected to experience significant growth in the biofuels market during the forecast period.

 

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Regional Insights

North America has established itself as the leader in the Global Biofuels Market with a significant revenue share in 2022.  

The North American region houses one of the biggest aviation markets, primarily fossil fuels, and a well-established transportation infrastructure. The North American region has been at the forefront of lowering emissions to limit the greenhouse effect.

According to the U.S. Energy Information Administration, the total production volume of biodiesel production in the United States was 1.6 billion gallons by 2022.

Recent Developments

  • April 2023: Cepsa awarded a contract for the engineering, procurement, and construction management support of the second-generation (2G) biofuels plant in southern Europe to the Técnicas Reunidas. This new plant will use agricultural waste and used cooking oils as feedstock. it will have two pre-treatment units and a flexible production capacity of around 500,000 tons of renewable diesel and sustainable aviation fuel (SAF) for use in air, sea, and land transport.
  • January 2023: Zagros Petrochemical Company and China’s Dalian Petrochemical Company entered into the deal to establish a methanol-to-synthetic ethanol conversion plant in Iran, which would be the first plant of ethanol for Iran. The plant is estimated to have a production capacity of 300,000 tons and would be commissioned within three years.

Key Market Players

  • Abengoa Bioenergy SA
  • Cargill Incorporated
  • Shell PLC
  • Wilmar International Ltd.
  • Renewable Energy Group Inc.
  • Archer Daniels Midland Company
  • BP PLC
  • POET LLC
  • Neste Oyj
  • Verbio Vereinigte BioEnergie AG

 By Fuel Type

By Feedstock

By Region
  • Ethanol
  • Biodiesel
  • Other Fuel Types
  • Palm Oil
  • Jatropha
  • Sugar Crop
  • Coarse Grain
  • Other Feedstock
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

 

Report Scope:

In this report, the Global Biofuels Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Biofuels Market, By Fuel Type:

o   Ethanol

o   Biodiesel

o   Other Fuel Types

  • Biofuels Market, By Feedstock:

o   Palm Oil

o   Jatropha

o   Sugar Crop

o   Coarse Grain

o   Other Feedstock

  • Biofuels Market, By Region:

o   North America

      • United States
      • Canada
      • Mexico

o   Asia-Pacific

      • China
      • India
      • Japan
      • South Korea
      • Indonesia

o   Europe

      • Germany
      • United Kingdom
      • France
      • Russia
      • Spain

o   South America

      • Brazil
      • Argentina

o   Middle East & Africa

      • Saudi Arabia
      • South Africa
      • Egypt
      • UAE
      • Israel

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Biofuels Market.

Available Customizations:

Global Biofuels Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global Biofuels Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.3.  Markets Covered

1.4.  Years Considered for Study

1.5.  Key Market Segmentations

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

4.    Voice of Customers

5.    Global Biofuels Market Outlook

5.1.  Market Size & Forecast

5.1.1.    By Value

5.2.  Market Share & Forecast

5.2.1.    By Fuel type (biodiesel, ethanol, and other types)

5.2.2.    By feedstock (palm oil, jatropha, sugar crop, coarse grain, and other feedstock)

5.2.3.    By Region

5.3.  By Company (2022)

5.4.  Market Map

6.    North America Biofuels Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Fuel Type

6.2.2.    By Feedstock

6.2.3.    By Country

6.3.  North America: Country Analysis

6.3.1.    United States Biofuels Market Outlook

6.3.1.1.        Market Size & Forecast

6.3.1.1.1.           By Value 

6.3.1.2.        Market Share & Forecast

6.3.1.2.1.           By Fuel Type

6.3.1.2.2.           By Feedstock

6.3.2.    Canada Biofuels Market Outlook

6.3.2.1.        Market Size & Forecast

6.3.2.1.1.           By Value 

6.3.2.2.        Market Share & Forecast

6.3.2.2.1.           By Fuel Type

6.3.2.2.2.           By Feedstock

6.3.3.    Mexico Biofuels Market Outlook

6.3.3.1.        Market Size & Forecast

6.3.3.1.1.           By Value 

6.3.3.2.        Market Share & Forecast

6.3.3.2.1.           By Fuel Type

6.3.3.2.2.           By Feedstock

7.    Asia-Pacific Biofuels Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Fuel Type

7.2.2.    By Feedstock

7.2.3.    By Country

7.3.  Asia-Pacific: Country Analysis

7.3.1.    China Biofuels Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.           By Value 

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.           By Fuel Type

7.3.1.2.2.           By Feedstock

7.3.2.    India Biofuels Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.           By Value 

7.3.2.2.        Market Share & Forecast

7.3.2.2.1.           By Fuel Type

7.3.2.2.2.           By Feedstock

7.3.3.    Japan Biofuels Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.           By Value 

7.3.3.2.        Market Share & Forecast

7.3.3.2.1.           By Fuel Type

7.3.3.2.2.           By Feedstock

7.3.4.    South Korea Biofuels Market Outlook

7.3.4.1.        Market Size & Forecast

7.3.4.1.1.           By Value 

7.3.4.2.        Market Share & Forecast

7.3.4.2.1.           By Fuel Type

7.3.4.2.2.           By Feedstock

7.3.5.    Indonesia Biofuels Market Outlook

7.3.5.1.        Market Size & Forecast

7.3.5.1.1.           By Value 

7.3.5.2.        Market Share & Forecast

7.3.5.2.1.           By Fuel Type

7.3.5.2.2.           By Feedstock

8.    Europe Biofuels Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Fuel Type

8.2.2.    By Feedstock

8.2.3.    By Country

8.3.  Europe: Country Analysis

8.3.1.    Germany Biofuels Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.           By Value 

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.           By Fuel Type

8.3.1.2.2.           By Feedstock

8.3.2.    United Kingdom Biofuels Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.           By Value 

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.           By Fuel Type

8.3.2.2.2.           By Feedstock

8.3.3.    France Biofuels Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.           By Value 

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.           By Fuel Type

8.3.3.2.2.           By Feedstock

8.3.4.    Russia Biofuels Market Outlook

8.3.4.1.        Market Size & Forecast

8.3.4.1.1.           By Value 

8.3.4.2.        Market Share & Forecast

8.3.4.2.1.           By Fuel Type

8.3.4.2.2.           By Feedstock

8.3.5.    Spain Biofuels Market Outlook

8.3.5.1.        Market Size & Forecast

8.3.5.1.1.           By Value 

8.3.5.2.        Market Share & Forecast

8.3.5.2.1.           By Fuel Type

8.3.5.2.2.           By Feedstock

9.    South America Biofuels Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Fuel Type

9.2.2.    By Feedstock

9.2.3.    By Country

9.3.  South America: Country Analysis

9.3.1.    Brazil Biofuels Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.           By Value 

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.           By Fuel Type

9.3.1.2.2.           By Feedstock

9.3.2.    Argentina Biofuels Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.           By Value 

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.           By Fuel Type

9.3.2.2.2.           By Feedstock

10. Middle East & Africa Biofuels Market Outlook

10.1.             Market Size & Forecast

10.1.1. By Value

10.2.             Market Share & Forecast

10.2.1. By Fuel Type

10.2.2. By Feedstock

10.2.3. By Country

10.3.             Middle East & Africa: Country Analysis

10.3.1. Saudi Arabia Biofuels Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.         By Value 

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.         By Fuel Type

10.3.1.2.2.         By Feedstock

10.3.2. South Africa Biofuels Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.         By Value 

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.         By Fuel Type

10.3.2.2.2.         By Feedstock

10.3.3. UAE Biofuels Market Outlook

10.3.3.1.     Market Size & Forecast

10.3.3.1.1.         By Value 

10.3.3.2.     Market Share & Forecast

10.3.3.2.1.         By Fuel Type

10.3.3.2.2.         By Feedstock

10.3.4. Israel Biofuels Market Outlook

10.3.4.1.     Market Size & Forecast

10.3.4.1.1.         By Value 

10.3.4.2.     Market Share & Forecast

10.3.4.2.1.         By Fuel Type

10.3.4.2.2.         By Feedstock

10.3.5. Egypt Biofuels Market Outlook

10.3.5.1.     Market Size & Forecast

10.3.5.1.1.         By Value 

10.3.5.2.     Market Share & Forecast

10.3.5.2.1.         By Fuel Type

10.3.5.2.2.         By Feedstock

11. Market Dynamics

11.1.             Drivers

11.2.             Challenge

12. Market Trends & Developments

13. Company Profiles

13.1.             Abengoa Bioenergy SA.

13.1.1. Business Overview

13.1.2. Key Revenue and Financials (If Available)

13.1.3. Recent Developments

13.1.4. Key Personnel

13.1.5. Key Product/Services

13.2.              Cargill Incorporated

13.2.1. Business Overview

13.2.2. Key Revenue and Financials

13.2.3. Recent Developments

13.2.4. Key Personnel

13.2.5. Key Product/Services

13.3.             Shell PLC

13.3.1. Business Overview

13.3.2. Key Revenue and Financials (If Available)

13.3.3. Recent Developments

13.3.4. Key Personnel

13.3.5. Key Product/Services

13.4.             Wilmar International Ltd.

13.4.1. Business Overview

13.4.2. Key Revenue and Financials (If Available)

13.4.3. Recent Developments

13.4.4. Key Personnel

13.4.5. Key Product/Services

13.5.             Renewable Energy Group Inc.

13.5.1. Business Overview

13.5.2. Key Revenue and Financials (If Available)

13.5.3. Recent Developments

13.5.4. Key Personnel

13.5.5. Key Product/Services

13.6.             Archer Daniels Midland Company

13.6.1. Business Overview

13.6.2. Key Revenue and Financials (If Available)

13.6.3. Recent Developments

13.6.4. Key Personnel

13.6.5. Key Product/Services

13.7.             BP PLC

13.7.1. Business Overview

13.7.2. Key Revenue and Financials

13.7.3. Recent Developments

13.7.4. Key Personnel

13.7.5. Key Product/Services

13.8.             POET LLC

13.8.1. Business Overview

13.8.2. Key Revenue and Financials (If Available)

13.8.3. Recent Developments

13.8.4. Key Personnel

13.8.5. Key Product/Services

13.9.             Neste Oyj

13.9.1. Business Overview

13.9.2. Key Revenue and Financials (If Available)

13.9.3. Recent Developments

13.9.4. Key Personnel

13.9.5. Key Product/Services

13.10.          Verbio Vereinigte BioEnergie AG

13.10.1.              Business Overview

13.10.2.              Key Revenue and Financials (If Available)

13.10.3.              Recent Developments

13.10.4.              Key Personnel

13.10.5.              Key Product/Services

14. Strategic Recommendations

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Figures and Tables

Frequently asked questions

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The market size of the Global Biofuels Market was USD 93.86 Billion in 2022.

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Globally, the transportation sector is the biggest emitter of greenhouse gases due to the combustion of fossil fuels in its internal combustion engines. To limit the emission of greenhouse gases, countries worldwide have adopted norms to promote the use of renewable energy resources. Biofuels such as ethanol affirm themselves as a cleaner energy source for the transportation sector, which could lead to a developed biofuel market in the future.

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The high cost of production of biofuels, even with all the benefits associated with them, is likely to restrain the growth of the market.

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The demand for secure, sustainable, and clean energy coupled with government mandates for increasing blending in automotive fuels is expected to propel the demand for biofuels across the globe.

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Parvati Sharma

Account Manager BD
Press Release

Biofuels Market to be dominated by Ethanol segment through 2028

Nov, 2023

Clean energy coupled with government mandates for increasing blending in automotive fuels to drive Global Biofuels Market in the forecast period, 2023-2028.

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