Biofuels Market Size Projected to Hit USD 330.21 Billion at an 10.14% CAGR by 2030
Research Reports
Aug 13, 2023
Market Overview
By 2030, the Biofuels Market is estimated to register a CAGR of 10.14% and a value of USD 330.21 billion. The value was USD 130.21 billion in the market in 2021. Biofuels come from anaerobic digestion domestic, commercial, waste from industries and plants.
The constantly growing demand for sustainable and reliable energy due to the growing attention on environmental friendly clean energy sources will boost the demand for the market. Biofuels that comprise the industry’s majority share are ethanol and biodiesel in the road transportation sector. The rapid draining sources of fossil fuel developing world population and environmental policies to make the world clean and green drive the market.
The application of biofuels is in automotive, railway, marine and commercial heating processes for profit. It will keep the market revenue upwards and will grow at the same pace. Liquid biofuels like waste oil, fats and lignocellulosic are good options for industries like aviation, shipping and more.
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With all the driving factors of the market, the market also experiences some restraining factors that would impact the growth rate. The awareness segment in developing channel distribution outweighs the pace of feedstock generations are hindering the market. The lack of government rules for liquid biofuels is a huge challenge for the market to tackle. In covid 19, traveling was halted airlines were grounded, and even the intracity travelling was stopped with the amendment of the work-from-home rules for the workers.
The government took such measures to lessen the virus spread. Due to the lockdown, there was a massive decline in transport fuels, which affected biofuels. With that, the oil price was reduced, which severely led to biofuels limitation, affecting biofuel market. The biofuels market lacks several rules and regulations and limits the growth due to that. Many investors are investing in the market.
Key Players:
- Archer Daniels Midland Company
- Aceites Manuelita S.A.
- INEOS Group AG
- Neste Corporation
- Renewable Energy Group Inc.
- BlueFire Renewables
- Cosan
- Biowanze S.A.
- GLENCORE Magdeburg GmbH
- Cargill among others
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Biofuels Market Trends
Advanced Biofuels Development: The biofuels market has been witnessing a shift towards advanced biofuels, which are produced from non-food feedstocks such as algae, waste oils, agricultural residues, and woody biomass. These advanced biofuels offer better carbon reduction and are more sustainable compared to first-generation biofuels.
Government Regulations and Incentives: Many governments around the world are implementing policies and regulations to promote the use of biofuels as a way to reduce greenhouse gas emissions and achieve energy security. Incentives such as tax credits, subsidies, and mandates for blending biofuels with conventional fuels are driving market growth.
Low Carbon Fuel Standards: Several regions have established low carbon fuel standards (LCFS) that require a reduction in the carbon intensity of transportation fuels. This has led to increased demand for biofuels as they are considered lower carbon alternatives to traditional fossil fuels.
International Agreements: International agreements such as the Paris Agreement have accelerated the adoption of biofuels as part of efforts to combat climate change. Countries are looking to diversify their energy sources and reduce reliance on fossil fuels, thereby boosting the biofuels market.
Market segmentation
The market is classified by fuel type and feedstock type. The Biofuels Market is bifurcated into biodiesel and ethanol based on the segment fuel type. The feedstock type is classified into first, second and third generations. It is estimated the market will attain a high growth rate in the forecast period based on all the market segments.
Regional analysis
The Biofuels Market is studied in North America, South America, Asia Pacific, Middle East, Africa, and Europe. The increasing awareness is becoming an advantage for biofuels over the conventional ones. the government’s strict regulations concerns environmental issues in the North American region propels the market. Europe dominates the market with the highest CAGR and value due to urbanization and environmental concerns.
The Asia Pacific will showcase a rapid growth rate due to the increasing population and improvement in the economical condition of the people in countries such as China and India, creating an abundance growth rate for the market. More raw material availability in the region fosters the Biofuels Market attracting several investors worldwide.
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Industry news
Artificial intelligence has set a new record by producing algae as a reliable and economic source of sustainable biofuel and potentially animal feed.
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