Market Overview

The Biofuels Market will reach a higher CAGR of 10.14% between 2023 to 2030. The market is estimated to cover a valuation of the worth of USD 330.21 billion.

The adoption of eco-friendly substances has increased in the present generations. The growing awareness to protect the environment and preventive measures for pollution have increased the demand for biofuel usage. Various industrial sectors have adopted biofuel utilization. The rising global demand for biofuels is propelling the growth of the Biofuels Market.

Fossil fuels' limited availability and the awareness to limit the carbon emission in the environment has made the end-users shift toward biofuels. It is acting as a major driving factor in the Biofuels Market. Moreover, the regulatory policies and tax incentives worldwide on biofuel usage are enhancing the market's demand.

The transportation sector is the key driver of the market. Governments worldwide are taking the initiative to implement biofuel in the transportation sector, which is aiding the market. Biofuels are cleaner fuels than conventional fossil fuels. The research and development of biofuels to cut down their costs will increase their demand. Additionally, the research for the commercialization of third-generation biofuels will accelerate the market's growth rate in the forecast period.

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

Market Segments

The Biofuels Market segments are categorized into application and end-users. 

The application segment of the market is sub-categorized into biodiesel and ethanol. The bioethanol segment captured the highest share value due to its extensive applications. Bioethanol, when blended with conventional fuels, doesn't need engine modifications. Bioethanol is the right substitute for gasoline in engines. 

Under the end-users segment, the Biofuels Market is sub-segmented into first generation, second generation, and third generation.

Regional Analysis

The Biofuels Market Size regional growth analysis shows the regions covered globally. The major regions showing massive demand for biofuels are the North American region, European Union, Asia-Pacific, South America, the Middle East, and Africa. 

Among the above prominent regions, the North American region is showing higher regional growth. The reasons, such as favorable government regulations and infrastructure upgrades, are driving the regional market growth. 

Biofuels, for example, renewable natural gasses, are gaining popularity due to their lower cost price and availability in larger quantities. The developed countries of North America, such as the United States and Canada, have significant industrial players who are aiding the regional market. The biotech industry's research and development also accelerates the market's growth. 

Industry News

In January 2022, Malaysia's Palm Oil Board declared to implement its adoption of the B20 palm oil biofuel program national-wide by 2022. The company's mandate for manufacturing and formulating biofuel with a 20% palm oil component for the transport sector was first rolled out, but it was delayed due to the COVID-19 pandemic.

In August 2022, The California-based biofuels company – Aemetis announced the development of its Universal Biofuels subsidiary in India. An owner and operator of the biodiesel plant located near the Kakinada port east coast of the country, selected by three government-controlled OMCs- oil marketing companies. Aemetis to supply approximately 8m gallons of biodiesel in the upcoming two months.

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