GMI Research analysis indicates that the Biofuels Market size was estimated at USD 90.9 billion in 2022 and is slated to register a double digit CAGR of 10.9% over the forecast period and is projected to reach USD 208.0 billion in 2030.

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Major Biofuels Market Drivers

The rising demand of clean fuel and stringency for sulphur free petroleum products have encouraged to drive the global biofuels market. There are some other factors that are anticipated to drive the biofuel market includes increasing awareness about curbing carbon emission, limited supply of resources based on fossil fuel. The availability of several regulatory regulations from government institutions as well as financial incentives to enhance the consumption of biofuels is another major factor that supports the growth of the biofuel usage in the transportation industry. Moreover, adhering to the regulatory mandates of the government about clean, safe, and sustainable energy consumption will contribute as a key driver to the growth of biofuels. Whereas, rising prices of crude oil, government support for research activities, favourable regulations, and growing awareness of use of renewable energy sources are all significant drivers of biofuels market growth. On the other hand, demand for environment friendly fuel is growing among the automotive industry which further fuelling the growth of the biofuel market.

Furthermore, biofuel demand is rising in addition with growing energy security concerns which is expected to increase the demand for the biofuel in the upcoming years. The end-users have switched towards biofuel as an alternative due to rising oil prices. Additionally, efforts made by major economies like the U.S., China, and Brazil have also put efforts to boost the use of biofuels through significant tax rebates which will further result into the expansion of the biofuel market during the forecast period.

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Based on Form, liquid biofuels segment is anticipated to hold the highest revenue share.

The use of liquid biofuels has also been influenced by mandates for bioethanol blending that have been established in various nations. Due to the depletion of fossil fuel supplies and growing public awareness of environmental preservation, the liquid biofuels market is anticipated to grow at the faster rate over the forecast period. Whereas the manufacturers have also been influenced to invest in R&D operations to develop innovative technologies for biofuel production by the advent of rules and policies in the biofuels industry. Such as in Europe, North America, India, Malaysia, Brazil, Indonesia, and other places, primary blending requirements are established that drive the world’s need for biofuels. For instance, by 2025, 20% ethanol must be blended into gasoline in India whereas the current order for ethanol blending is 27% in Brazil. These initiatives by government will increase the demand for biofuel across the globe.

Based on Product, Ethanol is expected to grow at the fastest rate during the forecast period.

The main reason supporting expansion of the ethanol segment is the increasing usage of ethanol as a green fuel in automotive applications demand for ethanol. A promising new energy source that has the potential to raise the bar for reducing Biofuels gas emissions is biofuel. For instance, as per the Renewable Fuels Association, US is the leading producer of biofuel and produced 154 billion gallons of fuel ethanol across the globe. Moreover, US Department of Energy further invested 118 million to increase the ethanol and other biofuel for 17 projects in order to complete the needs of American transportation and manufacturing. Over the estimated period, more ethanol is expected to be used due to other variables like rising research and development spending. It is also used to fuel fireplaces that burn bioethanol. It is perfect for household use because it doesn’t need a chimney and is flueless.to reduce Biofuels gas emissions globally. As a result of which a lot of companies have started looking for alternative energy sources that lower Biofuels gas emissions from their combustion engines that drives the market growth in near future.

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Based on region the North America and Asia Pacific region is expected to attain the highest CAGR in the forecast period.

North America region is the largest region because of the abundance of feedstock for the manufacture of biofuels. The region will hold a leading position across the world due to the supportive infrastructure for production of biofuel along with the utilization of biofuels according to the government norms. In United States, there are favourable government mandates for the development of biofuels as well as sufficient feedstock available for this purpose. The U.S. Energy Information Administration estimates that the country produced 1.6 billion gallons of biodiesel in 2022. Due to government policy and production capability, the North American area is therefore projected to dominate the biofuels industry. Continuous research and development by market leading players and increasing awareness of renewable energy consumption in the Asia-Pacific region expected to boost the market growth. Moreover, increasing government focus towards reducing the Biofuels gases is further boosting APAC biofuel market.

Biofuels Market Leaders

Some of the major players operating in the global Biofuel Market includes Green Plains Inc., Petrobras, Valero Energy Corp., Alto Ingredients Inc., Butamax Advanced Biofuels LLC, Wilmar International Ltd., Renewable Energy Group, Inc., Royal Dutch Shell Plc, Crop Energies AG, Air Liquide and Archer Daniels Midland Company, among others.

Key Development:

• • In 2023, Cespa has inked contract with Tecnicas Reunidas for the engineering, procurement, and construction management solutions for the second generation (2G) biofuels plant construction in southern Europe. This will be the biggest plant for 2G biofuels of Southern Europe, and it will use agricultural waste and cooking oils as feedstock. The plant is designed with two pre-treatment units with 500,000 tons production capacity of renewable diesel and sustainable aviation fuel.
  • In 2023, Zagros Petrochemical Company and Dalian Petrochemical Company joined their hand to establish a conversion plant for methanol-to-synthetic in Iran. This will be the first methanol-to-synthetic ethanol conversion plant of Iran with the production capacity of 300,000 tons.

Segments covered in the Report:

The global Biofuels market has been segmented on the basis of form, product, application and region. Based on form, the market has been segmented into Solid Biofuel, Liquid Biofuel and Gaseous Biofuel. Based on the product, the market has been segmented into Biodiesel, Ethanol and Others. Based on the application, the market has been segmented into Transportation, Aviation, Energy Generation, Heating and Others.

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Market Segmentation

Global Biofuels Market by Form

• • Solid Biofuel
  • Liquid Biofuel
  • Gaseous Biofuel

Global Biofuels Market by Product

• • Biodiesel
  • Ethanol
  • Others

Global Biofuels Market by Application

• • Transportation
  • Aviation
  • Energy Generation
  • Heating
  • Others

Global Biofuels Market by Region

• • North America Biofuels Market (Option 1: As a part of the free 25% customization)
    • By Form
    • By Product
    • By Application
    • US Market All-Up
    • Canada Market All-Up
  • Europe Biofuels Market (Option 2: As a part of the free 25% customization)
    • By Form
    • By Product
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Biofuels Market (Option 3: As a part of the free 25% customization)
    • By Form
    • By Product
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Biofuels Market (Option 4: As a part of the free 25% customization)
    • By Form
    • By Product
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Global Biofuels (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Green Plains Inc
  • Petrobras
  • Valero Energy Corp
  • Alto Ingredients Inc
  • Butamax Advanced Biofuels LLC
  • Wilmar International Ltd.,
  • Renewable Energy Group, Inc.
  • Royal Dutch Shell Plc
  • Crop Energies AG
  • Air Liquide and Archer Daniels Midland Company