- Bioethanol
- Biodiesel
Biofuels Market size was valued at USD 140.43 billion in 2022 and is expected to reach USD 245.49 billion by 2029, at a CAGR of 7.62% from 2023-2029. Biofuels are generated to replace non-renewable energy sources such as gasoline, diesel, and coal, which are produced by animals and plants that died a long time ago. Plants that have recently been harvested are used to make biofuels. As a first-generation fuel, biofuel is also used. The ever-increasing global demand for energy is assisting the energy and mining industries in making a quantum leap forward in terms of unique fuel kinds. This, combined with growing environmental concerns, is prompting more investment in the creation of a clean energy source. These elements are combining to create a healthy ground for the global biofuels sector to grow. Biofuels have grown in popularity in recent years due to the fact that they are produced through biological processes, are environmentally beneficial, and may be used to replace non-renewable energy sources. In the future, biofuels are being considered as one of the growing cleaner fuel alternatives to conventional fossil fuels. Furthermore, the availability of funds for research and development to develop biofuels at a reduced cost will help them gain traction. In many industrialised economies, government mandates for mixing vehicle fuels with biofuels have fueled the biofuels industry's expansion. Biofuels, such as ethanol and biodiesel, account for the majority of renewable energy demand in the transportation industry. The demand for bioenergy has stabilised in established economies, while developing countries have yet to fully respond and contribute to global biofuels market trends.
Biofuels Market Key Developments:
- In February 2016, Renewable Energy Group Inc. (Biofuel producer in U.S) has signed an agreement with Sanimax Energy, which is a U.S based company for acquiring its 20 million gallon nameplate capacity biodiesel refinery.
- In March 2016, Canada-based Company, Edmonton, announced its plans to produce a new kind of biodiesel, commercially, which would be capable of replacing diesel completely at a lower cost than existing renewable fuels.
Global Biofuels Market Summary
Study Period
2024-2030
Base Year
2023
CAGR
7.62%
Largest Market
Asia Pacific
Fastest Growing Market
North America
Biofuels Market Dynamics
Despite a variety of factors, demand for biofuels is substantially higher than the rate of feedstock regeneration, which is severely impacting the demand-supply gap and stifling market growth. Furthermore, there are a number of roadblocks relating to existing retailing, distribution, and development channels that are limiting the market's growth. In underdeveloped and less-developed countries, understanding of the availability and benefits of biofuels is low, which will limit their widespread adoption.
Asia-Pacific Got Significant Share
Biofuels Market Regional Analysis
Asia Pacific biofuels market has lucrative growth attributed to driving factors like availability of feedstock, the government law to support the approval of bio-based fuel alternatives and multiple uses of biofuels are likely to spur the biofuels market. The surging demand for bio-diesel in developing countries like India, China and Japan and growing focus on reliable, affordable and sustainable energy is the opportunities created in the region which in turn is expected to boost the biofuels market over the forecast period.
Latin America
Europe
Asia Pacific
Middle East
North America
Global Biofuels Market Segmentation
By Product Type
By Form
- Solid (Biocoal, Biochar),
- Fuel Pellets Liquid (Biodiesel and Bioethanol)
By Gaseous
- Biogas,
- Biopropane,
- Syngas
By Geography
- North America
- Asia Pacific
- Latin America
- Europe
- MEA
Frequently Asked Questions
The biofuels market is projected to expand at a CAGR of 7.62% during the forecast period
Aceites Manuelita S.A, Abengoa Bioenergy, Bajaj Hindustan Ltd., Archer Daniels Midland Company
North America is the fastest-growing region in the biofuels market
Key Features of the Report
- The biofuels marke report provides granular level information about the market size, regional market share, historic market (2018 to 2022) and forecast (2023 to 2029)
- The report covers in-detail insights about the competitors overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter Five Force Analysis in addition to recent technology advancements and innovations in the market
Table of Content
- Executive Summary
- Global Biofuels Market Introduction
- Global Biofuels Market Taxonomy
- Global Biofuels Market Definitions
- Type of Product
- By Product Form
- Global Biofuels Market Dynamics
- Drivers
- Restraints
- Opportunities/Unmet Needs of the Market
- Trends
- Global Biofuels Market Dynamic Factors - Impact Analysis
- Global Biofuels Market Competition Landscape
- Global Biofuels Market Analysis, 2018-2022 and Forecast, 2023-2029
- Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%)
- Market Opportunity Analysis
- Global Biofuels Market, By Product Type of Stearic Acid, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
- Bioethanol
- Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
- Market Opportunity Analysis
- Biodiesel
- Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
- Market Opportunity Analysis
- Bioethanol
- Global Biofuels Market Forecast, By Product Form, 2018-2022 and Forecast, 2023-2029
- Solid (Biocoal, Biochar)
- Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
- Market Opportunity Analysis
- Fuel Pellets Liquid (Biodiesel and Bioethanol)
- Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
- Market Opportunity Analysis
- Gaseous (Biogas, Biopropane, and Syngas)
- Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
- Market Opportunity Analysis
- Solid (Biocoal, Biochar)
- Global Biofuels Market Forecast, By Region, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
- North America
- Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
- Market Opportunity Analysis
- Europe
- Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
- Market Opportunity Analysis
- Asia-Pacific
- Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
- Market Opportunity Analysis
- Latin America
- Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
- Market Opportunity Analysis
- Middle East and Africa
- Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
- Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
- Market Opportunity Analysis
- Global Biofuels Market - Opportunity Analysis Index, Type of Product, By Type of Form, and Region, 2023-2029
- North America
- North America Biofuels Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
- Type of Product Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
- Bioethanol
- Biofuel
- Type of Product Form Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
- Solid (Biocoal, Biochar)
- Fuel Pellets Liquid (Biodiesel and Bioethanol)
- Gaseous (Biogas, Biopropane, and Syngas)
- Country Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
- S.
- Canada
- North America Biofuels Market - Opportunity Analysis Index, Type of Product, By Type of Product Form, and Country, 2023-2029
- North America Biofuels Market Dynamics Trends
- Type of Product Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
- Europe Biofuels Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
- Type of Product Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
- Bioethanol
- Biofuel
- Type of Product Form Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
- Solid (Biocoal, Biochar)
- Fuel Pellets Liquid (Biodiesel and Bioethanol)
- Gaseous (Biogas, Biopropane, and Syngas)
- Country Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Europe Biofuels Market - Opportunity Analysis Index, Type of Product, By Type of Product Form, and Country, 2023-2029
- Europe Biofuels Market Dynamics Trends
- Type of Product Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
- Asia-Pacific Biofuels Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
- Type of Product Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
- Bioethanol
- Biofuel
- Type of Product Form Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
- Solid (Biocoal, Biochar)
- Fuel Pellets Liquid (Biodiesel and Bioethanol)
- Gaseous (Biogas, Biopropane, and Syngas)
- Country Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
- Japan
- China
- India
- ASEAN
- Australia & New Zealand
- Rest of Asia-Pacific
- Asia-Pacific Biofuels Market - Opportunity Analysis Index, Type of Product, By Product Form, and Country, 2023-2029
- Asia-Pacific Biofuels Market Dynamics Trends
- Type of Product Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
- Latin America Biofuels Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
- Type of Product Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
- Bioethanol
- Biofuel
- Type of Product Form Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
- Solid (Biocoal, Biochar)
- Fuel Pellets Liquid (Biodiesel and Bioethanol)
- Gaseous (Biogas, Biopropane, and Syngas)
- Country Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
- Brazil
- Mexico
- Argentina
- Venezuela
- Rest of Latin America
- Latin America Biofuels Market - Opportunity Analysis Index, Type of Product, By Product Form, and Country, 2023-2029
- Latin America Biofuels Market Dynamics Trends
- Type of Product Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
- Middle East and Africa Biofuels Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)
- Type of Product Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
- Bioethanol
- Biofuel
- Type of Product Form Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
- Solid (Biocoal, Biochar)
- Fuel Pellets Liquid (Biodiesel and Bioethanol)
- Gaseous (Biogas, Biopropane, and Syngas)
- Country Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
- Gulf Cooperation Council (GCC) Countries
- Israel
- South Africa
- Rest of MEA
- MEA Biofuels Market - Opportunity Analysis Index, Type of Product, By Product Form, and Country, 2023-2029
- MEA Biofuels Market Dynamics Trends
- Type of Product Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
- Competition Landscape
- Strategic Dashboard of Top Market Players
- Company Profiles (Introduction, Financial Analysis, Drug Class & Service Offerings, Key Developments, Strategies, and SWOT Analysis)
- Aceites Manuelita S.A
- Abengoa Bioenergy
- Bajaj Hindustan Ltd.
- Archer Daniels Midland Company
- Beckons Industries Ltd.
- BlueFire Ethanol Fuels Inc.
- Imperium Renewables, Inc.
- Renewable Energy Group Inc.
- Bangchak Petroleum Public Company Ltd.
- Solazyme Inc.
- Edmonton
- Cosan S.A. Industria E Comrcio
- Research Methodology
- Key Assumptions and Acronyms
- Aceites Manuelita S.A
- Abengoa Bioenergy
- Bajaj Hindustan Ltd.
- Archer Daniels Midland Company
- Beckons Industries Ltd.
- BlueFire Ethanol Fuels Inc.
- Imperium Renewables, Inc.
- Renewable Energy Group Inc.
- Bangchak Petroleum Public Company Ltd.
- Solazyme Inc.
- Edmonton
- Cosan S.A.