Chicago, Oct. 10, 2023 (GLOBE NEWSWIRE) -- Biofuel Market size is projected to grow from USD 167.4 billion in 2023 to USD 225.9 billion by 2028, at a CAGR of 6.2% according to a new report by MarketsandMarkets™. The demand for biofuels is expected to grow in developing countries due to certain key factors such as increased investments in to encourage the use of biofuels and implementation of national policies that support higher biofuel blends.
This report segments the Biofuel Market based on fuel type into four categories: ethanol, biodiesel, renewable diesel, and biojets. Ethanol is expected to hold the largest market share in the Biofuel Market during the forecast period. Ethanol is often higher in demand owing to its long history of manufacturing and use and its versatility as a gasoline additive. Ethanol is produced from a variety of agricultural feedstocks, including corn and sugarcane. The widespread availability of these feedstocks, as well as established supply chains, contribute to the adoption of ethanol.
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250 – Tables
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Scope of the Report
| Report Metric | Details |
| Biofuel Market Size Values |
|
| Base Year | 2022 |
| Forecast Period | 2023–2028 |
| Forecast Unit | Value (USD Billion) |
| Segments Covered | by Fuel Type, Generation, End Use, and Region |
| Geographic Regions Covered | Asia Pacific, North America, Europe, and Rest of the World |
| Companies Covered | ADM (US), Chevron (US), Valero (US), Neste (Finland), Cargill, Incorporated (US), Wilmar International Ltd (Singapore), VERBIO AG (Germany), Borregaard AS (Norway), POET, LLC (US), The Andersons, Inc. (US), and Green Plains Inc. (US), BP p.l.c. (UK), FutureFuel Corporation (US), Münzer Bioindustrie GmbH (Austria), Aemetis, Inc. (US), CropEnergies AG (Germany), Raízen (Brazil), Blue Biofuels, Inc. (US), Pannonia Bio Zrt. (Hungary), GreenJoules (India), and Algenol (US). |
Based on the generation, the Biofuel Market is segmented into first-generation, second-generation, and third-generation. The second-generation segment is expected to be the fastest-growing market during the forecast period. Second-generation biofuels are produced from non-food biomass feedstocks, such as agricultural waste, forestry residues, and energy crops. They offer a number of advantages over first-generation biofuels, which are produced from food crops. Second-generation biofuels are more sustainable, as they do not compete with food production for land and water resources. Increasing global awareness of climate change and the need to reduce greenhouse gas emissions has driven interest in advanced biofuels.
Based on end use, the Biofuel Market is segmented into transportation, aviation, and others. The aviation segment is expected to be the fastest-growing market during the forecast period owing to the large-scale decarbonization activities in the aviation sector in North America and Europe. The US, Norway, the Netherlands, and the UK are contributing significantly to the long-term sustainability plans by funding the biojet fuel infrastructure. In addition, the production of bio jet fuel is expected to scale up rapidly in the coming decade due to growing research and developments in technological pathways to commercialize the use of alternative jet fuels.
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Europe is expected to be the fastest-growing region in the Biofuel Market.
Europe is expected to be the fastest growing region in the Biofuel Market during the forecast period. The European region comprises major economies such as France, UK, Germany, and Poland. The Biofuel Market in Europe is primarily fueled by the three main types of biofuels, namely ethanol, biodiesel, and renewable diesel. Europe has actively fostered the use of biofuel through various policies and initiatives. The European Union (EU) has established targets for member states to enhance the utilization of renewable energy in transportation, including biofuels like biofuel. The Renewable Energy Directive (RED) and its subsequent revisions have played a pivotal role in shaping biofuel production and consumption in Europe.
Key Market Players
The major players in the Biofuel Market include ADM (US), Chevron (US), Valero (US), Neste (Finland), and Cargill, Incorporated (US).
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Recent Developments
- In May 2023, Neste and ITOCHU entered into a licencing agreement that will allow ITOCHU to become the official distributor of Neste MY Renewable Diesel in Japan.
- In February 2023, Neste opened an Innovation Centre in Singapore to improve its worldwide innovation and R&D capabilities. Asia has been an important market for Neste, and the new center will help the company's growth in the Asia-Pacific region.
- In June 2022, Cargill established its first state-of-the-art advanced biodiesel plant in Ghent, Belgium. This facility turns waste oils and residues into renewable fuel. The advanced biodiesel generated at the facility will be used in the maritime and trucking industries, allowing clients to reduce their carbon footprint connected with maritime and road transport activities.
- In March 2022, Chevron Renewable Energy Group launched its line of branded fuel solutions, EnDura Fuels, the line which produced many types of renewable fuel including InfinD, PuriD which is next-generation biodiesel, UltraClean BlenDVelociD, and beyond. These products help aviation, marine, trucking, rail, and other industries reach sustainability targets by using cleaner-burning and lower-emission fuels.
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