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Biofuels Market Size Predicted to Increase at a Positive CAGR of 7.0% by 2030 | Emergen Research

Biofuels Market

According to the most recent analysis by Emergent Research, the size of the global biofuels market reached USD 154.76 billion in 2021 and is projected to grow at a revenue CAGR of 7.0% over the forecast period. Because biofuels emit less carbon than gasoline and burn more cleanly, using them in transportation reduces greenhouse gas emissions. This element is causing the biofuel market’s income to increase. Since biofuels are produced using renewable energy sources like corn, biomass, and sugarcane, among others, their adoption might result in large reductions in the amount of crude oil that various nations import. Not every nation has enough crude oil reserves, which forces them to import a significant amount of crude from nations that export oil, which puts a lot of strain on their economies.

Future alternatives to traditional fossil fuels that are regarded to be cleaner include biofuels. Additionally, funding for research and development to create biofuels at a reduced cost will increase their uptake. During the projection period, continuous research into the commercialization of second and third-generation biofuels will also contribute to the market’s growth.

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Some Key Highlights From the Report

  • Due to its accessibility and potential to minimize global warming, the ethanol market is anticipated to rise quickly during the forecast period. Due to the optimal tropical climate for sugarcane cultivation and the widespread production of corn and grains worldwide, ethanol is becoming more widely used in the creation of goods like lacquers, medicines, and plastic. Vehicles powered by ethanol produce less carbon dioxide than those powered by conventional gasoline, which reduces global warming.
  • Throughout the projected period, the sugarcane segment is anticipated to increase rapidly. Biofuels made from sugarcane result in low net greenhouse gas emissions and lessen negative environmental effects. Sugarcane is a cost-effective option for biofuel manufacturers, and several advantages, including the crop’s endurance to cold, drought, and pests, are encouraging its acceptance as a raw material for biofuel production.
  • Neste, Archer Daniels Midland (ADM), INEOS, BlueFire Renewables, Inc., Renewable Energy Group, Inc., Alto Ingredients, Inc., POET, LLC, Valero Energy Corporation, Shell, Abengoa, and Bunge Limited are a few of the well-known businesses mentioned in the global market study.

Emergen Research has segmented the global biofuels market based on product type, feedstock, form, and region:

  • Product Type Outlook (Revenue, USD Billion; 2019–2030)
    • Biodiesel
    • Ethanol
    • Biogas
    • Others
  • Feedstock Outlook (Revenue, USD Billion; 2019–2030)
    • Sugarcane
    • Corn
    • Vegetable Oil
    • Others
  • Form Outlook (Revenue, USD Billion; 2019–2030)
    • Solid Biofuel
    • Liquid Biofuel
    • Gaseous Biofuel
  • Regional Outlook (Revenue, USD Billion; 2019–2030)
    • North America
      1. the U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. France
      3. the UK
      4. Italy
      5. Spain
      6. Benelux
      7. Rest of Europe
    • the Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. South Africa
      4. Turkey
      5. Rest of Middle East & Africa

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