The global biofuels market size was valued at US$ 91.17 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 10.8% from 2023 to 2030.
Report Coverage |
Report Details |
Base Year: |
2022 |
Market Size in 2023: |
US$ 91.17 Bn |
Historical Data for: |
2018 to 2021 |
Forecast Period: |
2023 - 2030 |
Forecast Period 2023 to 2030 CAGR: |
10.80% |
2030 Value Projection: |
US$ 207.87 Bn |
Biofuels have been shown to reduce dependence on fossil fuels and offer a viable alternative to traditional transportation fuels. Fuels produced from biomass are rapidly gaining interest worldwide due to their potential for mitigating climate change and improving energy security.
Market Dynamics:
Biofuels market is growing on the account of rising demand for environmentally friendly fuels and increasing production of corn, sugarcane, and vegetable oils. The use of biofuels reduces the dependency on fossil fuels as it is a renewable source of energy and has low carbon emissions. It also helps in the conservation of natural resources and improves air quality. Biofuels are used in transportation industry to reduce CO2 emission, which is a major factor driving growth of the market. Furthermore, stringent government regulations regarding environmental damage and shift towards biofuels are further expected to propel market growth.
On the other hand, high production cost is expected to hamper the market growth.
Key features of the study:
- This report provides in-depth analysis of the global biofuels market, and provides market size (US$ Billion) and compound annual growth rate (CAGR%) for the forecast period (2023-2030), considering 2022 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global biofuels market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include TotalEnergies, Cepsa, Honeywell, Neste, Unilever plc and Starbucks Corporation, Trinity Organics, Chevron, and BoxLNG Pvt. Ltd.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global biofuels market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global biofuels market
Detailed Segmentation:
- Global Biofuels Market, By Form
- Global Biofuels Market, By Product
- Biodiesel
- Ethanol
- Wood Pellets
- Others
- Global Biofuels Market, By Feedstock
- Corn
- Sugarcane
- Vegetable Oils
- Others
- Global Biofuels Market, By Application
- Transportation
- Aviation
- Energy Generation
- Heating
- Others
- Global Biofuels Market, Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Company Profiles
- TotalEnergies
- Cepsa
- Honeywell
- Neste
- Unilever plc and Starbucks Corporation
- Trinity Organics
- Chevron
- BoxLNG Pvt. Ltd.