Biofuel Market Revenue to Reach USD 331.81 billion by 2031 | Says Transparency Market Research, Inc.
The biofuel market experiences growth due to rising environmental concerns, pushing for renewable energy sources and reducing carbon emissions in transportation and industrial sectors.
Wilmington, Delaware, United States, Dec. 01, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global biofuel market is estimated to flourish at a CAGR of 11.5% from 2022 to 2031. According to Transparency Market Research, biofuel sales are slated to total US$ 331.81 billion by the end of the aforementioned assessment period.
Emerging drivers reshaping the biofuel market focus on unique factors propelling growth beyond conventional influences. Increased investment and collaborations within the aviation industry pave the way for adopting sustainable fuels. The aviation sector’s commitment to reducing carbon emissions through SAF usage creates a significant demand driver for advanced biofuels derived from various feedstocks.
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Integrating biofuels into the marine industry, particularly in shipping, is gaining traction. Regulatory mandates and the International Maritime Organization’s stringent emissions targets drive the exploration and adoption of biofuels, leading to increased demand.
The emergence of novel feedstocks, such as algae and waste-based biofuels, presents an alternative approach to conventional feedstock sources, promising enhanced sustainability and reduced competition with food crops.
Biofuel Market: Competitive Landscape
The biofuel market is competitive, with critical players like Archer Daniels Midland Company, POET LLC, and Renewable Energy Group dominating. Emerging entities such as Neste Corporation and REG Life Sciences contribute innovation with advanced biofuel technologies. Intense competition fosters collaboration and research investments, driving production methods and feedstock diversification advancements.
Strategic partnerships and acquisitions characterize market strategies while focusing on sustainability and reducing carbon footprints, propelling the industry forward. This competitive environment encourages continual innovation and operational efficiency, shaping a dynamic market landscape for biofuel producers and stakeholders. Some prominent manufacturers are as follows:
- Cargill, Inc.
- Archer-Daniels-Midland Company
- BTG International Ltd.,
- Renewable Energy Group, Inc.
- Drax Group PLC
- EnviTec Biogas AG
- Green Plains
- AR Energy Group
- Abengoa Bioenergy SA
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Key Findings of the Market Report
- Biodiesel is prominent in the biofuel market due to its widespread usage and versatility in transportation fuel applications.
- Corn remains a primary feedstock in the biofuel market due to its extensive use in ethanol production for biofuel applications.
- Transport stands at the forefront of the biofuel market, driving significant demand for biofuels as an alternative and sustainable fuel source.
Biofuel Market Growth Drivers & Trends
- Growing consumer awareness and demand for cleaner and sustainable fuel alternatives drive increased adoption of biofuels in various industries.
- Shift towards circular economy models, promoting waste-based biofuels and reducing reliance on fossil fuels.
- Emphasis on achieving carbon neutrality targets by industries incentivizing biofuels to reduce greenhouse gas emissions.
- Market diversification through exploring advanced biofuel applications in niche sectors like agriculture and off-grid energy production.
- Collaboration between research institutions and industries to explore innovative production methods and new biofuel sources, fostering market expansion and innovation.
Global Biofuel Market: Regional Profile
- In North America, especially the United States, a mature biofuel market thrives due to supportive policies like the Renewable Fuel Standard (RFS). Extensive production of corn-based ethanol and increasing investments in advanced biofuels drive market growth.
- Europe displays robust growth in biofuel consumption, led by countries like Germany and France and fueled by the Renewable Energy Directive (RED). The market emphasizes sustainability, favoring biodiesel from waste oils and advanced biofuels.
- Asia Pacific, led by countries such as Indonesia and Malaysia, focuses on palm oil-based biodiesel production. However, diverse market dynamics and a mix of supportive policies and challenges influence regional biofuel growth, including concerns related to deforestation and sustainability standards.
- Enerkem specializes in advanced biofuels and renewable chemicals, offering innovative waste-to-biofuels technologies. Their portfolio focuses on transforming non-recyclable waste into valuable fuels and chemicals, contributing to sustainable circular economy solutions.
- Drax Group PLC emphasizes renewable power generation, including sustainable bioenergy and biomass pellets. Their portfolio features biomass power production, reducing carbon emissions, and promoting sustainable energy solutions.
- EnviTec Biogas AG focuses on biogas production, offering comprehensive solutions for biogas plants, biomethane upgrading, and waste-to-energy projects. Their portfolio emphasizes sustainable biogas production from organic waste, catering to energy and agricultural sectors.
Biofuel Market: Key Segments
- Bio-heavy Oil
- Vegetable Oil
- Palm Oil
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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