The growing demand for cleaner fuels is one of the major factors driving the biofuels market. Global biofuel demand has been increasing gradually due to goals set to achieve net zero emissions in recent years. According to Statistical Review of World Energy 2022, the total global consumption of biofuel in 2021 was 1,837 thousand barrels of oil equivalent per day. Governments of various countries across the world are focused on reducing greenhouse emissions. With the help of biofuel, greenhouse emissions can be reduced by up to 65%. Expansion of the biofuel business will result in increased employment opportunities, ensuring the stability of an economy. The demand for suitable biofuel crops, as a result of biofuel production, will support the agricultural industry. Many governments have implemented policies to promote the use of biofuels, such as blending mandates and tax credits. These policies have helped create a demand for biofuels and drive down costs. Governments worldwide have implemented a number of favorable policies to promote the use of biofuels. The high depletion of fossil fuels presents promising opportunities for the biofuel market. However, the risks associated with high initial investment for setting up biorefineries and uncertain global economic conditions have hindered the growth of the market in recent years and are expected to restrain the market’s growth during the forecast period.

Market Definition

• Biofuel is produced from biomass, which is organic matter from living or recently living organisms. Biomass can be used to produce a variety of fuels, including ethanol, biodiesel, renewable diesel, and biojets. Biofuels are a renewable energy source because they can be produced from plant matter that can be grown and harvested on a regular basis.
• The market for biofuels is defined as the sum of revenues generated by global companies offering biofuels, such as ethanol, biodiesel, renewable diesel, and biojets. Biofuels can be utilized in various applications such as transportation, aviation, power generation, heating, and other applications.

The global biofuel market is estimated to grow from USD 167.4 Billion in 2023 to USD 225.9 Billion by 2028; it is expected to record a CAGR of 6.2% during the forecast period.

Biofuel Market Ecosystem

Prominent companies in this market include

• ADM (US),
• Chevron (US),
• Valero (US),
• Neste (Finland),
• Cargill, Incorporated (US)

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This research report categorizes the biofuel market based on fuel type, generation, end use, and region.

On the basis of Fuel Type:

• Ethanol
• Biodiesel
• Renewable Diesel
• Biojets

On the basis of Generation:

• First Generation
• Second Generation
• Third Generation

On the basis of End-Use:

• Transportation
• Aviation
• Others
  • Power Generation
  • Heating
  • Green Chemistry

On the basis of Region:

• North America
• Europe
• Asia Pacific
• Rest of the World

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.

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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Objectives of the Study

• To describe, segment, and forecast the biofuel market on the basis of fuel type, generation, end-use, and region in terms of value.
• To forecast the biofuel market size by fuel type in terms of volume
• To forecast the market size across four key regions: North America, Europe, Asia Pacific, and Rest of the World (RoW), along with country-level analysis
• To provide detailed information regarding key drivers, restraints, opportunities, and challenges influencing the market growth
• To provide the supply chain analysis, trends/disruptions impacting customers’ businesses, market map, pricing analysis, and regulatory analysis of the biofuel market
• To analyze opportunities for stakeholders and provide a detailed competitive landscape of the market leaders  
• To strategically analyze the ecosystem, tariffs and regulations, patent landscape, trade landscape, Porter’s five forces, and case studies pertaining to the market under study
• To benchmark players within the market using the company evaluation matrix, which analyzes market players based on several parameters within the broad categories of business and product strategies
• To compare key market players with respect to product specifications and applications
• To strategically profile key players and comprehensively analyze their market rankings and core competencies
• To analyze competitive developments, such as contracts, agreements, investments, expansions, acquisitions, product launches, partnerships, joint ventures, and collaborations, in the biofuel market.