How Will The Biofuels Market Evolve By 2029?
The biofuels market has reported substantial growth in recent years. It took a leap from $175.24 billion in 2024 to $188.9 billion in 2025 at a compound annual growth rate (CAGR) of 7.8%. The growth during the historic period can be attributed to energy security concerns, volatility in oil prices, and government incentives.
The biofuels market is predicted to further expand in forthcoming years. The market is projected to reach $258.09 billion in 2029 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to renewable energy targets, advancements in feedstock production, rising public awareness, and emerging economies’ adoption. Major trends in the forecast period include advanced biofuels development, technological innovations, integration with conventional fuels, and market consolidation.
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What Are The Major Drivers Of The Biofuels Market?
Increased petroleum prices are significantly propelling the biofuels market. Heightened crude oil costs and increased taxation have incessantly led to a rise in petrol and diesel prices across the world. Moreover, the Russia-Ukraine war acts as a potent factor for the steep surge in global petroleum prices. Other factors escalating the crude oil prices are market tightness, uncertainty about demand and supply, geopolitical developments, fears of future supply disruptions, and speculation. Consequently, the demand for biofuel, a less combustible and renewable alternative, is augmenting. Biofuel aids in reducing the carbon footprint of transportation and other businesses.
What Are The Key Segments Of The Biofuels Market?
1) By Form: Solid Biofuel, Liquid Biofuel, Gaseous Biofuel
2) By Product Type: Biodiesel, Ethanol, Biogas, Other Products
3) By Feedstock: Coarse Grain, Non-Agri Feedstock, Biomass, Vegetable Oil, Sugar Crop, Jatropha, Other Feedstocks
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Who Are The Key Players In The Biofuels Market?
Prominent companies in the biofuels market include The Archer-Daniels-Midland Company, Abengoa S. A., Renewable Energy Corporation, Wilmar International Limited, Poet LLC, Praj Industries Limited, Raven SR Inc., Shell PLC, Sustainable Oils, UPM-Kymmene Oyj, Velocys Inc., Virent Energy Systems Inc., Aemetis Inc., Amyris Inc., Anellotech Inc., Avantium Technologies B. V., Axens Technologies (IFP), Cargill Inc., Chevron Corporation, Clariant International AG, Corbion N. V., DG Fuels, Diamond Green Diesel LLC, Dimeta, DMC Biotechnologies Inc., Enerkem Inc., Fidelis New Energy LLC, Fluid Quip Technologies LLC, Genofuel, Gevo Inc.
What Emerging Trends Are Influencing The Biofuels Market?
Technological advancements are a significant trend gaining popularity in the biofuel market. Advanced biofuels, compatible with existing fuel infrastructure and comprising high energy densities, are being increasingly adopted. Advanced biofuel technologies, recognized as green energy sources, have been recently used to generate bio-hydrocarbons from lignocellulosic biomass such as trees, grasses, trash, and agricultural residues. For instance, In February 2022, Clariant, a Europe-based chemical company, introduced a line of Vita surfactants and polyethylene glycols (PEGs) derived entirely from bio-based, renewable carbon derived from plants.
Which Region Will Exhibit The Fastest Growth In The Biofuels Market?
In 2024, North America topped the charts as the largest region in the biofuels market. However, Asia-Pacific is forecasted to be the fastest-growing region. The biofuels market report provides detailed analysis of regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Biofuels Market Report 2025 Offer?
The Biofuels Market research report by The Business Research Company offers detailed analysis of global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities. Biofuel is a cleaner-burning alternative to petroleum-based diesel fuel derived from renewable sources such as new and old vegetable oils and animal fats. It is a harmless and biodegradable substance created by combining alcohol with vegetable oil, animal fat, or recycled cooking grease, reducing the carbon footprint of transportation and other industries.
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