Biofuel Market to Gain Value of US$ 331.81 Bn by 2031: TMR Study

• The global Biofuel Market is projected to expand at a CAGR of 11.5% during 2022-2031
• Rising adoption of renewable energy across the globe is prognosticated to fuel the growth opportunities in the Biofuel Market
• The presence of stringent regulations in North America is boosting the demand for biofuels in the region

WILMINGTON, Del., Nov. 7, 2022 /PRNewswire/ -- A review by Transparency Market Research (TMR) projects the global Biofuel Market to reach a value of US$ 331.81 Bn by the end of 2031. In addition, the TMR report finds that the market for biofuel is expected to advance at a CAGR of 11.5% during the forecast period, from 2022 to 2031.

Enterprises in the automotive sector are focusing on the launch of ethanol-powered vehicles. Moreover, there has been a surge in the R&D projects focused on the discovery of possible sources of biofuels. Such factors are driving the market expansion.

Leading players in Biofuel Market are focusing on mergers and acquisitions in order to expansion of their businesses. These initiatives are prognosticated to help in the rapid growth of the global Biofuel Market during the forecast period, states a TMR review.

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Biofuel Market: Key Findings

• The demand for electricity is being rising in the recent years owing to many factors including swift urbanization and industrialization across several developed and developing nation globally. Hence, the government authorities of major nations are focusing on the promotion of clean energy use in order to fulfill the present electricity needs and accomplish sustainability goals. Moreover, there has been increase in the number of new biofuel projects globally. These factors are boosting the growth opportunities in the market, states a TMR analysis that delivers important insights on the recent developments in Biofuel Market.
• The popularity of bioethanol is being increasing in the recent years as a renewable fuel developed using different types of plant materials including plant starches and sugars, specifically corn starch. It is being utilized as a blending agent with gasoline in order to boost octane and slash down carbon monoxide and other smog-causing releases. Over the period of past few years, the use of E10 is being rising in majority of traditional gasoline-powered vehicles. This factor is projected to create revenue-generation opportunities in the global Biofuel Market during the forecast period.
• Biofuels are manufactured using varied feedstock such as sugarcane, corn, palm oil, and vegetable oil. Soybean, sunflower, castor oil, and rapeseed are some of the key vegetable oils utilized in the production of biofuels. According to the analysts at TMR, players are expected to gain sizable business avenues in the vegetable oil segment during the forecast period. Moreover, the biodiesel produced from vegetable oils is prognosticated to gain traction owing to their eco-friendly nature as it helps in recycling of waste cooking oil and offer renewable energy with minimum pollution, states a TMR review on the global Biofuel Market.

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Biofuel Market: Growth Boosters

• Surge in the use of renewable energy globally is propelling the Biofuel Market
• Rising initiatives of government bodies to minimize carbon emissions are expected to boost the future market demand for biofuel

Biofuel Market: Regional Analysis

• North America is fastest growing market for biofuel. Players are anticipated gain substantial business opportunities in North America during the forecast period owing to rise in the adoption of biofuels due to increasing implementation of strict government regulations in the region.
• The Biofuel Market is expected to attract profitable prospects in Europe and Asia Pacific owing to increase in the liquid biofuels production and surge in launch of ethanol-powered vehicles in these regions

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Biofuel Market: Key Players

Some of the key players profiled in the report are:

• Cargill, Inc.
• Dow
• BTG International Ltd.,
• Archer-Daniels-Midland Company
• Enerkem
• Renewable Energy Group, Inc.
• EnviTec Biogas AG
• Drax Group PLC
• AR Energy Group
• Green Plains
• VERBIO Vereinigte BioEnergie AG
• Abengoa Bioenergy SA

Biofuel Market Segmentation

Type

• Biodiesel
• Bioethanol
• Bio-heavy Oil
• Others

Feedstock

• Corn
• Sugarcane
• Vegetable Oil
• Palm Oil
• Others

End-use

• Transport
• Heat
• Electricity

Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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SOURCE Transparency Market Research