Biofuels Market to be Worth $207.87 Billion by 2030 - Grand View Research, Inc.

SAN FRANCISCO, July 18, 2023 /PRNewswire/ -- The global biofuels market size is expected to reach USD 207.87 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.1% from 2023 to 2030. The rising need for sustainable energy resources, coupled with favorable government regulations to reduce dependency on fossil fuels is expected to be a major driver for market growth. Biofuels are eco-friendly, and renewable and have proved to be a viable option in the European Union, the Americas, and Asia Pacific for power generation. The various advantages obtained by employing biofuel include sustainability and reduction in carbon footprint. The outbreak of the COVID-19 pandemic across the globe in 2020 resulted in a slowdown in the growth of this market.

Key Industry Insights & Findings from the report:

• Transportation accounted for the largest revenue share of 71.24% in 2022. Biofuels are well suitable for transportation because they are relatively energy-dense (unlike electricity and batteries) and easy to distribute using existing infrastructure with only minor modifications (unlike hydrogen)
• The North America region accounted for 33.25% revenue share in 2022. The region has been one of the front runners in implementing favorable policies and supports mechanisms for the growth of renewable energy and energy efficiency projects across the globe.
• Various strategic initiatives were recorded over the past few years to boost the growth of the market.
• For instance, in October 2022, TotalEnergies announced offering biofuel for ships in Singapore from 2023. This initiative is expected to reduce Greenhouse Gas (GHG) emissions from the shipping industry by 20%-25%

Read 120-page market research report, "Biofuels Market Size, Share & Trends Analysis Report By Feedstock (Corn, Sugarcane), By Application (Transportation, Aviation), By Form (Solid, Liquid), By Product (Biodiesel, Ethanol), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Biofuels Market Growth & Trends

Delayed utility-scale projects due to lockdown measures, social distancing guidelines, and financial challenges negatively affected the demand for biofuels in the electricity generation segment. The COVID-19 pandemic also impacted the product demand in heat generation applications. Sluggish industrial activities have reduced the demand for heat consumption, thereby negatively affecting the demand for biofuels. The others segment in the product category, which includes propanol, butanol, methanol, and biogas, led the industry in 2022 and accounted for the largest revenue share followed by ethanol as the second-largest segment in the biofuels market.

The major reason for the dominance of the others segment is the shift in focus of countries toward the use of renewable sources, particularly for electricity generation, which significantly boosted the global demand for biogas. In addition, the increasing requirement to reduce dependency on fossil fuels is creating lucrative opportunities for the utilization of biogas as fuel in vehicles. The industry is concentrated where major companies, such as Air Liquide, Shell, and, Archer Daniels Midland Company, accounted for the majority of revenue share in 2022. These companies are equipped with facilities, which are capable of manufacturing and transportation of biofuels, such as ethanol, biodiesel, and others.

Biofuels Market Report Scope

Biofuels Market Segmentation

Grand View Research has segmented the global biofuels market based on form, product, application, feedstock, and region

Biofuels Market - Form Outlook (Volume, Thousand TOE; Revenue, USD Billion, 2018 - 2030)

• Solid Biofuel
• Liquid Biofuel
• Gaseous Biofuel

Biofuels Market - Product Outlook (Volume, Thousand TOE; Revenue, USD Billion, 2018 - 2030)

• Biodiesel
• Ethanol
• Wood Pellets
• Others

Biofuels Market - Application Outlook (Volume, Thousand TOE; Revenue, USD Billion, 2018 - 2030)

• Transportation
• Aviation
• Energy Generation
• Heating
• Others

Biofuels Market - Feedstock Outlook (Volume, Thousand TOE; Revenue, USD Billion, 2018 - 2030)

• Corn
• Sugarcane
• Vegetable Oils
• Other

Biofuels Market - Regional Outlook (Volume, Thousand TOE; Revenue, USD Billion, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• The Netherlands
• UK
• Germany
• France
• Asia Pacific
• China
• Indonesia
• Thailand
• India
• Central & South America
• Brazil
• Middle East & Africa

List of Key Players in Biofuels Market

• Archer Daniels Midland Company
• Green Plains Inc.
• Petrobras
• Butamax Advanced Biofuels LLC
• Wilmar International Ltd.
• Renewable Energy Group, Inc.
• Bunge North America, Inc.
• Royal Dutch Shell Plc
• Air Liquide
• Scandinavian Biogas Fuels International AB

Check out more related studies published by Grand View Research:

• Biomass Power Market - The global biomass power market size is expected to reach USD 203.61 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.0% over the forecast period. The growing concerns about Greenhouse Gas (GHG) emissions have resulted in favorable policies and regulations for renewable energy, which has been the key factor driving the growth of this market. The COVID-19 pandemic has hampered the market growth globally owing to the disruptions in the supply chain, which resulted in delays for some projects. The power demand has declined from commercial and industrial end-users in the non-essential category due to the closure of operations during the lockdown.
• Bio-based Platform Chemicals Market - The global bio-based platform chemicals market size is expected to reach USD 22.75 billion by 2025 expanding at a CAGR of 12.6%, according to a new report by Grand View Research, Inc. Growing polymer and bioplastics industry is projected to drive the product demand over the forecast period. Bio-based platform chemicals are gaining popularity over petroleum-based chemicals owing to rising environmental concerns. They are also likely to replace conventional chemicals used in various end-use industries, such as F&B, polymer, and pharmaceuticals.
• Biogas Market - The global biogas market size is expected to reach USD 87.85 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.3% from 2023 to 2030. Electricity was the dominant application segment in 2021 with a revenue share of 29.85%. Shifting focus toward the use of renewable sources of energy, mainly in the electricity sector, has considerably boosted the demand for biogas in electricity applications. In addition, the growing need to reduce dependency on fossil fuels is forming lucrative prospects for biogas in applications such as vehicle fuel.

Browse through Grand View Research's Renewable Energy Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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