Biofuels Market to Reach a Value of USD 4,917.88 million

February 05, 2024

Market Definition

Biofuels are gaseous or liquid substances produced from biomass that can be used as an alternative to various fossil fuels. They are the leading solution for energy, environmental, and economic security issues associated with petroleum and petro-products dependency.

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Biofuels Market Analysis and Size

The limited availability of fossil fuel-based resources and growing awareness about curbing carbon emissions are the factors that are likely to boost the growth of the market. The U.S. has been the leading country in developing and utilizing biofuel globally. Growing demand for environment-friendly fuel in road transportation, rising awareness about renewables, and rising focus on lowering greenhouse gas emissions are major growth drivers of the biofuels market.

Data Bridge Market Research analyses that the biofuels market, which was USD 2,862.25 million in 2022, would rocket up to USD 4,917.88 million by 2030 and is expected to undergo a CAGR of 7.0% during the forecast period. "Biogas" dominates the fuel type segment of the biofuels market owing to the shift in focus of countries toward using renewable sources, particularly for electricity generation, which has significantly driven the global demand for biogas. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

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Competitive Landscape and Biofuels Market Share Analysis

The biofuels market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the market.

Global Biofuels Market, By Fuel Type (Biodiesel, Ethanol, Bioethanol, Propanol, Butanol, Methanol, Biogas), Form (Solid, Fuel Pellets Liquid, Gaseous), Feedstock Type (Palm Oil, Jatropha, Sugar Crop, Coarse Grain, Others) – Industry Trends and Forecast to 2030.