Biofuels Market Size, Share, Growth Report 2032

Market Overview      

The Global Biofuels Market accounted for USD 671.6 Billion in 2020 and is expected to reach USD 2,850.4 Billion by 2028, growing at a CAGR of around 8.3%.

Biofuels are made from renewable sources which are produced by animals and plants. Biofuels are replace by gasoline, diesel fuel, and coal. Biofuel is also used as a first –generation fuel. Bioethanol and biodiesel are the two major products produced from the biofuels.

Increasing low prices of biofuels than other vegetables oils is major factors for the growth of the market. Government initiatives regarding blending of biofuels in automotive fuels and expanding government support for environment friendly power alternatives is likely to create an awareness among the consumer regarding the consumption of the biofuels.

Key players in the market are continuously working on production techniques and rising research and development activities in the market will further create new opportunities for the biofuels market in the forecast period of 2021- 2028.   

COVID-19 Impact Analysis  

The global biofuels market has witnessed a slight decline drastically by demand destruction. The restrictions imposed by various nations to contain COVID had stopped the production resulting in a disruption across the whole supply chain. However, the global markets are slowly opening to their full potential and theirs a surge in demand for fuels. The market would remain bullish in upcoming year.  The significant decrease in the global biofuels market size in 2020 is estimated on the basis of the COVID-19 outbreak and its negative impact on the economies and industries across the globe. Various scenarios have been analyzed on the basis of inputs from various secondary sources and the current data available about the situation.     

Request Free Sample

Growth Factors  

Increasing living standards, developing economic conditions, and altering eating habits in up-and-coming nations are the major factors for the growth of the market. Increasing requirement for vegetable oil as a feedstock for production of biodiesel is also boosting the growth of biofuels market. Furthermore, rising penetration in the market by major producing nations such as Malaysia, Indonesia, and Thailand might unlock new avenues in the forecast period in the biofuels market.   

Report Scope:  

Request Free Sample

Types Segment Analysis Preview  

Bioethanol and biodiesel are the two type of the biofuels. In 2020, bioethanol segment is likely to hold the biofuels market and added up for noteworthy share of the global biofuels market in terms of volume and value. This is attributed to the rising demand for automotive fuel due to their environment-friendly characteristics to mitigate greenhouse gas emission.

Forms Segment Analysis Preview   

Liquid forms segment dominated the global biofuels market in 2020. It accounted for more than 49% share of the total market in 2020 and it is likely to witness the major growth in the coming years.  

Request Free Sample

Key Market Players & Competitive Landscape

Some of the major players of global biofuels market includes Copersucar S.A DSM, Green Plains Inc., Aemetis Inc, Western Dubuque Biodiesel Llc, Solazyme Inc, Renewable Energy Group, Raizen Energia Participacoes S.A, BlueFire Renewables, Aventine Renewable Energy Holdings, Inc. (AVRW), and Australian Renewable Fuels Ltd. among others.  

Request Free Sample

The global biofuels Market is segmented as follows:

By Types

• Bioethanol
• Biodiesel

By Forms  

• Solid
• Liquid
• Gaseous

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa