Biofuels Market Size, Share, Trends, Growth and Forecast 2032

Global Biofuels Market Insights

According to a report from Zion Market Research, the global Biofuels Market was valued at USD 164.38 Billion in 2023 and is projected to hit USD 291.7 Billion by 2032, with a compound annual growth rate (CAGR) of 6.58% during the forecast period 2024-2032. This report explores market strengths, weakness, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and the future prospects that may emerge in the Biofuels Market industry over the next decade.

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Global Biofuels Market Overview      

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 2024- 2032.   

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Global Biofuels Market 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.   

Biofuels Market: Report Scope

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.  

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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.  

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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