Market Overview:

The Biofuel Market size is estimated to reach $284.95 billion by 2030, growing at a CAGR of 7% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Biofuel Market Size, Share & Trends Analysis Report- By Product Type (Ethanol, Biodiesel, Biogas and Others), By Feedstock (Sugarcane, Corn, Vegetable Oil, Castor Oil, Biomass and Others), By Form (Solid, Liquid, and Gaseous), By Application (Lubricants, Cleaning Oil, Engine Fuel, Solvents and Others), By End User (Automotive [Passenger Vehicles (PVs), Light Commercial Vehicles (LCVs) and Heavy Commercial Vehicles (HCVs), Aerospace (Military, Commercial, and Others)], Power Generation, Consumer Goods, Marine (Passenger, Cargo, and Others) and Oth), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”

Growth of the aerospace sector and favorable government policies are fueling the growth of the Biofuel industry during the forecast period.

North America Dominated the Market in 2023:

North America accounted for the largest share of the biofuel market in 2023, capturing approximately 39.5%. This dominance is attributed to a well-established infrastructure for biofuel utilization, significant availability of biofuel feedstocks, and supportive government policies promoting renewable energy. The region's automotive sector also plays a crucial role, with a growing emphasis on fuel-efficient vehicles and stringent regulations aimed at reducing particulate emissions. In Canada alone, around 26.3 million new vehicles were registered in 2023, reflecting the increasing integration of biofuels like ethanol and biodiesel into transportation systems across North America. 

Biofuel Market: Key Takeaways

Growth of the Aerospace Sector is Driving the Market Growth:

Biofuel is increasingly sought after in the aerospace sector, particularly as aviation fuel derived from biomass waste, oils, and fats. The industry's growth is propelled by the demand for fuel-efficient aircraft, rising air traffic, and increasing incomes. In 2023, Virgin Atlantic made headlines by operating the first flight powered entirely by Sustainable Aviation Fuel (SAF), which emits 70% less carbon than traditional jet fuel. This milestone demonstrates the potential of biofuels like ethanol and biodiesel, derived from various crops, to meet aviation needs. As the industry evolves, biofuels are poised to significantly impact sustainability efforts in aviation.

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Market Growth Driven by Favorable Government Policies:

Government policies aimed at reducing carbon emissions and addressing fossil fuel scarcity are accelerating the adoption of biofuels. Many countries have implemented regulations to promote biofuel use. In the U.S., the Energy Independence and Security Act (EISA) of 2007 mandates biofuel blending for transportation fuels, targeting a minimum of 36 billion gallons by 2022. These supportive regulations are fostering an environment conducive to biofuel growth, leading to increased demand. As governments prioritize sustainability and energy independence, the biofuel industry is experiencing significant momentum, positioning itself as a vital component of future energy solutions. 

Scope of the Report: 

Report Metric 

Details 

Base Year Considered

2023

Forecast Period

2024–2030

CAGR

7%

Market Size in 2030

$284.95 billion

Segments Covered

By Product Type, By Feedstock, By Form, By Application, By End User, and By Region

Geographies Covered

North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and Rest of the World (Middle East, and Africa).

Key Market Players

1.        Abengoa Bioenergy S.A.

2.        Cargill

3.        BTG International Ltd.

4.        DuPont

5.        Bunge Limited

6.        Petrobras

7.        Butamax

8.        Alto Ingredients, Inc.

9.        Archer Daniels Midland Company


Recent Developments:
  • In January 2022, Renewable Energy Group, Inc. (REG), a leading Biodiesel company, acquired Amber Resources, LLC and its affiliated entities. This acquisition aims to increase the diesel sales of REG by approximately 60 billion gallons per year.
  • In Jan 2022, ExxonMobil is expanding its interests in biofuels that can help reduce greenhouse gas emissions in the transportation sector, acquiring a 49.9% stake in Biojet AS, a Norwegian biofuels company that plans to convert forestry and wood-based construction waste into lower-emissions biofuels and biofuel components.
  • In Nov 2022, Shell enters the RNG sector through the acquisition of Denmark-based Nature Energy for ~$2bn.

Biofuel Market: Competitive Landscape

Key companies profiled in the Biofuel Market are Abengoa Bioenergy S.A., DuPont, Bunge Limited, Petrobras, Butamax, Alto Ingredients, Inc., Archer Daniels Midland Company, Wilmar International, and others.

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