Biofuel Market Forecast to Reach $216.05 Billion by 2028 with Emerging Asia-Pacific Growth
DUBLIN–(BUSINESS WIRE)–The “Global Biofuel Market: Analysis by Consumption, Production, Type, Form, Feedstock, Region Size & Forecast with Impact Analysis of COVID-19 and Forecast up to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global biofuel market is poised for significant growth with a forecast to reach an impressive $216.05 billion by 2028, driven by technological advancements, supportive government policies, and shifting trends towards sustainability. A recent market analysis report reveals the impact of these factors on the sector, shedding light on consumption, production, types, forms, and feedstock, with a special emphasis on regional diversification and an in-depth analysis of the market’s response to the COVID-19 pandemic.
The report segments the biofuel market based on type, highlighting Ethanol, Biodiesel, and others. Ethanol continues to dominate the market, although biodiesel is expected to grow at the fastest pace, thanks to an increasing demand for cleaner energy solutions and diverse feedstock availability. The detailed analysis within the report attributes the rise in global temperature as a significant driver for the search for alternative and sustainable energy sources, subsequently boosting the biofuel sector.
Biofuels in liquid form hold the largest market share, attributed to their versatility and widespread availability, ensuring sustainability in energy production. The report projects continued growth in this segment, emphasizing the benefits and availability of liquid biofuels in global markets.
The study includes a forecast of societal shifts towards more sustainable transportation, highlighting significant growth in biofuel consumption potentially reaching 279.88 billion liters by 2028. The analysis provides a deep dive into regional contributions to this growth, with the US and Brazil being key players historically. Yet, the future landscape of biofuel consumption is expected to be shaped by stringent policies and blending efforts in countries such as China, Europe, the US, and India.
On the production front, the global biofuel market is forecasted to hit 119.68 billion liters in 2023. Maize remains the frontrunner as a feedstock due to its easy accessibility and starch-rich composition, which is ideal for ethanol production through fermentation processes. Regionally, the US leads in overall biofuel production, with the North American market enjoying the limelight due to technological advancements and the presence of industry giants.
Evaluating market dynamics, the analysis identifies the burgeoning demand for bio-jet fuel as a key driver, indicating a paradigm shift toward more sustainable aviation fuels. Given the global emphasis on reduced carbon footprints and increased eco-friendly air travel, this segment is promising for market growth. Nevertheless, challenges such as high capital investment for biorefinery setup and variable costs of feedstock remain obstacles to market expansion.
Sustainability trends continue to sculpt the biofuel market landscape. As a renewable energy source, biofuels present a robust solution for decreasing greenhouse gas emissions. The report observes technology advancements and international collaboration as crucial trends, set to further cement the market’s upward trajectory.
The competitive landscape of the biofuel market is marked by the strategies of key players, who are increasingly investing in innovative solutions and strategic developments. The market’s fragmented nature indicates that these players are vying to strengthen their positions through various initiatives aimed at enhancing their global impact.
As the world gears up for a future underpinned by renewable energy, biofuels emerge as a powerful player, helping to shape a more sustainable and eco-friendly global energy paradigm. This comprehensive report offers valuable insights for stakeholders and delineates a clear map of the biofuel market’s prospective journey through 2028.
Key Market Dynamics
Growth Drivers
- Rapid Urbanization
- Emergence of Bio-jet Fuel
- Growing Demand as Environment-friendly Fuel in Road Transportation
- Growing Demand for Cleaner Fuels and Favorable Government Policies
- Rising Focus on Lowering Greenhouse Gas Emission and Curbing Carbon Emissions
- Limited Availability Of Fossil Fuel-based Resources
Challenges
- High Initial Capital Investment
- Variable and High Cost Of Feedstock
Market Trends
- Sustainability
- Technology Advancements in Biofuels
- Strategic Development and International Collaboration
Companies Profiled
- Ineos Group
- Cosan S.A.
- Vereinigte BioEnergie AG (VERBIO)
- Repsol, S.A.
- Green Plains
- Archer-Daniels-Midland Company
- Louis Dreyfus Company B.V.
- Neste Oyj
- Chevron Corporation (Renewable Energy Group, Inc.)
- Wilmar International Limited
- CropEnergies AG
- POET LLC
- Cargill, Incorporated
For more information about this report visit https://www.researchandmarkets.com/r/624q50
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