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Biofuels Market Insights, Trends Forecast 2022-28

The global biofuels market size was valued at USD 140.42 billion in 2021 and is expected to reach USD 245.48 billion by 2028, at a CAGR of 7.61% during the forecast period 2022-2028. Biofuels are a type of renewable energy fuel that are made from a variety of feedstocks, including starch, sugar, oilseed, and other types of biomass. The biofuels sector is being driven by the increasing use of biofuels like ethanol, biodiesel, and others as transportation fuel. The International Organization of Motor Vehicle Manufacturers (OICA) reports a considerable increase in worldwide automotive output. The market for biofuels is also expected to develop as a result of the rising trend toward lowering greenhouse gas emissions and the focus on biofuel production.

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Biofuels Market Growth Factors:
The key participants in the global biofuel industry are expected to benefit from lucrative growth prospects brought on by new applications for biofuels. Biofuels will be used as reliable and inexpensive aviation fuel. Researchers and scientists working on biofuels have uncovered a production technique that makes it simple to make jet fuel from biomass. The price of biofuels has also decreased as a result of technological developments in the sector, which is one of the main elements utilized to replace the usage of fossil fuels. On the other hand, investments in the capacity to produce liquid biofuels decreased by about 35% in 2020, primarily as a result of developments in China, where investments in ethanol production facilities were cut in half from the prior year. China has stopped extending its 12% ethanol blending rule nationwide in order to reduce competition for cereal production and maintain food security. Because some new provinces are still implementing 12% blending, investment in China could increase in 2022, supported by newly built facilities.

Biofuels Market Segmentation:
The global biofuels market based on Product Type is bifurcated into Bioethanol and Biodiesel. Based on Form the market is categorized into Solid which is further divided into (Biocoal, Biochar). Based on Fuel Pellets Liquid, the market is segregated into Biodiesel and Bioethanol. Based on Gaseous, the market is categorized into Biogas, Biopropane, and Syngas.

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Biofuels Market Regional Analysis:
In comparison to other regions, the market in Asia Pacific is anticipated to see the highest volume-based CAGR of 6.4% over the forecast period. The introduction and expansion of laws and policies that favor biofuels in nations like China, Indonesia, Australia, as well as India are predicted to increase demand for biofuels, particularly in the transportation sector when blended with traditional fossil fuels.

The major key players in the Biofuels Market report are Aceites Manuelita S.A, Abengoa Bioenergy, Bajaj Hindustan Ltd., Beckons Industries Ltd., BlueFire Ethanol Fuels Inc.

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