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Escalating Biofuels Market: Emphasizing Market Figures, Growth Drivers, and Prevailing Trends
Biofuels Market
The Biofuels Market Expects Robust CAGR and Market Growth
What Is The Projected Market Size Of The Global Biofuels Market And Its Growth Rate?
The biofuels market has experienced substantial growth, and this trend is predicted to continue.
• The market size was $175.24 billion in 2024, projected to grow to $188.9 billion in 2025 at a CAGR of 7.8%.
• Contributing factors include energy security concerns, volatility in oil prices, and government incentives.
• Looking forward, the biofuels market is forecast to rise to $258.09 billion in 2029, growing at a CAGR of 8.1%.
• Key growth drivers during this period will include renewable energy targets, advancements in feedstock production, rising public awareness, and adoption in emerging economies.
What Is Driving The Growth In The Biofuels Market?
The growth of the biofuels market is largely driven by increasing petroleum prices. Factors such as rising crude oil costs and increased taxation have consistently driven up petrol and diesel prices worldwide. The Russia-Ukraine war has significantly contributed to the sudden uptick in global petroleum prices. Several other aspects have also led to rising crude oil prices, including market tightness, uncertainty about demand and supply, geopolitical developments, fears of potential supply disruptions, and speculation. As petroleum prices surge, the demand for biofuel, an alternative derived from renewable resources, increases. For instance, according to the Federal Reserve Bank of Dallas, crude oil prices jumped from an average of $71 per barrel in December 2021 to $109 per barrel by May 2022. Therefore, increasing petroleum prices will continue to drive the biofuel market as it helps to reduce the carbon footprint of transportation and other industries.
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Who Are the Key Players Driving Biofuels Market Growth?
Major active market players include:
• The Archer-Daniels-Midland Company
• Abengoa S. A.
• Renewable Energy Corporation
• Wilmar International Limited
• Poet LLC
• Praj Industries Limited
• Raven SR Inc.
• Shell PLC
• Sustainable Oils
• UPM-Kymmene Oyj
• Velocys Inc.
• Virent Energy Systems Inc.
• Aemetis Inc.
• Amyris Inc.
• Anellotech Inc.
• Avantium Technologies B. V.
• Axens Technologies (IFP)
• Cargill Inc.
• Chevron Corporation
• Clariant International AG
• Corbion N. V
• DG Fuels
• Diamond Green Diesel LLC
• Dimeta
• DMC Biotechnologies Inc.
• Enerkem Inc.
• Fidelis New Energy LLC
• Fluid Quip Technologies LLC
• Genofuel
• Gevo Inc.
• Ginkgo BioWorks
• GranBio
• Green Plains Inc.
• Haldor Topsoe A/S
• Honeywell International Inc.
What Are The Key Trends In The Biofuels Market?
Key trends market players should look for include:
• Development of advanced biofuels.
• Technological innovations in biofuel production.
• Integration of biofuels with traditional fuels.
• Market consolidation due to mergers and acquisitions.
What Are The Segments Of The Global Biofuels Market?
The biofuels market is divided into:
1) By Form: Solid Biofuel, Liquid Biofuel, Gaseous Biofuel.
2) By Product Type: Biodiesel, Ethanol, Biogas, Others Products.
3) By Feedstock: Coarse Grain, Non-Agri Feedstock, Biomass, Vegetable Oil, Sugar Crop, Jatropha, Other Feedstocks.
Which Region Leads The Biofuels Market?
North America was the largest region in the biofuel market in 2024. Meanwhile, Asia-Pacific is projected to be the fastest-growing region in the coming years. The regions covered in this market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Biofuels Market Global Market Report?
- Market Size Analysis: Analyze the Biofuels Market size by key regions, countries, product types, and applications.
- Market Segmentation: Identify several subsegments within the Biofuels Market for better categorization.
- Key Player Focus: Define the market value, share, and competitive landscape of key players.
- Growth Trends Analysis: Evaluate individual growth trends and future prospects.
- Contribution Analysis: Estimate contributions of different segments to the overall Biofuels Market growth.
- Growth Drivers: Outline key opportunities and drivers influencing the market growth.
- Industry Challenges: Discuss the challenges and risks affecting the Biofuels Market.
- Competitive Developments: Analyze developments such as expansions, agreements, and product launches in the market.
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