Biofuels Market Size Forecasted To Achieve $258.09 Billion By 2029 With Steady Growth

The Biofuels Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Biofuels Market Size and Projected Growth Rate?
The biofuels industry has seen robust growth in the past years. The sector's size is anticipated to surge from $175.24 billion in 2024 to $188.9 billion in 2025, representing a compound annual growth rate (CAGR) of 7.8%. This growth during the historical period is largely due to concerns surrounding energy security, fluctuations in oil costs, and governmental incentives.

The size of the biofuels market is predicted to witness substantial expansion in the coming years. It is projected to reach $258.09 billion in 2029, with a compound annual growth rate (CAGR) of 8.1%. Growth during the forecast period can be linked to targets for renewable energy, advances in the production of feedstock, increasing public awareness, and uptake in developing economies. Key trends for the forecast period comprise the development of advanced biofuels, technological advancements, blending with conventional fuels, and market consolidation.

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What Are the Major Segments in the Biofuels Market?
The biofuels market covered in this report is segmented -

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

Subsegments:
1) By Solid Biofuel: Wood Pellets, Agricultural Residues, Dedicated Energy Crops, Biomass Briquettes
2) By Liquid Biofuel: Bioethanol, Biodiesel, Renewable Diesel, Bio-Jet Fuel
3) By Gaseous Biofuel: Biogas, Biomethane, Hydrogen From Biomass

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What Are The Driving Biofuels Market Evolution?
The biofuel market is anticipated to expand due to escalating petroleum prices. Global petrol and diesel prices have consistently risen due to mounting crude oil costs and heightened taxation. Moreover, the Russia-Ukraine conflict serves as one of the main catalysts for the swift surge in worldwide petroleum prices. Other factors contributing to increasing crude oil prices encompass market tightness, uncertainty surrounding demand and supply, geopolitical events, fears of future supply interruptions, and speculation that has influenced the petroleum market. Due to such petroleum price inflation, biofuel, an alternative derived from renewable resources and less combustible than its fossil diesel counterpart, is in higher demand. It aids in shrinking the carbon footprint of transport and other enterprises. For instance, as reported by the Federal Reserve Bank of Dallas, a US Federal Reserve District, crude oil prices saw a leap from an average of $71 per barrel in December 2021 to $109 per barrel by May 2022. Consequently, rising petroleum prices are poised to stimulate the growth of the biofuel market.

Which Firms Dominate The Biofuels Market Segments?
Major companies operating in the biofuels market 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 Trends Are Expected to Dominate the Biofuels Market in the Next 5 Years?
The surge in technological innovation is a primary trend being witnessed in the biofuel market. The growing preference for advanced biofuels can be attributed to their high energy densities and compatibility with pre-existing fuel infrastructure. Such advanced biofuel technologies are regarded as sources of green energy. The market has recently seen a rise in the use of advanced bio-hydrocarbons, derived from lignocellulosic biomass, for example, trees, grasses, waste, and agricultural leftovers. Major players in the biofuel market are striving to innovate new technical solutions to solidify their market stance. A case in point is Clariant, a European chemical corporation, which launched a series of Vita surfactants and polyethylene glycols (PEGs) derived wholly from plant-based, renewable carbon in February 2022. These new Vita products are tailored for natural formulations boasting a high Renewable Carbon Index (RCI) and support manufacturers in optimizing the usage of bio-based carbon components in consumer goods such as detergents, hair and shower gels, paints, industrial lubricants, and crop treatments.

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Which Is The Largest Region In The Biofuels Market?
North America was the largest region in the biofuel market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the biofuels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Biofuels Market?
2. What is the CAGR expected in the Biofuels Market?
3. What Are the Key Innovations Transforming the Biofuels Industry?
4. Which Region Is Leading the Biofuels Market?

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