Press release
Biofuels Market Size to Reach US$ 252.19 Billion by 2032 Driven by Clean Energy Mandates
Biofuels
According to the World Bioenergy Association's 2024 Global Bioenergy Statistics Report, biofuels have become the largest renewable energy source, supplying 3.94 exajoules (EJ). By 2023, 64 countries had implemented mandates promoting biofuel usage, underscoring their growing role in renewable energy strategies worldwide.
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Government Mandates and Incentives Fuel Market Expansion
Biofuels are gaining traction in energy transition strategies due to their ability to blend effectively with conventional fossil fuels for transportation and industrial use. Nations such as Brazil, Germany, and the United States have introduced tax breaks and subsidies to reduce biodiesel prices and boost adoption. In Europe, several countries-including France, Italy, Germany, Spain, Denmark, and the Czech Republic-offer full tax exemptions for specific production volumes of biodiesel.
Policy goals encompass climate change mitigation, improved energy security, and rural development. Rising investment in large-scale biorefineries and second- and third-generation biofuel technologies is expected to expand production capacity and encourage market penetration.
Market Challenges: Costs, Efficiency, and Awareness
Despite policy backing, commercialization hurdles persist. Biofuel production costs remain higher than those of petroleum-derived fuels, influenced by feedstock availability and rising agricultural prices. The energy return on investment (EROI) for biodiesel is significantly lower than for petroleum-based fuels-5.5 for soybean-derived biodiesel compared to 16 for conventional fuels-affecting competitiveness.
Automotive application concerns include lower fuel efficiency due to reduced energy content, potential engine deposits, and higher nitrogen oxide emissions despite lower carbon output. In some regions, limited consumer awareness of clean energy alternatives slows market adoption.
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Segment Insights
Liquid Biofuels Dominating with Fastest Growth
Liquid biofuels held over 43% market share in 2023, driven by blending mandates and flexible-fuel vehicle compatibility. The segment is projected to grow at the fastest CAGR of 11.5% through 2032, aided by depleting fossil resources and environmental protection initiatives.
The second-largest segment in 2023, gaseous biofuels are being adopted for transportation, power generation, and cooking. As a greener substitute for LPG, they offer environmental benefits and support energy security goals.
Other Biofuels (Propanol, Butanol, Methanol, Biogas)
This segment accounted for over 28% share in 2023, with biogas demand rising for electricity generation and vehicle fuel due to fossil fuel dependency reductions.
Application Analysis
Transportation applications dominated with over 71% of revenue in 2023, supported by the suitability of biofuels for existing distribution infrastructure and their relatively high energy density.
Aviation Fastest Growing Application
The aviation sector is projected to grow rapidly due to initiatives like ICAO's Carbon Offsetting and Reduction Scheme (CORSIA), boosting sustainable aviation fuel (SAF) adoption globally.
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Regional Insights
North America: Market Leader
North America accounted for over 33% market share in 2023. The U.S. dominates with more than 96% regional share, supported by regulatory frameworks, carbon reduction goals, and investment in advanced biofuels. Canada is forecast to grow at 11.7% CAGR through 2030, aided by federal carbon pricing and provincial programs encouraging biofuel usage.
Europe: Technological and Policy Advancements
Europe is expanding biofuel capacity through innovative production technologies and increased use of non-food feedstocks. Germany led the regional market with an 18.8% share in 2023, while Spain's biofuel sector is set to expand at 12.4% CAGR, bolstered by infrastructure projects like the €18 million renewable gas plant in Torrefarrera.
Asia Pacific: Fastest Growth Potential
APAC is in the early stages of biofuel industry development, with high demand driven by public-private investment. China's ethanol production reached 11.85 billion liters in 2022 across 22 refineries. India mandates 10% ethanol blending in petrol, with increasing interest in biodiesel despite low blending rates.
Central & South America
Brazil accounted for 84.38% of the regional market in 2023, with anticipated growth driven by biorefinery investments enhancing production capabilities.
Middle East & Africa
The region is expected to post strong growth at 9.5% CAGR to 2030, supported by multiple pilot projects aimed at improving biofuel production efficiency.
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