Global Biofuels Market Worth $254.84 Billion by 2029, Growing at 7.9% CAGR

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Biofuels Market Outlook: What Size And CAGR Are Anticipated By 2025?
In recent years, the biofuels market has witnessed robust growth. It is projected to escalate from $175.24 billion in 2024 to $187.83 billion in 2025, marking a compound annual growth rate (CAGR) of 7.2%. Elements such as concerns over energy security, fluctuations in oil prices, and government incentives have been key contributors to the growth during the historic period.

What Is the Expected CAGR for the Biofuels Market Growth Through 2029?
It's anticipated that the biofuels market will experience robust expansion in the upcoming years, with its value estimated to reach $254.84 billion in 2029, growing at a compound annual growth rate (CAGR) of 7.9%. The projected growth during this period can be linked to the objectives of renewable energy, advancements in the generation of feedstock, increased public consciousness, and the adoption by developing nations. The primary trends expected within this forecast period include the evolution of advanced biofuels, technological breakthroughs, integration with traditional fuels, and market consolidation.

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What Are the Primary Drivers Behind Biofuels Market Growth?
The surge in petroleum prices is anticipated to fuel the expansion of the biofuel market. The constant rise in petrol and diesel costs worldwide has been contributed by escalating crude oil prices and augmented taxation. Another significant factor attributing to the sudden hike in global petroleum prices is the conflict between Russia and Ukraine. A myriad of other factors have also energised the upswing of crude oil prices, involving market volatility, unpredictable aspects of demand and supply, geopolitical changes, apprehensions about potential supply quarrels, and conjecture that influenced the petroleum market. Because of such an escalation in petroleum costs, biofuels are in high demand as they serve as a safer alternative, drawn from renewable resources, and are less flammable than traditional diesel. They assist in diminishing transportation and other industries' carbon footprint. For instance, the Federal Reserve Bank of Dallas illustrated in June 2022, petroleum prices in the United States soared from an average of $71 per barrel in December 2021 to $109 per barrel by May 2022. Hence, the ascension in petroleum prices is a significant driver propelling the biofuel market.

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What Are the Key Segments Driving Biofuels Market Growth?
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

What Are the Technological Trends Impacting the Biofuels Market?
In the biofuel market, technological innovation is becoming an increasingly noted trend. Enhanced biofuels are growing in acceptance as they match existing fuel infrastructure and possess high energy densities, marking them as a form of green energy. Recently, the market is recognizing the utilization of advanced bio-hydrocarbons created from lignocellulosic biomass which include trees, grasses, waste, and agricultural by-products. Big players in the biofuel industry are keen on creating unique technological solutions to solidify their standing in the market. For example, Clariant, a European chemical corporation, in February 2022, launched a range of Vita surfactants and polyethylene glycols (PEGs) entirely made from bio-based, renewable carbon sourced from plants. These innovative Vita products, built for natural formulations having a high Renewable Carbon Index (RCI), aid manufacturers in expanding the use of bio-based carbon content in items such as detergents, hair and shower gel, paints, industrial lubricants, and crop treatments.

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Who Are the Major Competitors in the Global Biofuels Market?
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.

Which Region Dominates the Biofuels Market Share in 2025?
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

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