Global Biofuel Market projected to surpass US$ 295 billion by 2028 at a CAGR of 9.72%

NOIDA, UTTAR PRADESH, INDIA, August 21, 2023/EINPresswire.com/ -- According to a new study published by Knowledge Sourcing Intelligence, the global biofuel market is projected to grow at a CAGR of 9.72% between 2021 and 2028 to reach US$295.069 billion by 2028.

Some of the prime factors propelling the global biofuel market growth are the growing emphasis to promote fuel sustainability coupled with favorable initiatives and policies implementation by governing authorities to reduce GHG (Greenhouse gases) emissions.

Biofuels are derived from biomass materials such as animal or agricultural waste algae material, and plants. Such fuel types are playing an integral role in decarbonizing transport thereby reducing the world’s reliance on fossil energy sources. The growing shift towards sustainable fuel adoption coupled with efforts to reduce carbon emissions has driven governing authorities to invest in biofuel technology. For instance, in February 2023, the US Department of Energy announced investments of US$25.5 million to enhance the sustainable use of domestic biomass such as agriculture residue and algae in the production of low-carbon biofuels.

Various collaborations and innovative technological adoptions are driving the global biofuel market growth. For instance, in February 2023, Genesis Energy and Fonterra entered into a two-year “Biomass Collaborative Agreement” for the production of biofuel which will be used as a source of electricity at Genesis’s “Huntly Power Station” and the heat generated through the fuel would further be used to power Fonterra’s dairy processing operations.

Access sample report or view details: https://www.knowledge-sourcing.com/report/global-biofuel-market

The biofuel market, based on production technology is divided into first, second, third, and fourth generation. Third-generation biofuel is mainly produced from algae biomass. The booming demand for biodiesel, ethanol, and butanol has provided a positive scope to the market demand for third-generation technology.

Based on biomass sources, the global biofuel market is segmented into wood fuels, agrofuels, and municipal by-products. Wood fuels have gained significant attention over the past couple of years. The residue stream of wood-based biomass contains low carbon content owing to which they are finding applicability in furnaces and modern stoves.

By state, the biofuel market is segmented as solid, liquid, and gas. Liquid state biofuel is considered a better substitute to be used in internal combustion engines owing to its ability to reduce carbon monoxide and hydrocarbon particles.

Geographically, North America is estimated to hold a sizable share of the global biofuel market driven by the growing shift towards promoting sustainability in transport coupled with the various investment, schemes, and incentives to bolster biofuel adoption. For instance, in April 2022, the United States Department of Agriculture announced an investment of US$5.6 million under the “Higher Blend Infrastructure Incentive Program” which aimed to expand renewable fuel’s availability by 59.5 million gallons in seven states of the USA namely Delaware, California, Maryland, Illinois, South Dakota, New Jersey, and New York.

The biofuel market research study includes coverage of Renewable Biofuels Inc Neste Oyj, Wilmer International Limited, Renewable Energy Group Inc, Archer Daniels Midland Company, Cosan, BTJ bioliquids, and Cargill Inc. among other significant market players.

The global biofuel market analytics report segments the market as follows:

• By Production Technology

o First Generation
o Second Generation
o Third Generation
o Fourth Generation

• By Biomass Source

o Wood Fuels
o Agrofuels
o Municipal by-products

• By State

o Solid
o Liquid
o Gas

• By Geography

o North America

• United States
• Canada
• Mexico

o South America

• Brazil
• Argentina
• Others

o Europe

• United Kingdom
• Germany
• France
• Spain
• Italy
• Others

o Middle East and Africa

• Saudi Arabia
• UAE
• Israel
• Others

o Asia Pacific

• Japan
• China
• India
• South Korea
• Indonesia
• Thailand
• Others

Explore More Reports:

• Algae Biofuel Market: https://www.knowledge-sourcing.com/report/algae-biofuel-market

• Global Aviation Fuel Market: https://www.knowledge-sourcing.com/report/global-aviation-fuel-market

• Global Marine Fuel Market: https://www.knowledge-sourcing.com/report/global-marine-fuel-market

Ankit Mishra
Knowledge Sourcing Intelligence
+1 850-250-1698
[email protected]
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