Biofuels Market Research 2019-2024, 2025-2029 & 2034: Renewable Energy Targets and Advancements in Feedstock Production Driving Industry Growth

Market Overview - The biofuels market size is projected to grow from $175.24 billion in 2024 to $188.9 billion in 2025 at a CAGR of 7.8% [4] - The market is expected to reach $258.09 billion by 2029, growing at a CAGR of 8.1% [5] - North America was the largest region in the biofuel market in 2024, while Asia-Pacific is expected to be the fastest-growing region in the forecast period [9] Market Drivers - Rising petroleum prices are driving growth in the biofuel market due to escalating crude oil costs, heightened taxation, and geopolitical factors such as the Russia-Ukraine war [6] - Increasing demand for energy in the transportation sector, evidenced by a 26.2% rise in total traffic reported by IATA in July 2023 compared to July 2022, is expected to propel the biofuels market [7] Market Segmentation - By Form: Solid Biofuel, Liquid Biofuel, Gaseous Biofuel [11] - By Product Type: Biodiesel, Ethanol, Biogas, Others [11] - By Feedstock: Coarse Grain, Non-Agri Feedstock, Biomass, Vegetable Oil, Sugar Crop, Jatropha, Other Feedstocks [11] - Subsegments include Wood Pellets, Agricultural Residues, Bioethanol, Biodiesel, Biogas, and more [11] Key Trends - Advanced biofuels development and technological innovations are major trends in the forecast period [5] - Integration with conventional fuels and market consolidation are also significant trends [5] Leading Companies - Major companies in the biofuels market include The Archer-Daniels-Midland Company, Abengoa S.A., Renewable Energy Corporation, Wilmar International Limited, and Poet LLC [10][16] - Companies are focusing on innovative solutions such as biofuel blend bunkers to enhance production efficiency and lower costs [8] Regional Coverage - The report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa [9] - Countries covered include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, and Spain [9]