Biofuels Market Growth Accelerated by Sustainability Needs

Biofuels Market Growth Accelerated by Sustainability Needs

 Biofuels are alternative fuels that are produced from biomass such as plants and animal fats. They are widely used as a substitute for gasoline, diesel and other petroleum products as they provide cleaner and renewable sources of energy and help reduce greenhouse gas emissions from the burning of fossil fuels. With growing awareness around climate change mitigation and sustainability, the demand for biofuels has significantly increased over the past few years.

The global Biofuels Market is estimated to be valued at US$ 101.02 Bn in 2023 and is expected to exhibit a CAGR of 29% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Governments across major economies are encouraging the production and consumption of biofuels through various incentives and mandates in a bid to reduce dependence on fossil fuels. Many countries have set targets to achieve net-zero emissions by 2050 and biofuels are expected to play a key role in decarbonizing the transportation sector. Government support along with innovations to develop advanced biofuel technologies from non-food crops are likely to boost the biofuels market substantially over the next decade.

Segment Analysis
The global biofuels market can be segmented based on type into biodiesel, ethanol and others. Among these, the biodiesel segment dominates the market and accounts for over 50% market share owing to its wide applications in automotive as well as aviation industries. Biodiesel is considered to be one of the most sustainable replacements for conventional petrodiesel.

Key Takeaways
The Global Biofuels Market Size  is expected to witness high growth during the forecast period of 2023 to 2030. The market size is projected to reach US$ 101.02 Bn by 2024, expanding at a CAGR of 29%.

Regional analysis: North America dominates the global biofuels market and is expected to continue its dominance during the forecast period. This is attributed to strong governmental support promoting the use of biofuels over conventional fuels. The USA is the largest producer and consumer of biofuels globally.

Key players operating in the biofuels market are Climate Finance Partners (United States), Carbon Credit Capital (United States), ClimateCare (United Kingdom), South Pole Group (Switzerland), Climate Trust Capital (United States), Carbon Clear (United Kingdom), EcoAct (France), First Climate (Germany), ClimatePartner (Germany), Ecosphere+ (United Kingdom), Verra (United States), Gold Standard (Switzerland), Natural Capital Partners (United Kingdom), Climate Friendly (Australia), Forest Carbon (United Kingdom).

For more Insights, Read –

https://www.marketwebjournal.com/biofuels-market-trends-size-and-share-analysis/