Europe Biofuel Market Size

Europe Biofuel Market Size

Europe Biofuel Market was valued at USD 26.5 billion in 2023 and is anticipated to grow at a CAGR of 6.7% between 2024 and 2032. Increasing concerns about climate change and the need for sustainable energy sources that have prompted governments to implement policies favouring biofuels. Additionally, advancements in technology have made biofuel production more efficient and cost-effective. The growing awareness among consumers about the environmental benefits of biofuels has also boosted demand.

Collaborations between governments, companies, and research institutions have facilitated the development of supportive infrastructure and regulations. For instance, in March 2022, BioEnergy International GmbH has constructed an advanced biodiesel production plant in Hungary, projected to supply fuel for 70,000 vehicles and mitigate 150,000 tons of carbon dioxide emissions. This state-of-the-art facility is poised to play a pivotal role in aiding Hungary's endeavours to reduce greenhouse gas emissions by 55% by 2030 and attain climate neutrality by 2050.