North America Biofuel Market Size - By Fuel Type (Biodiesel, Ethanol), By Feedstock (Coarse Grain, Sugar Crop, Vegetable Oil), By Application (Transportation, Aviation), By County Analysis & Forecast, 2024 – 2032

North America Biofuel Market Size

North America Biofuel Market was valued at USD 70.6 million in 2023 and is set to experience a CAGR of 7.1% during 2024 and 2032, driven by the increasing need to cut greenhouse gas emissions and reduction on fossil fuel reliance that are becoming viable alternative for transportation, heating, and power generation.
 

Government mandates and incentives, including renewable fuel standards, significantly influencing market's growth, alongside investments in biofuel production and distribution infrastructure. For instance, in December 2023, POET, announced to expand its production capacity in Indiana, US by investing USD 160 million to increase ethanol production by adding 40 million gallons of annual capacity. The features variety of biofuel types, offering unique energy efficiency and carbon reduction benefits.
 

North America Biofuel Market Trends

The North America biofuel industry is experiencing a notable shift towards advanced biofuels, waste-to-biofuel technologies, and stringent sustainability standards. Advanced biofuels, such as cellulosic ethanol and renewable diesel, are gaining traction due to their higher energy density and lower emissions. Conversion of waste materials into biofuels is addressing waste management challenges and promoting circular economy practices. Additionally, sustainability standards for biofuels are becoming more rigorous, ensuring a positive environmental impact, and fostering innovation in the sector.
 

North America Biofuel Market Analysis

Based on the fuel type, the ethanol biofuel market will exceed over USD 85 million by 2032. Continuous & exponential increasing government support, feedstock availability along with compatibility with existing infrastructure & environmental benefits will drive the market outlook. The US Renewable Fuel Standard program mandates ethanol which includes E10 (10% ethanol and 90% gasoline) and E85 (85% ethanol and 15% gasoline) blending in transportation fuels, while the region's abundant corn production ensures a stable feedstock supply.
 

Based on application, the transportation biofuel market is anticipated to grow at a rate of over 7.2% CAGR through 2032. Rising government mandates, such as the US Renewable Fuel Standard, which promotes the blending of biofuels into transportation fuels will sway the product adoption over the forecast timeline. The sector's focus on reducing greenhouse gas emissions, combined with biofuels' compatibility with existing infrastructure, further drives adoption.
 

The U.S. biofuel market is likely to reach USD 106 million by 2032. The growing demand for low-carbon transportation fuels, driven by environmental regulations and consumer preferences for sustainable alternatives to fossil fuels will bolster the product demand. Additionally, the market is witnessing partnerships between biofuel producers and traditional energy companies, aiming to diversify fuel offerings and meet renewable energy targets.
 

North America Biofuel Market Share

POET, LLC, Green Plains Inc., ADM, Cargill, Chevron Corporation holds a major revenue share in the North America biofuel industry due to their substantial production capacity, strong feedstock sourcing, and focus on technological innovation. The company's diversification into multiple biofuel products and commitment to sustainable practices further solidifies its position in the market.
 

North America Biofuel Market Companies

• ADM
• Andersons, Inc., The
• Cargill
• Chevron Corporation
• Clean Energy
• CLARIANT
• COFCO
• FutureFuel Corporation
• Gevo, Inc.
• Green Plains Inc.
• My Eco Energy
• Neste
• POET, LLC
• Praj Industries
• Renewable Energy Group
• Rentech
• TotalEnergies
• U.S. Gain
• UPM
• VERBIO AG
   

North America Biofuel Industry News

• In January 2023, the U.S. Department of Energy (DOE), announced USD 118 million funding awarded to 17 projects aimed at accelerating the production of sustainable biofuels for transportation and manufacturing needs in the country. This initiative aligns with the DOE's goal of achieving cost-competitive biofuels and at least a 70% reduction in greenhouse gas emissions by 2030.
   
• In February 2024, the U.S. Department of Energy (DOE) and the Environmental Protection Agency (EPA), USD 9.4 million funding has been announced to support the development of advanced biofuels. This initiative is part of President Biden's Investing in America Agenda and aims to strengthen the rural economy, reduce reliance on foreign oil, and encourage the production of cleaner fuels.
   

Theis North America biofuel market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Mtoe” and “USD Million” from 2019 to 2032, for the following segments:

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Market, By Fuel Type

• Biodiesel
• Ethanol
• Others

Market, By Feedstock

• Coarse Grain
• Sugar Crop
• Vegetable Oil
• Others

Market, By Application

• Transportation
• Aviation
• Others

The above information has been provided for the following countries:

• North America
  • U.S.
  • Canada