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Transportation Biofuel Market Size

Report ID: GMI7636
Published Date: Dec 2023
Report Format: PDF

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Transportation Biofuel Market Size

Transportation Biofuel Market was valued at USD 76.9 billion in 2023 and is anticipated to grow at 7.5% CAGR between 2024 and 2032, driven by the rising demand for environmentally friendly fuels in road transportation. Heightened awareness of renewable energy utilization and a growing emphasis on reducing greenhouse gas emissions are also key factors contributing to this expansion. Governments are playing an active role in reducing reliance on traditional fuels due to their environmental impact, and investment plans to develop biofuels as a major energy source are further shaping the industry landscape.

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The market is poised for growth as feedstock diversity expands, accompanied by a rise in initiatives for advanced biofuels. The industry is undergoing a notable shift towards embracing a broader array of feedstocks beyond traditional sources like corn and sugarcane. Non-food feedstocks such as algae, waste cooking oil, and agricultural residues are gaining prominence, aiming to mitigate competition with food crops and enhance sustainability. In addition, there is a growing emphasis on advanced biofuels like cellulosic ethanol and renewable diesel, reflecting a noteworthy trend. These advanced biofuels offer higher energy efficiency and contribute to reduced greenhouse gas emissions compared to first-generation biofuels.

Transportation Biofuel Market Report Attributes
Report Attribute	Details
Base Year:	2023
Transportation Biofuel Market Size in 2023:	USD 76.9 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	7.5%
2032 Value Projection:	USD 140.5 Billion
Historical Data for:	2019 to 2022
No. of Pages:	360
Tables, Charts & Figures:	451
Segments covered:	Fuel Type, Feedstock, & Region
Growth Drivers:	Increasing popularity as an eco-friendly fuel for road transportation Growing emphasis on reducing greenhouse gas emissions
Pitfalls & Challenges:	High feedstock cost

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The increasing focus from consumers and regulatory bodies on sustainability and carbon reduction is fueling the demand for certified sustainable biofuels. Certifications such as RSB (Roundtable on Sustainable Biomaterials) and ISCC (International Sustainability & Carbon Certification) have gained significance, contributing to the market's growth. Moreover, continuous research and development initiatives are resulting in more efficient and cost-effective biofuel production processes. Innovations in enzyme technology and biorefinery approaches are enhancing yields and reducing production costs, reflecting advancements in the field.

Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

The market valuation of transportation biofuel was worth USD 76.9 billion in 2023 and is expected to witness over 7.5% CAGR from 2024 to 2032, attributed to the surging need for environmentally friendly fuels in road transportation.

The ethanol fuel segment held sizable revenue share of the transportation biofuel industry in 2023 and is projected to grow at over 7.4% CAGR through 2032, owing to the ongoing shift towards higher ethanol blends coupled with increasing interest in cellulosic ethanol.

North American market for transportation biofuel is anticipated to record over 7.4% CAGR from 2024 to 2032, driven by the increasing number of government policies and incentives at the federal and state levels to promote the use of biofuels.

Some of the top transportation biofuel companies are Chevron Corporation, Neste, Wilmar International Ltd, BTG International Ltd, Cargill, POET, LLC, My Eco Energy, Münzer Bioindustrie GmbH, The Andersons, Inc., UPM, CLARIANT, and TotalEnergies, among others.