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Transportation Biofuel Market Size
- Report ID: GMI7636
- Published Date: Dec 2023
- Report Format: PDF
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.
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.
| 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: |
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| Pitfalls & Challenges: |
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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.
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Transportation Biofuel Market Scope
