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Transportation Biofuel Market Trends

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

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Transportation Biofuel Market Trends

Increasing focus on Sustainable Aviation Fuels (SAFs) coupled with favorable government support in product adoption is anticipated to stimulate the market growth. Growing interest in advanced biofuels like cellulosic ethanol and renewable diesel, which offer improved efficiency and lower greenhouse gas emissions will further influence the market growth. In addition, government regulations and incentives continue to shape the market dynamics, with many countries implementing mandates and subsidies to promote the adoption of biofuels in transportation. Feedstock options are expanding, incorporating non-food sources such as algae, waste oils, and agricultural residues, contributing to feedstock diversity and sustainability.

The transportation biofuel market is influenced by international trade dynamics, where exports and imports respond to market demand, trade agreements, and global economic factors. Ongoing technological innovations, including advancements in enzyme technology and biorefinery approaches, are enhancing yields and cost-effectiveness. In addition, consumer awareness and preferences are driving a demand for eco-friendly and sustainable transportation solutions, aligning with the broader goal of reducing environmental impact in the global transportation sector.

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.