Market Size of Biofuels Industry
| Study Period | 2020 - 2029 |
| Market Volume (2024) | 1.89 Million barrels of oil equivalent per day |
| Market Volume (2029) | 2.44 Million barrels of oil equivalent per day |
| CAGR (2024 - 2029) | 5.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Biofuels Market Analysis
The Biofuels Market size is estimated at 1.89 Million barrels of oil equivalent per day in 2024, and is expected to reach 2.44 Million barrels of oil equivalent per day by 2029, growing at a CAGR of 5.20% during the forecast period (2024-2029).
- Over the medium term, the increasing demand for secure, sustainable, and clean energy coupled with government mandates for increasing blending in automotive fuels is expected to propel the demand for biofuels across the globe.
- On the other hand, the high cost of production of biofuels, even with all the benefits associated with them, is likely to restrain the growth of the market.
- Nevertheless, with the recent technological advancements, the production of biofuels has increased, which is going to act as an opportunity for the market's expansion.
- North America dominates the market, and it is likely to witness the highest CAGR during the forecast period. The growth is attributed to the rapid increase in production facilities coupled with the increase in demand for biofuels in the region.
