Market Size of Europe Biofuel Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 5.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Europe Biofuel Market Analysis
The European biofuel market is expected to register a CAGR of more than 5.5% during the forecast period.
Due to regional lockdowns and a decline in the demand for biofuels, the COVID-19 outbreak had a negative effect on the market.Currently, the market has reached pre-pandemic levels.
- Factors such as concerns about the environment, peak oil, energy security, fuel diversity, and sustainability are likely to drive the biofuel market in the region.
- However, the initial cost of providing energy through biofuel is much higher than that of fossil fuels, which may act as a restraint on the market.
- Some countries, like Germany, the UK, the Netherlands, and Sweden, want to blend biodiesel with other fuels to get pure biodiesel, which can be used as fuel in diesel engines.This is likely to give the biofuel market a lot of chances in the near future.
- Germany has been the largest market for biofuel for the last three years, and it is the largest consumer of biofuel in the European Union.
