Biofuel is a type of fuel that is derived from biomass, which can include plant or algae material, or animal waste. It is considered a renewable energy source, unlike fossil fuels such as petroleum, coal, and natural gas, as the feedstock material can be readily replenished. Biofuels can be in the form of liquid, solid, or gaseous fuel, and they are produced over a short period from biomass, rather than through the slow natural processes involved in the formation of fossil fuels. They are mostly used for transportation but can also be utilized for heating and electricity. The most common types of biofuels include bioethanol, biodiesel, and renewable diesel, which are produced from renewable biological sources such as plants and algae. Biofuels offer a potential solution to reduce dependence on fossil fuels and address environmental concerns.
Market Dynamics
Growing demand for biofuels worldwide, increasing carbon emissions, increasing compliance for biofuels, favorable government initiative or policies for the utilization of biofuel, rapid growth of the automotive industry, and well-established infrastructure are the major factors expected to augment the growth of the global bio fuels market during the forecast period.
For instance, in January 2024, the U.S. Department of Energy (DOE) awarded US$ 118 million in funding for 17 projects to scale up ethanol and other biofuels to help the transportation and manufacturing needs of the U.S. In January 2022, the Environmental Protection Agency (EPA) announced a new initiative to streamline the review of biofuels and chemicals that can significantly replace the higher Greenhouse gas GHG-emitting fossil fuels, providing a significant push to bio fuels market.
Moreover, in May 2022, SGP BioEnergy announced the development of the most extensive biofuel distribution and production hub in Panama (U.S.), in association with the U.S. government, which is estimated to produce 180,000 barrels of biofuel per day. SGP BioEnergy is an integrated bioenergy products development company that aims to drive tangible solutions and thought leadership through the development of industrial-scale advanced biofuels. The company is developing the world's largest advanced bioenergy platform, anchored by its Golden City Biorefinery in Panama, which is expected to produce 180,000 barrels per day of advanced biofuels, including sustainable aviation fuel (SAF), from purpose-grown plant oils, waste fats, and greases. SGP BioEnergy has secured a $250 million equity commitment from Global Emerging Markets (GEM), a European private alternative investment group, for the Golden City Biorefinery project.
Key Features of the Study
Market Segmentation
Table of Contents
*Browse 24 market data tables and 28 figures on "Global Bio Fuels Market” - global forecast to 2032
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