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Biofuel Market – Historical and Future Challenges

[227 Pages Report] The global biofuel market is estimated to grow from USD 167.4 Billion in 2023 to USD 225.9 Billion by 2028; it is expected to record a CAGR of 6.2% during the forecast period. The growing challenges on energy security and the need to mitigate greenhouse gas emissions are some of the major drivers for the growth of the biofuel market. Fuels derived from renewable sources actu00a0as a means of addressing the challengesu00a0while also providing a potential low-cost alternative to expensive fossil fuels. Domestic production of biofuels from renewable sources can reduce reliance on oil

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Biofuel Market – Historical and Future Challenges

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  1. Biofuel Market by Fuel Type (Ethanol, Biodiesel, Renewable Diesel, and Biojets), Generation (First Generation, Second Generation, Third Generation), End-use, Application (Transportation, Aviation) and Region - Global Forecast to 2028 www.MarketsandMarkets.com

  2. the global biofuel market is projected to reach USD 225.9 billion by 2028 from an estimated USD 167.4 billion in 2023, at a CAGR of 6.2% during the forecast period. The growing demand for cleaner fuels is one of the major factors driving the biofuels market. Global biofuel demand has been increasing gradually due to goals set to achieve net zero emissions in recent years. View detailed Table of Content here -https://www.marketsandmarkets.com/Market-Reports/biofuels-market-297.html

  3. The ethanol, by fuel type, is expected to be the largest segment during the forecast period. Based on fuel type, the biofuel market has been split into ethanol, biodiesel, renewable diesel, and biojets. The biofuel market for ethanol is anticipated to have the biggest market share over the forecast period. Due to its extensive history of production, use, and versatility as a gasoline addition, ethanol is frequently more in demand. Corn and sugarcane are two examples of the agricultural feedstocks used to make ethanol. The vast accessibility of these feedstocks and the presence of supply channels facilitate the uptake of ethanol. Make an Inquiry: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=297

  4. The aviation segment, by end-use, is expected to grow at the highest CAGR during the forecast period. This report segments the biofuel market based on end use into three segments: transportation, aviation, and others. The aviation segment is expected to grow at the highest CAGR during the forecasted period, owing to the extensive decarbonization efforts in the aviation sector in North America and Europe. One of the major drivers is the usage of biofuels in military aircraft on a commercial scale. Additionally, the rising demand for air cargo transport in terms of volume is one of the drivers for the growth of aviation. The Bioenergy Technologies Office (BETO) of the US Department of Energy empowers energy firms and aviation stakeholders by advancing research, development, and demonstration to overcome barriers to widespread deployment of low-carbon sustainable aviation fuel (SAF). Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=297

  5. Browse >> 250market data tables 60 figures 227 pagesand in-depth TOC on “Biofuel Market - Global Forecast to 2028” Early buyers will receive 10% customization on this report. This is a Premium Report Priced at US $4950 for single user. Corporate User : US$8150 This study answers several questions for the stakeholders, primarily which market segments to focus on in the next two to five years to prioritize efforts and investments.

  6. Europe is expected to be the fastest-growing region in the biofuel market. Europe is expected to be the fastest growing region in the biofuel market during the forecast period. The European region comprises major economies such as France, UK, Germany, and Poland. The biofuel market in Europe is primarily fueled by the three main types of biofuels, namely ethanol, biodiesel, and renewable diesel. Europe has actively fostered the use of biofuel through various policies and initiatives. The European Union (EU) has established targets for member states to enhance the utilization of renewable energy in transportation, including biofuels like biofuel. The Renewable Energy Directive (RED) and its subsequent revisions have played a pivotal role in shaping biofuel production and consumption in Europe. Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=297

  7. Key players - • To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Biofuel Market. These include • ADM (US), • Chevron (US), • Valero (US), • Neste (Finland), • Cargill, Incorporated (US)etc. • Buy Now : - • https://www.marketsandmarkets.com/Purchase/purchase_reportNew.asp?id=297

  8. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441 sales@marketsandmarkets.com

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