- In August 2024, the Indonesian Energy Ministry announced plans to introduce B40 biodiesel, which will comprise 40% palm oil. This shift to B40 biodiesel aims to enhance the sustainability and efficiency of Indonesia's energy sector. By increasing the use of palm oil in biodiesel production, the government seeks to promote renewable energy sources and reduce the environmental impact of fossil fuels in the country
- In July 2023, Equilon Enterprises LLC, a subsidiary of Shell Plc, and Green Plains Inc. announced a strategic technological collaboration aimed at integrating Shell Fiber Conversion Technology (SFCT) with Fluid Quip Technologies’ precision separation and processing technology. This partnership is anticipated to enhance the efficiency and value of Green Plains Inc.’s biorefinery platform significantly. By leveraging these innovative technologies, both companies aim to optimize biofuel production processes and drive advancements in sustainable energy solutions
- In July 2023, Petrobras announced the initiation of performance testing for a B24 bio bunker fuel blend. This blend will be utilized to fuel a vessel stationed at the Rio Grande (RS) Terminal, with plans to fill the ship with 573,000 liters of this innovative fuel. The project aims to assess the efficacy of biofuels in maritime applications, potentially paving the way for more sustainable shipping practices
- In July 2023, Gevo, Inc. signed a Master Services Agreement (MSA) with a subsidiary of McDermott International, Ltd. This collaboration will focus on providing front-end engineering and early planning services for Gevo’s initiative to develop several sustainable aviation fuel facilities across North America. This partnership is expected to enhance Gevo's efforts in advancing sustainable aviation fuel production, contributing to a more eco-friendly aviation industry
- In January 2023, Zagros Petrochemical Company and China's Dalian Petrochemical Company finalized an agreement to develop Iran's first methanol-to-synthetic ethanol conversion plant. This facility is projected to have an annual production capacity of 300,000 tons and is expected to be operational within three years. The establishment of this plant marks a significant milestone for Iran, as it aims to diversify its energy resources and promote the use of renewable fuels
Frequently Asked Questions
The market is segmented based on Segmentation, By Fuel Type (Biodiesel, Ethanol, Bioethanol, Propanol, Butanol, Methanol, and Biogas), Application (Transportation, Aviation, Energy Generation, Heating, and Others), Form (Solid, Fuel Pellets Liquid, and Gaseous), Feedstock Type (Palm Oil, Jatropha, Sugar Crop, Coarse Grain, and Others) – Industry Trends and Forecast to 2031
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The Global Biofuels Market size was valued at USD 3.06 USD Billion in 2023.
The Global Biofuels Market is projected to grow at a CAGR of 7% during the forecast period of 2024 to 2031.
The market report covers data from the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
