Research shows biofuel industry market is forecast to grow at a CAGR of 7.9% by 2033
In the UK, research firm Visiongain reported that the global biofuel industry market size was valued at $116.456 billion in 2022 and is expected to expand at a CAGR of 7.9% during the 2023-2033 period.
“The expansion of biofuel production infrastructure is a critical factor in the growth and development of the biofuel industry. As demand for biofuels has increased in recent years, so has the need for a robust infrastructure to produce, distribute, and store these fuels,” Visiongain said.
“One key aspect of biofuel production infrastructure is the availability of feedstocks, such as corn, sugarcane, soybeans, and other crops, that are used to produce biofuels. The production of these crops has increased in response to rising demand for biofuels, with farmers and agribusinesses investing in the necessary equipment and processes to cultivate, harvest, and transport these feedstocks to biofuel production facilities,” the company added.
Visiongain noted that looking forward, the biofuel industry is expected to recover as the world emerges from the pandemic and demand for transportation fuels begins to rebound. However, it noted that there is still considerable uncertainty around the future of the industry, as the long-term impacts of the pandemic on travel patterns, consumer behavior and government policies remain uncertain.
Category: Fuels
