Advanced biofuel market poised for steady growth at 13.9pc CAGR
, 14 hours, 47 minutes ago
The advanced biofuel market was valued at $1.46 billion in 2024 and is projected to expand at a CAGR of 13.9% between 2025 and 2034.
This growth reflects the rising global demand for sustainable energy alternatives as countries prioritise energy secure ty, carbon footprint reduction, and long-term energy diversification.
Governments worldwide are actively promoting policies that encourage biofuel production, aligning with broader climate goals.
The advanced biofuel market is gaining momentum as a viable solution to mitigate dependence on fossil fuels, offering an eco-friendly alternative without compromising efficiency.
The increasing emphasis on reducing reliance on foreign oil has pushed nations to explore renewable energy options.
Advanced biofuels stand out as an optimal choice due to their ability to significantly lower greenhouse gas emissions while maintaining performance levels comparable to conventional fuels.
Various international mandates, subsidies, and tax incentives are further propelling the industry's expansion, making advanced biofuels more accessible and economically viable.
Technological advancements in refining processes, particularly in feedstock optimisation and enzymatic hydrolysis, have enhanced fuel efficiency and cost-effectiveness. With rising fuel demands and global net-zero emission targets, the sector is poised for substantial growth over the next decade. -TradeArabia News Service
