Biofuels Market size was valued at USD 140.42 billion in 2021 and is expected to reach USD 245.48 billion by 2028, at a CAGR of 7.61% during the forecast period 2022-2028. Biofuels are generated to replace non-renewable energy sources such as gasoline, diesel, and coal, which are produced by animals and plants that died a long time ago. Plants that have recently been harvested are used to make biofuels. As a first-generation fuel, biofuel is also used. The ever-increasing global demand for energy is assisting the energy and mining industries in making a quantum leap forward in terms of unique fuel kinds. This, combined with growing environmental concerns, is prompting more investment in the creation of a clean energy source. These elements are combining to create a healthy ground for the global biofuels sector to grow. Biofuels have grown in popularity in recent years due to the fact that they are produced through biological processes, are environmentally beneficial, and may be used to replace non-renewable energy sources. In the future, biofuels are being considered as one of the growing cleaner fuel alternatives to conventional fossil fuels. Furthermore, the availability of funds for research and development to develop biofuels at a reduced cost will help them gain traction. In many industrialised economies, government mandates for mixing vehicle fuels with biofuels have fueled the biofuels industry’s expansion. Biofuels, such as ethanol and biodiesel, account for the majority of renewable energy demand in the transportation industry. The demand for bioenergy has stabilised in established economies, while developing countries have yet to fully respond and contribute to global biofuels market trends.
In February 2016, Renewable Energy Group Inc. (Biofuel producer in U.S) has signed an agreement with Sanimax Energy, which is a U.S based company for acquiring its 20 million gallon nameplate capacity biodiesel refinery.
In March 2016, Canada-based Company, Edmonton, announced its plans to produce a new kind of biodiesel, commercially, which would be capable of replacing diesel completely at a lower cost than existing renewable fuels.