In Germany, The Business Research Company reported that the global advanced biofuels market is expected to reach a value of $164.68 billion in 2025, up from $116.85 billion last year.
The research firm noted that the market is forecasted to grow at a CAGR of 40.9% during the period.
“Growth factors such as production facilities scaling up, international collaborations, and economic incentives are anticipated to trigger this market expansion,” the report stated.
“Rising demand in the automotive industry is driving the advanced biofuels market’s growth. Increased production of motor vehicles has created an upswing in the use of advanced biofuels as a replacement for traditional fuels due to their lower carbon emissions. For instance, the UK witnessed a 1.0% increase in licensed vehicles at the close of 2022, driving up the demand for advanced biofuels.”
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