In Florida, Markets and Markets reported that the global biofuel market size is projected to grow from $167.4 billion in 2023 to $225.9 billion by 2028.
The report noted that the market is forecast to expand at a CAGR of 6.2% during the period.
Europe is expected to be the fastest growing region in the biofuel market during the forecast period.
“The European region comprises major economies such as France, UK, Germany, and Poland. The biofuel market in Europe is primarily fueled by the three main types of biofuels, namely ethanol, biodiesel, and renewable diesel,” the report stated.
“Europe has actively fostered the use of biofuel through various policies and initiatives. The European Union (EU) has established targets for member states to enhance the utilization of renewable energy in transportation, including biofuels like biofuel. The Renewable Energy Directive (RED) and its subsequent revisions have played a pivotal role in shaping biofuel production and consumption in Europe,” it added.
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