In Massachusetts, SkyQuest Technology Consulting reported that the global biofuels market was valued at $117.69 billion in 2024 and is expected to reach a value of $197.72 billion by the end of 2032.
The market is expected to expand at a CAGR of 6.7% from 2025 to 2032, according to the report.
“North America dominates the global biofuels market, led by the United States due to strong ethanol production from corn and favorable government mandates like the Renewable Fuel Standard (RFS). Advancements in biodiesel and renewable diesel, along with increasing investment in sustainable aviation fuel (SAF), continue to drive regional market growth,” the research firm said.
“Asia Pacific is witnessing rapid growth in the biofuels market, driven by rising energy demand, supportive government policies, and agricultural feedstock availability. Countries like India, China, and Indonesia are investing in ethanol blending programs and biodiesel initiatives to reduce fossil fuel dependence and lower emissions, fostering strong regional market expansion,” it added.
The report also noted that Europe is a key player in the global biofuels market, driven by stringent emission regulations and the EU’s Renewable Energy Directive (RED II). It added that countries like Germany, France, and Sweden are leading in biodiesel and advanced biofuel adoption, with growing focus on sustainable aviation fuel and waste-derived bioenergy solutions.
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