Advanced Biofuels Market Regional Analysis:
North American Market Insights
The advanced biofuels market in North America is predicted to hold the largest with a share of about 34% by the end of 2035. The market growth in the region is also expected on account of supportive government regulation to increase biofuel production and the growing demand for cleaner-burning transportation fuels, mainly in the United States.
Additionally, owing to the presence of big companies with innovative ideas and the latest technology for the production of clean and green fuel, it is projected to have a significant impact on the market size. As per a recent report, the United States was the leading producer of biofuel in 2022 with a total production of around 1,627 petajoules. Biofuel produced in the United States accounts for nearly 38% of global biofuel production in 2022. The country has produced the largest amount of biodiesel with annual production of 1.64 billion gallons. Global biofuel production has gradually increased from 180 thousand barrels of oil equivalent per day in 2000 to 1.9 million barrels of oil equivalent per day in 2022. Moreover, the largest consumer of biofuels in the U.S. is the national army, adding to the market revenue.
APAC Market Insights
The Asia Pacific market is estimated to be the second largest, registering a share of about 25% by the end of 2035. The advanced biofuels market expansion can be attributed majorly to the growing awareness of the benefits of using advanced biofuels in emerging economies. As per the recent report, Indonesia was ranked third in biofuel production across the world in 2022 with a total production of 390 petajoules. Apart from this, Indonesia is the largest producer of biodiesel and renewable diesel in the world. In 2022, the country has reported production of around 13.65 billion liters of biofuel. In addition, factories are producing cellulosic ethanol by using agricultural waste as raw material for biofuel production in the region. Businesses have started investing in the latest technological equipment to match the growing market demand for converting trash into fuel and producing biofuels by using algae as feedstock.
