Biofuels Market Regional Analysis:
North American Market Insights
North America industry is estimated to hold largest revenue share of 33% by 2035, influenced by rapid growth in the automotive industry in the region. The established base for biofuel utilization, abundant biofuel feedstock, and supportive government policies for renewable energy are influencing the promising growth potential of biofuel in this region. The growth of the automotive sector in North America is being driven by increasing public transportation, the demand for fuel-efficient vehicles, and stringent regulations for particulate emissions. In the United States automotive production grew by 10.8 million units in 2023, up from 10.47 million in 2022 found to data from the International Organization of Motor Vehicles Manufacturers.
The U.S. biotech sector is highly advanced internationally and can manufacture profitable biobased products. Due to multiple government initiatives aimed at supporting biofuels across different industries, Canada presents a promising potential for biofuel manufacturing.
APAC Market Insights
APAC biofuels market is estimated to grow substantially through 2035. In the Asia-Pacific region, the implementation and growing acceptance of biofuel-friendly laws and regulations are anticipated to boost the demand for biofuels, especially in the transportation industry. Despite biofuels being at an early stage in Asia Pacific, there is substantial room for expansion, exemplified by NESTE's investment of USD 1.4 billion in a biorefinery in Singapore in 2019.
Due to the increased awareness of reducing carbon emissions and improving the use of biofuels, India is making advancements.
The government in the region set a target to reduce greenhouse emissions to boost the market growth in Japan.
China is currently at the forefront in manufacturing, research, and innovation investments. One of the most crucial market factors is the need to reduce its dependence on oil and energy exports.
