Biofuels Market Size

Biofuels Market size was over USD 173.09 billion in 2024 and is projected to reach USD 360.23 billion by 2037, growing at around 5.8% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of biofuels is assessed at USD 181.12 billion. The primary growth factor boosting the expansion of the market is the high need for biofuels in the aviation sector. They are utilized as aviation fuels and also used with biomass waste, oil, and fat waste.

 The aerospace sector is experiencing substantial growth due to the need for fuel-efficient and lightweight aircraft, increased air traffic, and higher income levels. Based on the International Air Transport Association (IATA) estimates, the revenue of commercial airlines in North America is projected to increase by 1.9% in 2022 compared to previous years.