The global biofuel market is projected to reach USD 225.9 billion by 2028 from an estimated USD 167.4 billion in 2023, at a CAGR of 6.2% during the forecast period. The surge in demand for biofuel is attributed to rising environmental concerns, the transition towards renewable sources, and the implementation of government policies to decarbonize the transport sector, which is driving the growth of the biofuel market.
Due to their strong supply network, a few global and regional players hold a strong foothold in the biofuel market. ADM (US), Chevron (US), Valero (US), Neste (Finland), and Cargill, Incorporated (US) are the market leaders in the global biofuel market. These companies have adopted strategies such as product launches, partnerships, collaborations, joint ventures, contracts, agreements, acquisitions, investments, and expansions to increase their market share.
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ADM, also referred to as Archer Daniels Midland Company, primarily engages in the processing of agricultural commodities and other ingredients used in various food, beverage, and industrial products. It operates through its four business segments: Ag Services and Oilseeds, Carbohydrates Solutions, Nutrition, and Other. The Ag Services and Oilseeds business segment offers feedstocks such as vegetable oils and other raw materials that are refined and utilized to produce biodiesel. The Carbohydrates Solutions business segment converts corn and wheat into products and ingredients, such as sweeteners, corn, wheat starches, syrup, glucose, wheat flour, and dextrose. These dextrose and starch are used as feedstocks for the company’s bioethanol and other biofuels. The company has four bioproduct processing plants in Nebraska, Iowa, Illinois, and Minnesota, all in the US. However, a major share of the revenue is generated outside the US.
Valero is a leading producer of transportation fuels and petrochemical products, such as low-carbon fuels, jet fuel, ethanol, gasoline, and renewable diesel. The company operates its business through three segments, namely Refining, Renewable Diesel, and Ethanol. Valero provides biofuel under its Renewable Diesel and Ethanol business segments. Under these segments, Valero also offers low-carbon renewable fuel services and products for transportation & logistics. Some of the other products offered by the company under the Renewable Diesel and Ethanol are distillers grains - dried or modified (wet), fuel-and feed-grade corn oil, and ethanol. Valero has a strong global presence with its corporate research centers in six countries, namely, the US, the UK, Canada, Ireland, Peru, and Mexico. The company has 12 ethanol plants in the Mid-Continent region in the US, with a combined production capacity of approximately 1.6 billion gallons per year.
Neste is among the leading producers of refines and markets oil products, provides engineering services, and licenses production technologies. The company operates its business through four business segments, namely, Oil Products, Renewable Products, Marketing & Services, and Others. Biofuel falls under the renewable products business segment of the company.
Under the renewable products business segment, the company provides renewable aviation, renewable polymers and chemicals, renewable road transportation, and renewable platforms. The Renewable Products segment accounted for 38.5% of the total revenue of the company in 2022. The company has a presence in more than 15 countries worldwide and operates through more than 40 subsidiaries.
Biofuel Market by Fuel Type (Ethanol, Biodiesel, Renewable Diesel, and Biojets), Generation (First Generation, Second Generation, Third Generation), End-use, Application (Transportation, Aviation) and Region - Global Forecast to 2028
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