In California, Coherent Market Insights reported that the global biofuels market is estimated to be valued at $213.68 million in 2022 and is expected to experience a CAGR of 9% during the 2023-2030 period.
“Rapid growth of the transportation sector is one of the key trends expected to augment the growth of the global biofuels market. For instance, worldwide, the transport sector is the largest emitter of greenhouse gases due to the combustion of fossil fuels in its internal combustion engines. Thereby, several countries across the globe are promoting the use of renewable energy resources to limit the greenhouse gas emission,” the report stated.
The report also highlighted that North America is expected to hold a dominant position over the forecast period due to high demand for biofuels and advanced biofuels, government mandates and support, and robust infrastructure for biofuel production in the region.
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