Global demand for energy is projected to grow by about 25 percent through 2040, the global advanced biofuels market size is expected to surpass around US$ 848.6 billion by 2030, growing at a CAGR of 38.5%. Major blending mandates that drive the demand for biofuels have been set in the US and Europe. These countries have a target of achieving 15-27% blend of biofuels with conventional fuel by 2020-2022, which is expected to drive demand in their respective regions.
To reduce our use of carbon emissions and replacing fossil fuels to preserve our natural resources, it has led to the widespread use of biofuels. Biofuels are essential in the global effort to replace fossil fuels and reach the Paris Agreement goals of limiting global warming to well below 2 oC compared to pre-industrial levels. As businesses, industries, and societies begin a green recovery in a post-pandemic world, the demand for transportation fuels is expected to rise. Biofuels are an important and reliable climate-neutral part of the solution available today – and viable for tomorrow!
