According to Precedence Research, the global advanced biofuels market size is expected to surpass around $848.6 billion by 2030, growing at a CAGR of 38.5 per cent. The global advanced biofuels market size was estimated at $32.6 billion in 2020.
The report mentions that in countries such as Germany and India, governments are directing the use of biodiesel and bioethanol in their public transport systems. The Renewable Energy Directive of the European Union aims to allow 10 per cent of the transport system to use renewable energy by 2020.
According to the report, North America will dominate the global industry due to rising demand for the cleaner burning transportation fuels in the US and Canada. Presence of leading players in the region along with strategies that are implemented by the major players in the countries of North America is expected to witness substantial growth in the target industry in the near future. Asia Pacific is likely to list the noteworthy CAGR, on account of rising awareness about the usage of advanced biofuels in emerging economies. Also, most of the key players operating in the industry are investing heavily in order to get the competitive edge in the advanced biofuels market in Asia Pacific.