The biofuels market is expected to register a CAGR of more than 7% during the forecast period of 2022-2027. The COVID-19 pandemic affected the market adversely due to a fall in demand for fuels as transportation was halted, which, in turn, affected the demand for biofuels as they are used by blending them with fossil fuels. In terms of the growth of the market, the demand for secure, sustainable, and clean energy coupled with government mandates of increasing blending in automotive fuels is expected to propel the demand for biofuels across the globe. However, high price of production of biofuels even with all the benefits connected with them is likely to restrain the growth of market.
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Related Tags: Texas Energy Summit | Upcoming Event on Biodiesel | Upcoming Event on Bioethanol | Upcoming Event on Biofuels | Upcoming Event on Biorefineries | Upcoming Event on First-generation biofuels | USA Conference on Biodiesel | USA Conference on Bioethanol | USA Conference on Biofuels | USA Conference on Biorefineries
Related Associations: International Energy Agency | Ministry of New and Renewable Energy | Society of Independent Gasoline Marketers of America (SIGMA) | European Bulk Oil Traders’ Association (EBOTA) | International Sustainability & Carbon Certification (ISCC)