Biofuel Market and Usage Trends

   The biofuel market is undergoing dramatic changes with the increasing demand for renewable energy and the focus on environmental protection. Below is a summary of the current situation and development trends of this sector, along with specific figures. Current situation

Global market

According to a report by MarketsandMarkets, the global biofuel market is expected to reach USD 218.7 billion by 2025, with a compound annual growth rate (CAGR) of about 5.9% from 2020 to 2025.

The demand for biofuel is increasing due to policies to encourage renewable energy and reduce carbon emissions.

Types of biofuels:

   Oil processed from cashew shells: This is a potential fuel source, especially in large cashew producing countries such as Vietnam. This oil can be used to produce biodiesel and can replace other vegetable oils.

   Recycled cooking oil: In Europe, recycling cooking oil has become a strong trend. According to the European Biodiesel Board, about 2.3 million tons of recycled cooking oil were used to produce biodiesel in 2020.

   Bio-heavy oil: This type of oil is usually produced from organic waste sources. The market for bio-heavy oil is expected to grow due to the shift to sustainable solutions in the energy industry.

Future development trends

   Korea is stepping up its investment in biofuels. It is forecasted that by 2025, Korea's biofuel consumption may reach 1.2 million tons, mainly from vegetable oil and recycled oil.

   Japan is looking for sustainable energy solutions to reduce its dependence on energy imports. The government has set a target of increasing biofuel use to 30% by 2030.

   China is one of the largest markets for biofuels. Biofuel consumption in China is forecast to reach 6.5 million tonnes by 2025, thanks to supportive policies and strict pollution regulations.

Europe is leading the way in biofuel use. The EU's Green Deal aims to reduce greenhouse gas emissions by 55% by 2030, opening up many opportunities for biofuels.

   The US biofuel market is also growing strongly, with biodiesel production reaching 2.7 million tonnes in 2020. This is expected to continue to increase thanks to government support and technological developments.

    The biofuel market is growing strongly, with the participation of many large countries such as Korea, Japan, China, Europe and the US. Fuels such as cashew nut shell oil, recycled cooking oil, and bio-heavy oil promise to contribute significantly to the sustainable development of the global energy industry.