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In 2024, global biofuel production reached * barrels of oil equivalent per day, in stark comparison to the ** barrels of oil equivalent per day that were produced in the year 2000. Growth has largely been driven by policies that encourage the use and production of biofuels due to the perception that it could provide energy security and reduce greenhouse gas emissions in relevant sectors. Biofuels can be beneficial due to its limited environmental impacts in comparison to fossil fuels, as well as its consumption of waste materials that would normally be discarded. Blending mandates, sustainability criteria, fuel quality standards, and import tariffs have impacted the biofuel market. The global biofuels market is expected to reach a market size of nearly * U.S. dollars by 2030. 

Production of biofuels

The most common biofuels are bioethanol and biodiesel. Bioethanol is synthesized from carbohydrates like cellulose biomass. Coarse grain and sugarcane are two of the most common ethanol feedstocks, but this may vary regionally. Biodiesel is generated from fats and oils. Vegetable oil is one of the most common feedstocks used in biodiesel production, while non-agricultural feedstocks like waste are becoming more relevant in regions like the United States and Europe.