Marine Biofuel Market Accelerates at 7.3% CAGR to Hit US$ 7.99 Billion by 2034: Fact.MR Report

Imposition of Stringent Maritime Emission Norms Promoting Adoption of Marine Biofuel

/EIN News/ -- Rockville, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The global Marine Biofuel Market is forecasted to account for a valuation of US$ 3.94 billion in 2024 and is set to expand at 7.3% CAGR over the next ten years (2024 to 2034). This study by Fact.MR, a market research and competitive intelligence provider, reveals that hydraulic and pneumatic seals will remain the most sold marine biofuels through 2034 in almost all regions of the world.

Rising concerns regarding sustainability and advancements in biofuel production technology are projected to augment demand for marine biofuel around the world going forward. Implementation of strict emission mandates for marine vessels by different governments is also estimated to promote sales of marine biofuel in the future. The United States, China, Japan, Netherlands, Germany, and South Korea are estimated to be key markets for marine biofuel suppliers through 2034.

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Key Segments of Marine Biofuel Industry Research Report     

By Fuel Type	By Feedstock	By Form	By Vessel Type
FAME (Biodiesel) HVO (Renewable Diesel) Ethanol Biomethanol BioLNG Others	Sugarcane Corn Vegetable Oil Castor Oil Biomass Others	Liquid Gas	Passenger Cargo Military Others

Marine biofuel companies are performing trials to test out the feasibility of marine biofuels in terms of operations and supply.

• In April 2022, Toyotsu Energy Corporation announced that it had successfully completed the trial for ship-to-ship bunkering of marine biofuel using a tugboat operated by Sanyo. This was the first of its kind attempt that took place in Japan.

Key Takeaways from Market Study

• The global marine biofuel market is forecasted to account for a revenue of US$ 3.94 billion in 2024.
• Demand for marine biofuels is set to rise at a CAGR of 7.3% from 2024 to 2034.
• The market is forecasted to reach US$ 7.99 billion by 2034-end.
• High focus on sustainability, advancements in biofuel production technology, expanding marine fleets, and rising acceptance of marine biofuels are key market drivers.
• Lack of feedstock to create marine biofuel is projected to be a key restraint impeding market growth scope.
• Sales of marine biofuel in China are set to increase at 8.6% CAGR over the next ten years.
• Marine biofuel sales in North America are estimated to reach US$ 1.87 billion by the end of 2034.
• Demand for HVO (renewable biodiesel) is forecasted to increase at a high-value 8% CAGR from 2024 to 2034.

“Marine biofuel companies need to focus on innovation and cost optimization to ensure their place in the future of sustainable sea transportation,” says a Fact.MR analyst

Winning Strategy

Marine biofuel manufacturers should focus on investing in the R&D of novel types of biofuel to stand out in the global marketplace. Strategies such as collaborations, mergers, acquisitions, and partnerships will also be crucial for creating a successful marine biofuel business.

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Report Attribute	Details
Value Projection (2034)	USD 7.99 Billion
Growth Rate (2024-2034)	7.3% CAGR
No. of pages	170 Pages
No. of Tables	80 Tables
No. of Figures	219 Figures

The government in the United States has been imposing stringent restrictions on the maritime industry to curb emissions from marine vessels, which is driving shipments of marine biofuels in the country. Rising air pollution and the growing availability of advanced biofuel production technology are also forecasted to increase the marine biofuel market size in the United States over the coming years.

Increasing investments in the R&D of novel biofuels by public and private organizations in the country are also creating new opportunities for marine biofuel providers going forward.

• In January 2023, the United States Department of Energy (DOE) revealed its plans to allocate US$ 118 million to 17 different projects that are aimed at scaling and accelerating the production of biofuels in the country.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global marine biofuel market, presenting historical demand data (2018 to 2023) and forecast statistics for the period (2024 to 2034).

The study divulges essential insights on the market based on fuel type (FAME (biodiesel), HVO (renewable diesel), ethanol, biomethanol, bioLNG, others), feedstock (sugarcane, corn, vegetable oil, castor oil, biomass others), form (liquid, gas), and vessel type (passenger, cargo, military, others), across six major regions of the world (North America, Europe, Latin America, East Asia, South Asia & Oceania, and the Middle East & Africa).

Checkout More Related Studies Published by Fact.MR Research:

Marine Adhesives Market: The global marine adhesives market is estimated to be valued at US$ 3.3 billion in 2023 and it is expected to grow at a CAGR of 5.2% to reach US$ 5.4 billion by the end of 2033.

Marine Composites Market: The global marine composites market is expected to grow at a CAGR of 6.0% during the forecast period and reach a valuation of US$ 8.5 billion in 2033 from a valuation of US$ 4.8 billion in 2023.

Biofuels Market: The global revenue from the sales of biofuels market in 2021 was US$ 140.43 Billion. The industry is likely to expand at a CAGR of 4.8% during 2022 – 2032.

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