Biofuel Enzymes Market Size, Share & Trends Analysis grow at a CAGR of 7.2% from 2024 to 2030
The global biofuel enzymes market size was valued at USD 655.1 million in 2023 and is expected to grow at a CAGR of 7.2% from 2024 to 2030. Biofuel enzymes catalyze the process of biomass to biofuel conversion at optimal production costs.
Key Market Trends & Insights
- North America biofuel enzymes market dominated the global market with revenue share of 53.6% in 2023.
- By product, protease dominated the market and accounted for a share of 28.0% in 2023.
- By application, the starch/corn-based ethanol segment dominated the global market with a share of 79.3% in 2023.
Market Size & Forecast
- 2023 Market Size: USD 655.1 Million
- 2030 Projected Market Size: USD 1.1 Billion
- CAGR (2024-2030): 7.2%
- North America: Largest market in 2023
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Their application as sustainable and environment-friendly alternatives to fossil fuels has triggered a need for biofuel enzymes. The market is driven by increasing demand for biofuels and environmental concerns. In addition, the growing concerns about climate change and the need to reduce greenhouse gas emissions have led to a shift towards renewable energy sources.
The market for biofuel enzymes is boosted by technological progress in the realms of biotechnology and enzymology. Advancement in these sectors has facilitated the production of enzymes that can fasten biomass conversion to biofuel. Such advances lead to better returns and lower production costs. In addition, increased research and development on enzyme stability has continuously improved situations in the food industry. Hence, genetic engineering and microbial fermentation methods have improved enzyme production on a large scale at an optimized cost.
From a regulatory aspect, the adoption of environment-friendly policies has encouraged the distribution of renewable energy. Several governments implement favorable policies and offer incentives concerning the use of biofuels to reduce emissions and dependency on fossil fuels. For instance, government policies such as subsidies and tax credits have fostered demand for biofuel enzymes. In addition to these policies, significant investments in research and development programs for biofuel enzymes are anticipated to drive market growth.
Biofuel Enzymes Market Report Scope
|
Report Attribute |
Details |
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Market size value in 2024 |
USD 690.8 million |
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Revenue forecast in 2030 |
USD 1.1 billion |
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Growth rate |
CAGR of 7.2% from 2024 to 2030 |
|
Base year for estimation |
2023 |
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Historical data |
2018 – 2022 |
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Forecast period |
2024 – 2030 |
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Quantitative units |
Volume in kilotons, revenue in USD million/billion and CAGR from 2024 to 2030 |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
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Segments covered |
Product, application, region |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; MEA |
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Country scope |
U.S.; Canada; Mexico; UK; Germany; France; Italy; Spain; Russia: China; India; Japan; Australia; South Korea; Indonesia: Thailand; Brazil; Argentina; Colombia; South Africa; Saudi Arabia; UAE; Kuwait |
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Key companies profiled |
AB Enzymes, Advanced Enzymes, Novozymes, Agrivida, BASF SE, DSM, DuPont, Enzyme Supplies, Iogen Corporation, TransBioDiesel |
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Customization scope |
Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
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Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
