The Marine Biofuel Market is expected to grow at a compound annual growth rate (CAGR) of 7.3% over the next ten years, from 2024 to 2034, and be valued at US$ 3.94 billion in 2024. According to a study conducted by market research and competitive intelligence firm Fact.MR, hydraulic and pneumatic seals will continue to be the most popular marine biofuels worldwide through 2034.
In the future, it is anticipated that growing concerns about sustainability and technological developments in biofuel production would increase demand for marine biofuel globally. Future sales of marine biofuel are expected to be boosted by governments enforcing severe pollution regulations for marine boats.
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Key Segments of Marine Biofuel Industry Research Report:
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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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.
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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).
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