Market Size of Biofuels in France (2017 – 2021)
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The Market value of Biofuels in France reached $4,237.3 million in 2021
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During the same period, the industry witnessed a Market volume of 1,036.3 million gallons
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The industry recorded a historical growth (CAGR) of 0.8% between 2017 and 2021 in terms of value, while the underlying market volume grew (CAGR) by 0.6% between 2017 and 2021
Market Size of Biofuels in France (2017 – 2021)
Increasing demand for energy globally poses a threat to climate and the Paris Agreement’s goal of achieving a climate neutral world by 2050. The battle against climate change forces the countries to switch to low-carbon sources of energy such as biofuels. Fossil fuels, being one of the largest sources of greenhouse gas (GHG), are prompting companies to shift to the production of biofuels. For example, Shell has committed to reducing its carbon footprint by a fifth by 2035, which resulted in the company producing ethanol from sugarcane through Raízen.
Biofuels are derived from biomass, i.e., plant, animal waste, and algae, and are considered renewable sources since they can be replenished readily unlike oil, coal, and natural gas. Biofuels are segmented into biodiesel and ethanol. Biodiesel is manufactured from vegetable oils and animal fats, while ethanol is a form of alcohol produced from feedstock.
The global biofuel market is expected to grow as the world targets carbon neutrality by 2050. France is one of the five dominant markets, along with Brazil, the United States, Colombia, and Germany.
France is the fifth largest player in the biofuel market, which is led by United States of America. The France biofuel market is valued at $4,237 Mn, with a market consumption volume of 1,036 Mn gallons. The country’s market value grew at a CAGR of 0.8% between 2017 and 2021, and the underlying market volume grew at a CAGR of 0.6% during the same period.
France’s biofuels market value has seen a dip after a surge in 2018, in-line with the worldwide market which has been impacted by COVID lockdowns. France's government has laid out a blending mandate which requires companies to use a biofuel blend along with gasoline or diesel. The proportion of biofuel used in these blends has increased over the years and will be further increased as per government targets of reducing greenhouse gas emissions by 2030.
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