Renewable Fuel Market
                     
Introduction
The renewable fuel market was valued at $1.0 trillion in 2021, and is projected to 
reach $2.0 trillion by 2031, growing at a CAGR of 7.9% from 2022 to 2031.
Renewable fuels are generated through renewable sources such as feedstock, solar, 
hydropower, and geothermal ways of producing energy. They are termed renewable 
owing to the fact that they are available in huge amounts and can be harnessed 
infinitely. The renewable fuel market is gaining momentum owing to several joint as 
well as individual initiatives from government and private players. The Paris 
agreement and net zero target pledges have played a big role in the energy shift 
occurring worldwide. 
Renewable fuel market demand secure and sustainable fuel is expected to increase 
the demand for biofuels across the globe. Several government support programs for 
eco-alternatives of fuel and consumption of biofuel are expected to grow at 
significant levels over the next few decades.
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Renewable fuel industry growth was driven by a tax incentive available to gasoline 
marketers, fueling the use of ethanol as a gas extender and octane enhancer, largely by 
independent marketers looking for a competitive edge against the major oil companies. 
Beginning with the Clean Air Act Amendments of 1990, however, renewable fuel policy was 
redirected to meet air quality policy goals. Initially, that meant reducing exhaust emissions of 
carbon. Later, with the passage of the Energy Policy Act of 2005, ethanol and other 
renewable fuels were called upon to address global climate change by, for the first time, 
requiring carbon-reducing renewable fuels to be used.
While other renewable energy sources, such as wind and solar energy, are not practical for 
many types of transportation, renewable fuels are. Hydrogen fuel cell vehicles, airplanes 
powered by biomass-based sustainable aviation fuels, and biodiesel-powered buses are just 
a few examples of how sustainable fuels have already affected the transportation industry.
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Key findings of the study
• Wind source is projected to grow at the highest CAGR of approximately 8.3%, in 
terms of revenue, during the renewable fuel market forecast period.
• The Asia-Pacific region dominated the renewable fuel market share by over 44.0% 
in 2021.
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The key players profiled in the report include:
• lean Energy Fuels
• Cosan SA
• Exxon Mobil Corporation
• My Eco Energy
• Neste
• Renewable Energy Group
• Shell plc
• Suncor Energy Inc.
• Total Energies
•  Valero Energy Corporation
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