U.S. Biofuels Market Growth Accelerated by Increased Ethanol Production
Biofuels like ethanol and biodiesel provide sustainable renewable energy alternatives to diminish dependence on fossil fuels. Ethanol, a plant-based alcohol fuel mixed with gasoline, decreases greenhouse gas emissions and is corn-based in the U.S., providing farmers a valuable crop. The global U.S. Biofuels Market is estimated to be valued at US$ 38.45 billion in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. Market key trends: The increased ethanol production is one of the key trends driving the growth of the U.S biofuels market. The U.S. is the world's largest producer and consumer of ethanol as a fuel extender. According to the Renewable Fuels Association, U.S. ethanol production reached record levels of 15.3 billion gallons in 2019. With the government's support through policies like Renewable Fuel Standard (RFS) program which mandate certain volumes of renewable f...