INDUSTRIES

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MARKETSBiofuelindustryworldwideCHAPTER

01OverviewTransportationfueldemandandbiofuelshareworldwidein2023,withaforecastfor2030(inbillionliters)Globaltransportationfueldemandandbiofuelshare2023-2030TotaltransportationfueldemandBiofuelshareoftotaldemand3,5003,0002,5002,0001,5001,0005006%5%4%3%2%1%0%020232030*4Description:Globaltransportationfueldemandisprojectedtoremainrelativelystablethrough2030.Biofuelscurrentlyaccountforfourpercentoftotaltransportationfueldemand,withtheirshareexpectedtorisetofivepercentbytheendofthedecade.Thismodestincreasebeliessignificantregionalvariationsandemergingtrendsinthebiofuelindustry.ReadmoreNote(s):Worldwide;2023;*Forecast.Source(s):IEABiofuelshareintransportationfueldemandbyselectcountryworldwidein2023,withaforecastfor2030Globalbiofuelshareintransportationfueldemand2023-2030,byselectcountryBiofuelshareinpercent2030

202315%0%5%10%20%25%30%35%30%BrazilIndonesiaFrance21%20%17%9%9%7%7%ArgentinaUnitedStatesGermanyUnitedKingdomHungary6%8%8%8%5%5%5%5%7%6%6%PolandMalaysia4%3%India2%1%1%China5Description:Brazilhasthehighestshareofbiofuelsintotaltransportationfueldemandofanycountryworldwide.In2023,21percentoftransportationfueldemandwasforbiofuels.Thisshareisforecasttoincreaseto30percentby2030.Indonesiacouldalsoseebiofuelsharesreachabove20percentbythatyear,theonlyothercountrywithsignificantbiofueluse.Bycomparison,biofuelsplayarelativelysmallroleinsatisfyingChina'stransportationfueldemand.ReadmoreNote(s):Worldwide;2023Source(s):IEABiofuelproductionworldwidefrom2000to2023(in1,000barrelsofoilequivalentperday)Globalbiofuelproduction2000-20231,2001,00080060040020002000

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20236Description:In2023,globalbiofuelproductionreached960thousandbarrelsofoilequivalentperday,instarkcomparisontothe12thousandbarrelsofoilequivalentperdaythatwereproducedintheyear2000.Growthhaslargelybeendrivenbypoliciesthatencouragetheuseandproductionofbiofuelsduetotheperceptionthatitcouldprovideenergysecurityandreducegreenhousegasemissionsinrelevantsectors.Biofuelscanbebeneficialduetoitslimitedenvironmentalimpactsincomparison[...]

ReadmoreNote(s):Worldwide;2000to2023Source(s):EnergyInstitute;Kearney;KPMGLeadingbiofuelproducingcountriesworldwidein2023(in1,000barrelsofoilequivalentperday)Globalbiofuelsproduction2023,bycountryProductioninthousandbarrelsofoilequivalent300

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5000100200600700800900UnitedStatesBrazil804455IndonesiaChina1947872GermanyIndia4939ThailandNetherlandsFrance3734Spain287Description:In2023,theUnitedStateswasthelargestbiofuelproducerintheworld,withproductionamountingto804thousandbarrelsofoilequivalentperday.BrazilandIndonesiarankedsecondandthird,withproductionat455and194thousandbarrelsofoilequivalentperday,respectively.Bycomparison,France'sdailybiofuelproductiontotaled34thousandbarrelsofoilequivalentthatyear.ReadmoreNote(s):Worldwide;2023Source(s):EIA;EnergyInstitute;Kearney;KPMGBiofuelconsumptionworldwidefrom2000to2023,withaforecastuntil2030(inmillionmetrictons)Globalbiofuelconsumptionvolume2000-20302502001501005008Description:Worldwideconsumptionofbiofuelsisexpectedtoclimbto203.7millionmetrictonsin2024.Thiswoulddenoteanincreaseofsomesixmillionmetrictonscomparedwith2023levels.Annualconsumptionofethanolandbiodieselisforecasttobenearly224millionmetrictonsin2030onward.TheUnitedStatesissettoremainthesinglelargestbiofuelconsumer.ReadmoreNote(s):Worldwide;2000to2023Source(s):FAO;OECDCHAPTER

02EthanolCombinednumberoffuelethanolrefineriesinmajorproducingcountriesworldwidefrom2014to2024Globalnumberofmajorfuelethanolproductionplants2014-20241,2001,000983966972964946895892889885885835800600400200020142015201620172018201920202021202220232024*10Description:Itisestimatedthattherewereapproximately983fuelethanolrefineriesintheworld'smajorproducingcountriesin2024.Fuelethanolisabiomass-derivedmotorfuelusedasasubstitutetooradditiveinpetroleum-basedgasoline.TheUnitedStatesholdsthelargestglobalethanolproductionshare.ReadmoreNote(s):Worldwide;2014to2024;*Datafor2024isanestimatebasedonpartlyforecastdata.DataforAustraliawasnotyetavailable.ThisstatisticwasassembledbyStatistausingdatafromtheworld'smajorcommercialproducercountries.[...]

ReadmoreSource(s):EIA;USDAForeignAgriculturalServiceCombinednameplatecapacityoffuelethanolrefineriesinmajorproducingcountriesworldwidefrom2014to2024(inbillionliters)Globalcapacityofmajorfuelethanolproductionplants2014-2024180166.79161.56154.6916014012010080148.72136.15130.04127.47119.68115.66111.83108.96604020020142015201620172018201920202021202220232024*11Description:Theinstalledcapacityofmajorfuelethanolrefineriesintheworldisestimatedtohaveexceeded166billionlitersin2024.Thisfiguretakesintoaccountthenameplatecapacityofproductionplantsinthelargestproducercountries.Since2014,fuelethanolproductioncapacityincreasedbymorethan50billionliters.ReadmoreNote(s):Worldwide;2014to2024;*Datafor2024isanestimatebasedonpartlyforecastdata.DataforAustraliawasnotyetavailable.ThisstatisticwasassembledbyStatistausingdatafromtheworld'smajorcommercialproducercountries.[...]

ReadmoreSource(s):EIA;USDAForeignAgriculturalServiceEthanolproductionforfueluseworldwidefrom2016to2023(inmilliongallons)Globalfuelethanolproduction2016-202335,00030,00029,52029,33028,63028,16027,31026,87026,41026,17025,00020,00015,00010,0005,00002016201720182019202020212022202312Description:Worldwidefuelethanolproductionclimbedtoover29.5billiongallonsin2023.Thiswasanincreaseofnearly1.4billiongallonscomparedtothepreviousyearandthehighestfigureonrecord.Ethanolisoneofthemostcommontypesofbiofuelconsumedanditisderivedprimarilyfromcropssuchascorn.ReadmoreNote(s):Worldwide;2016to2023Source(s):RFAFuelethanolproductionworldwidein2023,byleadingcountry(inmilliongallons)Globalethanolfuelproduction2023,bycountryProductioninmilliongallons8,000

10,00002,0004,0006,00012,00014,00016,00018,000UnitedStates*Brazil15,5508,260EuropeanUnionIndia1,4401,430China950Canada460370ThailandArgentinaRestofworld30076013Description:TheUnitedStatesistheleadingproduceroffuelethanolintheworld.In2023,theU.S.producedanestimated15.6billiongallonsofthebiofuel.TheU.S.isalsotheoverallleadingbiofuelproducerintheworld.Ethanolisagrainalcoholthatcanbeblendedwithgasolineandusedinregularmotorvehiclesataconcentrationofuptotenpercent.Brazilistheworld'ssecond-largestproducingcountry,withanoutputof8.3billiongallonsthatsameyear.ReadmoreNote(s):Worldwide;2023;*EstimateReadmoreSource(s):RFAFuelethanolconsumptionworldwidefrom2000to2023,withaforecastuntil2030(inmillionmetrictons)Globalethanolconsumptionvolume2000-203016014012010080604020014/statistics/1440979/worldwide-consumption-of-ethanolEthanolconsumptionworldwideclimbedtoover131millionmetrictonsin2023.ThiswasbacktolevelsreportedbeforetheCOVID-19pandemic,withfiguresfor2024forecasttoevensurpassthoseandreachalmost149millionmetrictonsin2030.

ReadmoreNote(s):Worldwide;2000to2023;*Figuresfrom2024onwardareprojections.ReadmoreSource(s):FAO;OECDCHAPTER

03Biodiesel&renewabledieselCombinednumberofbiodieselandrenewabledieselrefineriesinmajorproducingcountriesworldwidefrom2019to2024Globalnumberofmajorbiodieselproductionplants2019-20246005275205225115045065004003002001000201920202021202220232024*16Description:Morethan500biodieselandrenewabledieselrefineriesareestimatedtobeoperationalacrossmajorcommercialproducingcountriesthroughouttheworld.Biodieselandrenewabledieselarevegetableoil-derivedmotorfuelswiththelargestproducersbeingbigagricultureproducingcountriessuchasIndonesiaandBrazil.ReadmoreNote(s):Worldwide;2019to2024;*Datafor2024isanestimatebasedonpartlyforecastdata.DataforAustraliawasnotyetavailable.ThisstatisticwasassembledbyStatistausingdatafromtheworld'smajorcommercialproducercountries.[...]

ReadmoreSource(s):EIA;USDAForeignAgriculturalServiceCombinednameplatecapacityofbiodieselandrenewabledieselrefineriesinmajorproducingcountriesworldwidefrom2019to2024(inbillionliters)Globalcapacityofmajorbiodieselproductionplants2019-202410090.3786.5908070605040302010084.0577.8772.1270.9201920202021202220232024*17Description:Biodieselandrenewabledieselrefineriesintheworld'smajorproducingcountrieshadacombinedcapacityofmorethan90billionlitersaccordingtoa2024estimate.Thiswasthehighestfigureintheperiodofconsideration.

ReadmoreNote(s):Worldwide;2019to2024;*Datafor2024isanestimatebasedonpartlyforecastdata.DataforAustraliawasnotyetavailable.ThisstatisticwasassembledbyStatistausingdatafromtheworld'smajorcommercialproducercountries.[...]

ReadmoreSource(s):EIA;USDAForeignAgriculturalServiceLeadingbiodieselandrenewabledieselproducersworldwidein2023,bycountry(inbillionliters)Globalbiodieselandrenewabledieselproduction2023,bycountryBiodieselproductioninbillionliters024681012141618UnitedStatesIndonesiaBrazil16.2712.67.53GermanyChina4.233.24NetherlandsFrance2.291.77Spain1.621.58Malaysia18Description:TheUnitedStatesistheworld'slargestproducerofbiodieselandrenewablediesel.In2023,theU.S.hadareportedoutputof16.27billionliters.TheU.S.succeededIndonesiaasthelargestproducerofthesebiofuelslargelyduetoariseinrenewabledieselproduction.ReadmoreNote(s):Worldwide;2023;FiguresincludeFAMEbiodieselandrenewabledieselwhereapplicable.DataforcountriesintheEuropeanUnionwasestimated.Source(s):EIA;USDAForeignAgriculturalServiceFAMEbiodieselproductionvolumeworldwidefrom2014to2023(in1,000metrictons)GlobalFAMEbiodieselproduction2014-202350,00045,00040,00035,00044,69341,60540,00239,73237,90236,70231,75829,71128,36030,00025,00020,00015,00010,0005,000025,952201420152016201720182019202020212022202319Description:GlobalFAMEbiodieselproductionreached44.7millionmetrictonsin2023.Thiswasa7.4percentincreasecomparedtothepreviousyear.FAMEstandsforfattyacidmethylesterandisoneoftwocommonbiodieselforms,theotherbeinghydrotreatedvegetableoil(HVO).IndonesiaisthelargestFAMEbiodieselproducingmarketworldwide.ReadmoreNote(s):2014to2023Source(s):S&PGlobal;UFOPFAMEbiodieselproductionvolumeworldwidein2023,bykeycountry/region(in1,000metrictons)LeadingFAMEbiodieselproducingcountry/region2023Productioninthousandmetrictons02,0004,0006,0008,00010,00012,00014,000IndonesiaEU11,90010,897Brazil6,624USA5,658China2,250MalaysiaThailandArgentinaColombiaCanada1,7001,469831700252204200175PhilippinesIndiaPeruRestoftheworld1,83320Description:IndonesiaisthelargestFAMEbiodieselproducingmarketworldwide.In2023,theAsiancountryreportedaproductionofaround11.9millionmetrictons.TheEUandBrazilfollowed,rankingsecondandthird,withaproductionvolumeof10.9and6.6millionmetrictons,respectively.TheEUwasalsoamongtheleadingHVObiodieselproducersworldwide.ReadmoreNote(s):2023Source(s):S&PGlobal;UFOPHVObiodieselproductionvolumeworldwidefrom2014to2023(in1,000metrictons)GlobalHVObiodieselproduction2014-202314,00012,00010,0008,00012,4499,1947,5646,5925,5146,0004,21020174,28120183,70020163,6244,0002,00003,289201420152019202020212022202321Description:GlobalproductionofHVObiodieselclimbedto12.45millionmetrictonsin2022.Since2014,HVOproductionhasnearlytripled,increasingineveryconsecutiveyear.TheUnitedStatesandtheEuropeanUnionarethelargestHVObiodieselproducersworldwide.ReadmoreNote(s):2014to2023Source(s):S&PGlobal;UFOPHVObiodieselproductionvolumeworldwidein2022and2023,bykeycountry/region(in1,000metrictons)LeadingHVObiodieselproducingcountry/region2022-2023Productioninthousandmetrictons2023

20224,00001,0002,0003,0005,0006,0007,0008,0009,0007,656U.S.EU4,3793,3463,2531,447Others1,56222Description:TheUnitedStateswasthelargestHVObiodieselproducerworldwidein2023,whenitproducedaround7.66millionmetrictonsworthofHVO.In2022,theUnitedStatesoutpacedtheproductionoftheEuropeanUnionbyalmost25percent.In2023,theEUwasamongtheleading?FAMEbiodieselproducerworldwide.ReadmoreNote(s):2022and2023Source(s):S&PGlobal;UFOPBiodieselconsumptionworldwidefrom2004to2023,withaforecastuntil2030(inmillionmetrictons)Globalbiodieselconsumptionvolume2004-20308070605040302010023Description:In2023,worldwidebiodieselconsumptionamountedto65.86millionmetrictons.Thiswasupfromonly2.2millionmetrictonsconsumedin2004.Consumptionvolumesareexpectedtoincreasefurtheroverthecomingyearsandforecasttoexceed75millionmetrictonsin2030.ReadmoreNote(s):Worldwide;2004to2023;*Figuresfrom2024onwardareprojections.ReadmoreSource(s):FAO;OECDRenewabledieselconsumptionfortransportationworldwidefrom2015to2023,withaforecastfor2030(inmillionliters)Renewabledieselconsumptionfortransportationglobally2015-203035,00030,00025,00020,00015,00029,07218,29012,6409,617202110,0006,9746,03020194,87520174,76120183,99720165,00002,51620152020202220232030*24Description:Worldwiderenewabledieselconsumptionsurpassed18.2billionlitersin2023.Incomparisonto2022,thisrepresentedanincreaseofalmost30percent.Furthermore,itisforecastthatrenewabledieselconsumptionattheglobalscalewillreachmorethan29billionlitersby2030.ReadmoreNote(s):Worldwide;2015to2023;*Forecast.Source(s):IEACHAPTER

04Trade&pricesExportvolumeoffuelethanolworldwidefrom2000to2023(inmillionmetrictons)Globalethanolexports2000-20231210864202000

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202326Description:In2023,theworldexportedroughly10.68millionmetrictonsoffuelethanol.Thiswasaslightincreasecomparedtothepreviousyear.Thepeakwasrecordedin2018,atover11.5millionmetrictons.

ReadmoreNote(s):Worldwide;2000to2023Source(s):FAO;OECDEstimatedexportvolumeofbiodieselworldwidefrom2015to2023(inmilliontons)Globalbiodieselexports2015-202325201522.9121.4719.8717.7715.9415.6211.8211.551058.53020152016201720182019202020212022202327Description:In2023,anestimated21.47milliontonsofbiodieselwereexportedworldwide.Thiswasadecreasecomparedtothepreviousyear.TheNetherlandsisthe?largestexporterofbiodieselworldwide.

ReadmoreNote(s):Worldwide;2015to2023;Figureswererounded.Source(s):InternationalTradeCentre;TradeMap;UNComtradeExportvalueofbiodieselworldwidefrom2012to2023(inbillionU.S.dollars)Globalbiodieselexportvalue2012-202345403530252041.7239.7130.4617.316.14201914.5520181510.86201411.09201710.459.969.361057.1302012201320152016202020212022202328Description:Therewasadecreaseintheexportvalueofbiodieselworldwidein2023.Thatyear,theglobalexportvalueofthisparticularbiofuelfelltoroughly39.71billionU.S.dollars.ThiswaspartlyduetosmallerexportsfromtheNetherlands,whichwasthelargestexporterofbiodieselworldwide.ReadmoreNote(s):Worldwide;2012to2023;Figureswererounded.Source(s):InternationalTradeCentre;UNComtradeWholesalepriceofU.S.Omahaethanolfrom1990to2023(inU.S.dollarsperhectoliter)Globalfuelethanolbenchmarkprice1990-20238070605040302029Description:Theworldbenchmarkforfuelethanol-U.S.Omahawholesaleprice-stoodat64.50U.S.dollarsperhectoliterin2023.Thisannualaveragewaslowerthanintheprevioustwoyears,afterrisingtoahighof$70.75perhectoliterin2022.

ReadmoreNote(s):Worldwide;1990to2023Source(s):FAO;OECDWholesalebiodieselpriceinGermanyfrom2020to2024,bycalendarweek(ineuroscentperliter)BiodieselwholesalepriceinGermany2020-202426024022020018016014012010030Description:Inthe44thcalendarweekof2024(October28toNovember3)thewholesalepriceofbiodieselinGermanystoodat170.13eurocentsperliter.Thiswasthehighestpricefor2024,sofar.Intheperiodofconsideration,figuresfluctuated,peakingat249.89eurocentspermetrictoninthecalendarweek44of2021,andreachingalowof121.5eurocentspermetrictoninthefirstcalendarweekof2021.?Germany’sproducerpriceofbiodieselisoftenregardedastheglobalbenchmarkforthefuel.

ReadmoreNote(s):Germany;2020to2024;Wholesalepriceincludingtaxes.Source(s):UFOPProducerpriceofbiodieselinGermanyfrom1990to2023(inU.S.dollarsperhectoliter)Globalbiodieselbenchmarkproducerprice1990-202320018016014012010080604020031Description:Theworldproducerbenchmarkforbiodiesel-Germany'sproducerprice-stoodat134.39U.S.dollarsperhectoliterin2023.Thiswasadecreaseofalmost29percentcomparedtothepreviousyear,whenthepricereached?itspeakat187.77U.S.dollarsperhectoliter.ReadmoreNote(s):Worldwide;1990to2023Source(s):FAO;OECDCHAPTER

05CompaniesBiofuelsproductionvolumeofVerbiofromfiscalyear2014to2024,bytype(inmetrictons)Verbio'sbiofuelsproduction2014-2024,bytypeBiodieselBioethanol/biomethane1,400,0001,200,0001,000,000800,000600,000400,000200,00002014201520162017201820192020202120222023202433/statistics/1446350/verbio-biofuels-production-by-typeMorethan1,100,000metrictonsofbiofuelswereproducedbyGermany-basedVerbioinits2024fiscalyear.Themajorityofitsbiofuelsproductioniscenteredaroundbiodiesel,whichmadeupsome637,283metrictonsofallbiofuelsproducedthatyear.ReadmoreNote(s):Germany;2014to2024;FiscalyearendingJune30Source(s):VerbioEthanolsalesvolumeofCosanS.A.throughbiofuelsubsidiaryRaízenfromfiscalyear2020to2024(in1,000cubicmeters)Raízen'sethanolfuelsales2020-20247,0006,1765,9176,0005,0004,0003,0002,0001,00005,5685,3255,1492020202120222023202434Description:TheBrazilianbiofuelproducerRaízensoldaround5.6millioncubicmetersworthofethanolinthefiscalyearendedMarch31,2024.Thiswasadecreaseofmorethanhalfamillioncubicmeterscomparedtothepreviousyear.RaízenisasubsidiaryofCosan,oneofthelargestenergyconglomeratesinSouthAmerica.ReadmoreNote(s):Brazil;2020to2024;FortheyearendingMarch31Source(s):CosanEthanolsalesvolumeofGreenPlainsfrom2015to2023(inmilliongallons)GreenPlains'ethanolsalesvolume2015-20231,4001,256.41,2001,00080060040020001,147.61,086.6947.6872.1856.6840.8793.7750.620152016201720182019202020212022202335Description:GreenPlainssoldsome840milliongallonsofethanolin2023.TheUnitedStates-basedcompanyisoneofthecountry'slargestbiofuelproducers.Intheperiodofconsideration,figurespeakedin2017.

ReadmoreNote(s):UnitedStates;2015to2023Source(s):GreenPlainsRenewabledieselandSAFsalesvolumeofNestefrom2015to2023(in1,000metrictons)Neste'srenewabledieselsalesvolume2015-20233,5003,0002,5003,3033,0213,0322,9932,8722,5672,2672,2612,2222,0001,5001,000500020152016201720182019202020212022202336Description:In2023,Nestesoldsome3.3millionmetrictonsofitspatentedrenewablediesel.TheFinnishoilrefinerandbiofuelproducercommercializedawayofproducingdieselfuelfromvegetableoilsthatleadstogreaterqualityresultsthanthemorewidelypracticedprocessofcreatingbiodiesel.ThistypeofrenewabledieselisalsoreferredtoasHVO(hydrogenatedvegetableoil).

ReadmoreNote(s):Worldwide,Finland;2015to2023Source(s):NesteCHAPTER

06OutlookProductionofbiofuelsworldwidein2023,withaforecast