The global automotive biofuels market was valued at USD 73 billion in 2016 and is expected to surpass USD 109 billion by 2021, says Technavio.
Technavio has announced its latest market research report on the global automotive biofuels market, under its automotive manufacturing portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like ADM, INEOS Enterprises, Neste, and Renewable Energy.
According to Siddharth Jaiswal, a lead analyst for automotive manufacturing research at Technavio, “The strict regulations for keeping a check on vehicular emissions is likely to drive use of automotive biofuels. Efforts are being made by governments across the globe to minimize the negative effects of global warming and reduce the GHG emissions.”
For instance, the European Commission has set norms to reduce emissions of heavy-duty vehicles in the coming years. Currently, the key countries and regions that have implemented emission norms include the US, the EU, Japan, South Korea, India, China, and Canada. Technavio expects Australia, Mexico, Russia, and Brazil to implement emission standards during the forecast period. As the number of countries implementing emission standards increases, the use of hybrid and alternative fuels is also expected to increase during the forecast period.
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Biofuel production to go green
Ethanol today, even though flaunted as a green alternative to fossil fuels, is not environment-friendly in the true sense. The process used to convert sugarcane or corn into ethanol involves a host of steps, including milling, cooking, liquefaction, fermentation, and distillation. These processes to produce such a green fuel, consume electricity and energy produced from coal or petroleum, which ultimately nullifies the green in the ‘green fuel’ tag that ethanol still enjoys. R&D laboratories are trying to create a process, which is viable outside the laboratory confines, enough for commercial use. It is expected that this would soon become the thrust point for the industry, looking to decrease their carbon footprint.
Research on third-generation biofuel: Algae fuel
Algae fuel is an emerging source of fuel that is being considered as a suitable alternative to liquid fossil fuels and biofuel sources such as corn and sugarcane. Sources indicate that there has been significant funding support to promote and make the production of algae commercially viable.
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This market research report includes an in-depth study and market shares and sizes of the sub-segments and geography. An analysis of the key firms, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio market research report titled, ‘Global Automotive Biofuels Market 2017-2021‘. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Biofuels Market 2016-2020
- Global Aviation Alternative Fuels Market 2016-2020
- Global Aviation Fuel Market 2016-2020
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