A biofuel is a fuel that is produced through contemporary biological processes, such as agriculture and anaerobic digestion, rather than a fuel produced by geological processes such as those involved in the formation of fossil fuels. Both ethanol and biodiesel are better alternatives to fossil fuels and both reduce pollution and greenhouse gas emissions.
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The global automotive biofuels market was USD 123.41 billion in 2018 and will reach USD 213.84 billion by 2025 at a CAGR of 8.17% during the forecast period.
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Growth by Region
Europe has largest market share due to stringent regulations from government to run vehicles with minimum bioethanol. Americas will show significant growth rate due to increasing applications in dual-fuel vehicles. Asia Pacific will be fastest growing region due to increasing demand for biofuels in automobiles in India and China
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Drivers vs Constraints
Increasing fossil fuel prices and air pollution associated with them is driving the demand for biofuels market. Stringent government regulations for keeping a check on vehicular emissions is driving the use of automobile biofuels. However, lack of awareness about the advantages of biofuels in automobiles and rising consumer concerns that biofuels damage vehicle engines are the factors restraining the market growth.
Industry Trends and Updates
Algae fuel, a low cost, high-energy renewable feedstock for third generation biofuel is emerging trend.