Product ID: SQMIG55E2010
Report ID:
SQMIG55E2010 |
Region:
Global |
Published Date: February, 2024
Pages:
246
|
Tables:
126 |
Figures:
77
Biofuels Market size was valued at USD 2675 million in 2019 and is poised to grow from USD 2862.25 million in 2023 to USD 4917.88 million by 2031, growing at a CAGR of 7% in the forecast period (2024-2031).
One of the main market drivers is the rising demand for the product from the automotive and aerospace industries. The substance has been widely used as a fuel substitute in the automotive industry. For instance, it has been discovered that the use of biodiesel increases energy security, improves air quality and the environment, and provides benefits for safety including simple transportation and storage. In a similar vein, using biofuels in the aviation industry can help cut carbon emissions. According to data, the aviation industry is one of the top producers of greenhouse gases, accounting for close to 2% of global emissions.
Biomass, including sugar and cellulose, is fermented to make biofuel. There are three distinct processes that can be used to make it. First-generation variations are made by enzymatically fermenting corn and wood, and second-generation variants are made by doing the same thing using animal fat. Utilizing leftover animal fat that has been refined into oil, the second-generation process. The third-generation preparation method likewise makes heavy use of algae. To create the biofuel, the oil obtained from the algae is combined with alcohol. Jet fuel can also be made from this algae oil. The cleaning of significant oil spills caused by cargo ships is another novel use for this product. This means that it also serves as a safety component for the preservation of aquatic wildlife.
Additionally, butanol's strong capacity for supplying energy makes it a highly sought-after substance for usage in engines. Alternative fuel sources are being used by many nations to lessen their harmful environmental effects. Due to limited fossil fuel reserves, alternative fuels are the only source of technology. Consequently, the biofuel business has a large window of opportunity to grow and innovate.
US Biofuels Market is poised to grow at a sustainable CAGR for the next forecast year.
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Product ID: SQMIG55E2010