Biofuels Market Segmentation:
Fuel Type Segment Analysis
Ethanol segment is estimated to capture over 70% biofuels market share by 2035. The combustion of fossil fuels in internal combustion engines makes the transportation sector the largest contributor of greenhouse gas emissions on a global scale. To reduce these emissions, countries worldwide have implemented regulations to encourage the use of renewable energy sources.
Ethanol and other biofuels are seen as cleaner energy alternatives for the transportation industry, potentially driving the growth of the biofuel market in the future. Renewable Fuels Association reports stated, that with the production of 15.4 billion gallons of fuel ethanol, the United States made its place as the top producer of biofuel globally in 2022.
Form Segment Analysis
Liquid segment in the biofuels market is likely to showcase lucrative growth rate till 2035. Liquid biofuel types are in high demand compared to solid and gaseous types because they are extensively used in flexible-fuel vehicles and there is a focus on energy security. These biofuels are derived from renewable sources, especially domestic and commercial waste, which reduces concerns about resource scarcity. Furthermore, the increasing use of liquid biofuels as a transportation fuel in the automotive transportation sector is driving the demand for biofuels.
Application Segment Analysis
In application segmentation, the automotive segment in the biofuels market is anticipated to dominate the revenue in the year 2035. Biofuels like ethanol, biodiesel, and other alternatives are being used more and more as a means of fuel for transportation in the automotive industry. The automotive sector has significant potential for growth due to factors for instance, the increasing need for fuel-efficient vehicles, the shift towards electric vehicles, and urbanization trends.
The number of newly registered vehicles in Australia saw a 1.2% increase, with 101,233 units in March 2022 compared to March 2021. As the automotive transportation sector experiences rapid growth and production trends, the demand for biofuels as transportation fuel or vehicle engine fuel is on the rise.
Our in-depth analysis of the global market includes the following segments:
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