Lignocellulosic Feedstock-based Biofuel Market Size

Lignocellulosic Feedstock-based Biofuel Market size is expected to register remarkable growth rate during the forecast period i.e., between 2024-2036. 

The growth of the market can be attributed to the growth of transportation industry, as transportation industry is heavily dependent upon fossil-based fuels, such as gasoline and natural gas that causes an extensive increase in greenhouse gas emissions over the years. Therefore, the transportation industry is steadily moving towards low-carbon alternatives such as biofuel to reduce greenhouse gas emissions. Biofuels can significantly enhance energy security and reduce petroleum import dependence. Presently, renewable energy accounts for around 14% of global energy demand and 73% of which comes from biofuels. Several countries, including Brazil, and China, are increasingly adopting bioethanol to curb rising air pollution concerns. New developments and governments' incentives will further boost the production and adoption of biofuels.