Friday, November 30, 2018
Global Biofuel Market Poised for Significant Growth
A successful leader in the energy business, Levon Termendzhyan serves as an equity holder of Viscon, a company that produces and distributes a diesel-fuel additive to reduce harmful toxic emissions. In addition to this, Levon Termendzhyan serves as a joint-venture partner with Ibris Bio-Fuels Pte., Ltd., as part of his efforts to introduce biofuels to the U.S. market.
According to the 2017-2023 Global Automotive Biofuels Market report, the automotive biofuels market will increase to nearly $196 billion by 2023 from $118.63 billion in 2017. During this time, the market will experience an 8.67 percent compound annual growth rate (CAGR).
Biofuels, a renewable energy that has fewer emissions than fossil fuels, can be made from a huge range of items, including potatoes, corn, and vegetable waste. The sustainable nature of this fuel has made it an increasingly in-demand alternative to petroleum gasoline. However, many consumers are unaware of how biofuel can benefit their automobiles, so growth in the market has been restrained.
Despite this, experts still predict that the market will grow. The forecasted growth in the Global Automotive Biofuels Market report will most likely be driven by rising air pollution and fossil-fuel prices. Furthermore, government support for biofuels and their emissions regulations will also drive growth up around the world.
Currently, Europe has the strictest governmental regulations in place in regard to emissions. Because of this, the continent also accounts for the largest share of the biofuels market. However, the Asia-Pacific regions and the Americas show the fastest growth in biofuel demand.