Automotive biofuels market to grow by CAGR 8.37%, with algae a key driver

The global automotive biofuels market is likely to expand at a CAGR (Compound Annual Growth Rate) of 8.37% from 2017 to 2021, according to a new market study.

Produced by MarketResearchReports.biz, the new study claims the market growth will be driven by the trend of producing biofuel in an attempt to ‘go green’. Strong regulations which are limiting vehicle emissions are also stimulating the adoption of automotive biofuels, as governments around the world strive to minimise greenhouse gas emissions and reduce the effects of global warming.

Titled ‘Global Automotive Biofuels Market 2017-2021’, the study looks at the key drivers and challenges affecting the market. It analyses global trends that are currently shaping the market alongside forecast future opportunities.

An emerging trend identified is research on algae fuel, a low cost, high energy renewable feedstock for third generation biofuel. The commercialisation of second generation ethanol is also highlighted as an emerging trend, one which is moving beyond its traditional US base. Recent research has found that ethanol could be the key to addressing flaws related to the cultivation of sugarcane for use as biofuel in the automotive industry.

Segmenting the market into North America, Europe, Asia Pacific and the Rest of the World, the report highlights North America as the leading market for automotive biofuels.