Advanced biofuels market to reach 43.1 billion by 2033, study finds
In Delaware, a new report by Future Market Insights (FMI) forecasted that the advanced biofuels market will be worth $19.28 billion in 2023 and $43.19 billion in 2033.
Ethanol is anticipated to have considerable growth in the advanced biofuel sector due to its broad use in automobiles without necessitating adjustments to the internal combustion engine, FMI said.
“Two of the key causes anticipated to propel the market are the government’s strict environmental rules and the general public’s rising worries about global warming. Sustainable biofuels are being produced more efficiently and sustainably due to the breakthroughs offered by emerging technology,” the report reads.
“In emerging nations, energy consumption is rising dramatically as a result of fast urbanization and industrialization. It is predicted that government legislation supporting the adoption of advanced biofuels in place of fossil fuels offers a new perspective to the market. These rules are likely to help the markets in developing economies,” the report adds.
Category: Fuels
