Carbon-Neutral Fuels Market Synopsis
The global demand for carbon-neutral liquid fuels is driven by increasing demand in various end-use industries, particularly aviation, automotive, marine, and power generation to eliminate carbon emissions. Increasing regulations to reduce emissions generated by the aforementioned end-use industries due to its adverse impact on the surrounding environment is fueling the demand for carbon-neutral fuel cells.
However, the increasing preference for electric vehicles and the high cost of carbon-neutral alternative fuels is affecting the growth of the carbon-neutral fuels market report.
Carbon-Neutral Fuels Market Regional Analysis
Regionally, the global carbon-neutral fuels industry has been segmented into Europe, North America, Asia-Pacific, Latin America, and the Middle East & Africa.
The market in North America accounted for the largest share of the COVID-19 analysis on carbon-neutral fuels market growth in 2018 and is expected to grow at a significant rate during the review period. The growth can be attributed to the increasing regulations against carbon emissions from major end-use industries such as automotive, aviation, and marine. For instance, the International Civil Aviation Organization (ICAO) has set the performance standard for new aircraft aimed at improved fuel efficiency and reduced carbon emissions. Additionally, stringent maritime emission regulations set by the International Maritime Organization (IMO) for all ocean-going vessels to reduce emissions is also likely to add to the market growth.
Europe is the prominent market for carbon-neutral synthetic fuels on account of the growing automotive industry coupled with increasing production of hydrogen fuel cell vehicles.
The market in Asia-Pacific is expected to register significant market growth in the coming years on account of the rapid growth of the automotive, aviation, and marine industry. The increasing production of hydrogen fuel cell vehicles primarily in China, Australia, and Japan is likely to drive the market growth. Japan has spent around USD 12 billion on hydrogen technology to reduce fossil fuel imports and carbon emissions. The country expects to have around 8,00,000 hydrogen fuel cell vehicles on the road by 2030.
The markets in Latin America and the Middle East & Africa are likely to create lucrative opportunities for the players operating in the global carbon-neutral fuels market during the review period owing to the growth of the end use industries.
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Carbon-Neutral Fuels Market Segmentation
The global carbon-neutral fuels market demand has been segmented by feedstock, type, application, and region.
Based on feedstock, the global market has been divided into carbon dioxide, hydrogen, plant starches, animal fats, vegetable oil, and others.
Hydrogen cell, biodiesel, bioethanol, biobutanol, methanol, algae, and others are various types of carbon-neutral fuels.
Automobiles, ships, aircraft, trucks, trains, power generation, chemicals, and others are the application segments of the global carbon-neutral fuels market.
Carbon-Neutral Fuels Market Key Players
Cargill, Incorporated (US), Koch Industries, Inc (US), Carbon Engineering Ltd (Canada), BIOX Corporation (Canada), Archer Daniels Midland Company (US), The Andersons, Inc (US), Abengoa (Spain), Wilmar International Limited (Singapore), Copersucar (Brazil), POET, LLC (US), Bunge North America, Inc (US), Renewable Energy Group, Inc (US), and Raízen (Brazil).
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