Top emerging Bio-Oil startups
- Vikas Kumar
- March 16, 2024
- BLOG, Energy & Power
- Bio-oil Market forecast, Bio-oil Market growth, Bio-oil Market share, Bio-oil Market Size, Bio-oil Market trends
- 0 Comments
Bio-Oil is a liquid fuel made from materials such as agricultural crops, algal biomass, and waste. They are inexpensive, clean and a viable alternative to the traditional polluting fossil fuels with respect to reducing environmental pollution. The benefits of using biodiesel as a vehicle fuel improves air quality and the environment.
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Recent Development:
- The Biofuture platform, a 22-country Initiative, was established in 2021. It aims to foster consensus on biomass sustainability, best practices, and enable financing.
- Sep 2023: HMM to demonstrate the South Korea’s first biofuel-based container ship, powered by GS Caltex. HMM aims to increase use of biofuels for vessels to about 5 to 10 percent of total fuel.
- Sep 2023: Indian Oil has unveiled India’s first hydrogen-powered bus, which emits only hydrogen.
- Apr 2023: Cepsa & Bio-oils created a joint venture to promote production of biofuels. The new plant will have a capacity of 500,000 tons of sustainable aviation fuel annually.
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Conclusion:
Biofuels play an important role in decarbonizing; they can often be used in existing engines with little modification. However, a significant increase in biofuel production is needed. Extending biofuel production to advanced feedstocks is critical to ensure minimal impact on economy and environmental factors. According to the UnivDatos Market Insights, the need to meet net zero emission goals across the globe in various countries and rising consumer awareness towards environmentally friendly products are acting as a catalyst in the growth of bio-oil globally and as per their “Bio-Oil Market” report, Bio-oil market was valued at USD 349 million in 2022 & is expected to grow at a CAGR of 4.5% from 2022-2030 to reach USD Million by 2030.