Drop-in Fuels: Introduction
- Growth in environmental concerns due to greenhouse gas and carbon emission is compelling various companies around the world to come up with green fuel. Drop-in fuel is a type of biofuel that can provide the green fuel solution.
- Drop-in fuel is a safe and clean substitute for fossil fuel, as it is produced from vegetable oil. Therefore, various governments across the globe are promoting the use of drop-in fuel. Governments are also offering tax benefits and subsidies. Hence, various companies are investing in R&D activities to develop cheaper and more advanced drop-in fuel.
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Key Drivers and Restraints of Global Drop-in Fuels Market
- Utilization of drop-in fuel does not require any upgrade in engine. Engines require installation of special equipment for conventional biofuel. This results in additional costs. However, drop-in fuel do not require any additional costs. This is expected to drive the global drop-in fuel market during the forecast period.
- Rise in concerns about global warming and carbon emissions has compelled governments across the globe to enact stringent rules and regulations to minimize carbon emissions. This has encouraged companies to focus on better, cleaner, and cheaper fuels such as drop-in fuel. Thus, implementation of stringent rules and regulations are anticipated to drive the global drop-in fuels market.
- Availability of cheap alternates such as fossil fuel and LPG is anticipated to restrain the market. Large amount of alternate fuel is available across the globe at cost-effective rates. This is hampering the demand for drop-in fuel. Hence, availability of cheap alternates is a key factor estimated to restrain the global drop-in fuels market.
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Global Drop-in fuels Market: Segmentation
- The global drop-in fuels market can be segmented based on feedstock and end-user
- In terms of feedstock, the global drop-in fuels market can be classified into vegetable oils, animal fats, greases, algae, others. The algae segment is expected to expand at a high CAGR during the forecast period.
- Based on end-user, the global drop-in fuels market can be classified into automotive, aviation, defense, and others. The automotive segment is estimated to expand at a significant CAGR in the near future. Drop-in fuel reduces emission of sulfur oxide, hydrocarbons, nitrogen oxides, and low particulates. Therefore, demand for drop-in fuels is high in the automotive segment.
Global Drop-in Fuels Market: Regional Segmentation
- Based on region, the global drop-in fuels market can be split into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific dominated the global drop-in fuels market in 2019. The market in the region is anticipated to expand significantly during the forecast period, owing to the rise in demand for green fuel in the region.
- The drop-in fuel market in North America is also likely to expand significantly during the forecast period, due to the presence of stringent regulations to lower the emission of carbon and greenhouse gases in the region. The U.S is anticipated to be the leading country of the market in North America in the near future.
- Europe is estimated to be a key region of the global drop-in fuels market in the near future. Various countries in the region such as Germany, the U.K., Italy, and France are undertaking projects to lower the emission of greenhouse gases.
- The drop-in fuels market in Latin America and Middle East & Africa is anticipated to expand at a sluggish pace during the forecast period. These regions possess high amount of crude oil. As a result, companies in these regions prefer fossil fuel over drop-in fuel.
COVID-19 Impact on Global Drop-in Fuels Market
- The COVID-19 pandemic spread across the globe in a short period of time. It has adversely affected various markets such as automobile and aviation.
- Global lockdown has hampered the availability of labor, resulting in less or no production. Furthermore, demand for automobiles has been hampered due to the COVID-19 pandemic. Thus, the COVID-19 pandemic is estimated to restrain the drop-in fuel market in the next couple of years.
Key Players in Global Drop-in Fuels Market
- Royal Dutch Shell plc
- VIRENT, INC.
- SBI BioEnergy Inc.
- NEUTRAL FUELS
- Red Rock Biofuels
- AINSWORTH ENERGY CO. LTD.
- Robert Bosch GmbH
Global Drop-in fuels Market: Research Scope
Global Drop-in fuels Market, by Feedstock
- Vegetable Oils
- Animal Fats
Global Drop-in fuels Market, by End-user
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