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United States Biofuel Market to Dominate the Energy Market
By Shubhendra Anand , 18 April, 2024
The biofuel market is expanding significantly with the green energy transition process in 2024. Countries worldwide are contributing in various ways to level up the process of the transition to clean energy. Biofuel production is targeted to aid the transformation in the upcoming years. The United States aims to produce biofuels in large amounts to dominate the world market by the end of 2035, as to research in 2024.
Research conducted for biofuel production in 2024 suggests that the United States claims to produce biofuels equal to 1.3 million barrels of oil per day. The United States expects to reach the target by 2035 with an increase of 53 percent over the current production rate. The main reason behind the demand for biofuels is the clean energy transition. With the wide adoption of clean energy transition, the demand for renewables is growing daily. Therefore, the energy market considers the production of biofuels as an essential aspect of achieving clean energy transition by the end of 2050. Simultaneously, the demand for sustainable aviation fuels (SAFs) fuels biofuel production is increasing.
Biofuels consist of natural, plant-based products that produce fuel, unlike conventional oil and gasoline production methods for the energy market. Therefore, the method claims to speed up the decarbonization of the environment. The transportation sector globally aims to shift to biofuels by reducing the usage of conventional fuels. It tries to set up an electric vehicle position in the automotive market that is strong enough with many EV infrastructures. However, the production of biofuel seems more practical and cost-friendly. Therefore, to limit the emissions of harmful gases, the energy market is trying to produce a more significant number of biofuels. The new survey on the production of biofuels in the United States claims that it will be the leading nation in the fuel sector by the end of 2035. The United States will dominate the world with the production of diesel and, at the same time, with advanced biofuels by the end of 2035.
Demand for biofuels to grow in the upcoming years
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Shubhendra Anand
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