Frequently Asked Questions
The global Renewable hydrocarbon fuel market was valued at USD 351.9 Billion in 2022.
The Renewable hydrocarbon fuel market is expected to grow at a CAGR of 8.90% between 2023 and 2030, reaching USD 639.1671188 Billion in 2030.
Lipids is the leading segment by type, holding around half of the share in value in 2022.
The Locomotive governs the demand for Renewable hydrocarbon fuels worldwide, holding a massive share of nearly 30% in 2022.
Cellulosic Biomass is expected to post the highest CAGR during the forecast period.
Asia-pacific is fueling the growth of the Renewable hydrocarbon fuel industry, with nearly three-fifth share in 2022.
The top players include Ensyn Corp, Star Oilco, Sunshine Biofuels, Iogen, Neste, Next Chem(Maire Tecnimont), Musket, Phillips 66, Next Renewable Fuels, and others.
The need to reduce dependency on fossil fuels and enhance energy security & growing concerns about climate change and environmental degradation are the major market drivers.
Availability and sustainability of feedstock for renewable hydrocarbon fuel production & there have been technological advancements in renewable hydrocarbon fuel production, but some technical challenges are still restraints of the renewable hydrocarbon fuel industry.
The global shift towards a low-carbon economy and the need to reduce greenhouse gas emissions & concept of a circular economy that focuses on reducing waste, reusing materials, and promoting resource efficiency, aligns well with the renewable hydrocarbon fuel industry are opportunities for the renewable hydrocarbon fuel industry.