Global Alternative Fuel Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Alternative Fuel Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Alternative fuels are also called non-traditional fuels or advanced fuels. They are any materials or chemicals that can be used as fuels to replace traditional fuels. Alternative fuels include gaseous fuels such as hydrogen, natural gas and propane; alcohols such as ethanol, methanol, butanol; vegetable oils and waste-derived oils; and electricity. These fuels can be used in dedicated systems that burn a single fuel, or in hybrid systems with other fuels (including traditional gasoline or diesel), such as hybrid electric or flexible fuel vehicles.

Market Overview:

The latest research study on the global Alternative Fuel market finds that the global Alternative Fuel market reached a value of USD 251533.18 million in 2022. It’s expected that the market will achieve USD 528144.7 million by 2028, exhibiting a CAGR of 13.16% during the forecast period.

Logistics

Due to the epidemic situation, many countries have imposed controls on domestic transportation and the movement of people, and imposed restrictions on imported goods. This has led to various levels of logistics disruption, cargo accumulation and transportation delays. At present, the logistics industry in various countries is gradually recovering operations according to different national policies. It is expected that after the epidemic is further controlled, it will basically return to normal.

SME

The epidemic will have an impact on the cash flow of small and medium-sized enterprises in the industry and thus affect the operating conditions. As a result, the share of small and medium-sized enterprises in the market will shrink and the share of head enterprises will increase.

Industrial automation will further develop

The epidemic will promote automated production in the industry, enabling manufacturers to hire more high-tech talents and multi-skilled compound workers, reduce dependence on labor, and better respond to labor fluctuations. At the same time, more and more attention will be paid to the standardization of components, the intelligentization of logistics and the enhancement of the anti-risk ability of the supply chain.

Rising demand for alternative fuel vehicles

In recent years, the increase in energy consumption and the rapid growth of the automobile industry have caused people to worry about the depletion of non-renewable energy. At the same time, the government's strict laws and regulations on vehicle emissions and the increase in public charging infrastructure have directly promoted the development of energy-efficient vehicles to a certain extent. As a result, the demand for alternative fuel vehicles is also rising. In addition, technological advances in alternative fuel vehicles and active government initiatives, such as investing in electric and hybrid buses for public transportation, are driving the growth of the alternative fuel and hybrid vehicle market. As a result, the demand for alternative fuel vehicles has promoted the development of the alternative fuel industry.

The cost of alternative fuels is higher

For the alternative fuel industry, its high cost limits the development of the industry. First, the manufacturing process of alternative fuels is more expensive and challenging than traditional fuels. Because compared with gasoline and diesel, it needs to be scalable and sustainable. At the same time, some more expensive equipment is required to manufacture and use alternative fuels. This also increases the operating costs of alternative fuels. In addition, some alternative fuels need to be mixed with other fuels as additives, and they cannot be used alone. These characteristics also hinder the development of alternative fuels. It can be seen that the current high cost has become one of the factors restricting the development of the industry.

Region Overview:

In 2021, the share of the Alternative Fuel market in Asia-Pacific stood at 46.77%.

Company Overview

Sinopec is one of the major players operating in the Alternative Fuel market, holding a share of 7.53% in 2021.

Sinopec

China Petroleum & Chemical Corporation, referred to as Sinopec, is a giant energy and chemical company. It integrates petroleum exploration, extraction, refining, transportation, sales, and production of chemical products, covering the entire upstream, midstream, and downstream processes of petroleum production.

Shell

Shell is a global group of energy and petrochemical companies with more than 80,000 employees in more than 70 countries. Shell uses advanced technology and innovative methods to help build a sustainable energy future. Shell also invests in electricity, including low-carbon energy sources such as wind and solar; and new fuels for transportation, such as advanced biofuels and hydrogen.

Segmentation Overview:

Biofuels
Biofuel, any fuel derived from biomass-that is, plant or algae material or animal waste. Because this raw material can be easily replenished, unlike fossil fuels such as oil, coal, and natural gas, biofuels are considered a source of renewable energy.

CNG

Compressed natural gas is a kind of natural gas for fuel. As an alternative to petroleum, it is a much safer option among environmentally friendly clean fuels than other fuels when they leak.

LPG

Liquefied petroleum gas is a mixture of propane and butane, usually accompanied by small amounts of propylene and butene. Liquefied petroleum gas is a mixture of hydrocarbon gases. It is used as a fuel in heaters and vehicles, and it is increasingly replacing chlorofluorocarbons as aerosol propellants and refrigerants to reduce the damage to the ozone layer.

Application Overview:

The market's largest segment by application is the segment Automotive, with a market share of 89.96% in 2021.

Key Companies in the global Alternative Fuel market covered in Chapter 3:

ExxonMobil
Shell
Swedish Biofuels
Total
Fulcrum BioEnerg
Honeywell UOP
Sinopec
BP
Renewable Energy Group
World Energy 
SkyNRG
Sasol

In Chapter 4 and Chapter 14.2, on the basis of types, the Alternative Fuel market from 2018 to 2029 is primarily split into:

Biofuels
CNG
LPG
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Alternative Fuel market from 2018 to 2029 covers:

Aviation
Automotive
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)