2021 Automotive Biofuels Market Global Research and Analysis Report February 2017 | Page 2

Further, the report states that one of the major factors hindering the growth of this market is
subsidies to fossil fuel consumption hampering adoption of biofuels for automotive use. The fossil
fuel consumption subsidies were at $548 billion in 2013, and this is the latest data available as per
International Energy Agency. These subsidies are more than four times higher than the subsidies
offered to renewable energy. Sources cite that many emerging regions of APAC and Latin America
enjoy the benefits of decreased fossil fuel prices because of these subsidies and thus prefer the use
of petroleum over renewables. This poses a challenge to the growth of the global automotive
biofuels market.
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