Tax Exemptions on Non Food-based Bio LPG Boost Consumption during COVID-19 Outbreak
The COVID-19 pandemic has radically altered the global energy sector. The European Commission has approved a tax exemption for non-food based biogas and Bio LPG (Liquefied Petroleum Gas) used as motor fuel or for heating in Sweden. The objective of this tax exemption is to increase the consumption of biopropane and biogas to reduce the use of fossil fuels. Due to the ongoing pandemic, companies operating in the Sweden Bio LPG market are capitalizing on tax exemption, as industrialists and individuals are becoming aware about reducing greenhouse gas emissions to safeguard the environment.
Other governments are taking cues from the European Commission and are introducing schemes for 5 year or 10 year plans. This will help industrialists to transition toward advanced biofuels such as Bio LPG. Tax exemptions are becoming necessary to stimulate the production and use of domestic and imported Bio LPG and biogas.
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Cellulosic and Waste-feedstock Facilitate Commercial Production of Bio LPG
Gaseous conversion & synthesis and liquid conversion & synthesis are two advanced chemical processes used to manufacture Bio LPG. However, these processes are technically challenging and not well-established commercially. This is anticipated to cause uncertainty in the Bio LPG market. As such, these chemical processes hold promising potentials to use cellulosic- and waste-feedstock on a large scale to produce significant volumes of biopropane. Manufacturers in the Bio LPG market can capitalize on this business opportunity, since these processes help to break down large and complex molecules of biomass into smaller and simpler molecules that can be synthesized for the production of fuels. As such, the market for Bio LPG is expected to expand at an explosive CAGR of ~83% during the years 2024 to 2030.
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Manufacturers Commercialize Bio LPG with Refining Process of Biodiesel
Bio LPG is being associated with low carbon footprint compared to conventional LPG. Hence, SHV Energy— a global distributor and marketer of LPG is increasing its production capacities with the help of sustainably sourced renewable feedstock. As such, the Bio LPG market is projected to surpass US$ 65 Bn by the end of 2030. Manufacturers are adopting the renewable biodiesel production process, which also generates by-products of biopropane.
The cost-efficient production technique involves collection of Bio LPG from waste off-gases during the refining process of biodiesel. In this way, manufacturers are able to commercialize the large-scale production of Bio LPG. As such, Bio LPG is being purified to produce conventional propane. Companies in the Bio LPG market are harnessing the advantages of biological processes to boost their output capacities. The hydrotreatment of bio-oils is another production technique, which is being used to commercialize Bio LPG.
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Renewable Propane Scales Business in Transportation Applications in California
Apart from hydrotreatment of bio-oils and refining process of biodiesel, the fermentation of sugars has reached a demonstration stage for the large-scale production of Bio LPG. The process with the largest potential for volume is the gaseous conversion and synthesis of cellulosics or organic wastes. Bio LPG is being publicized as renewable propane in California. Companies in the bio LPG market are in a profitable position in California, since renewable propane is increasingly replacing conventional gasoline and diesel in transportation applications.
Multi-product processes of renewable diesel and renewable natural gas are being harnessed by manufacturers in the Bio LPG market to produce renewable propane. Thus, renewable propane is gaining popularity as a sustainable fuel solution in California due to constant replenishment of energy with the help of natural decay of organic matter.
Favorable Combustion Attributes of Biopropane Preferred in Vehicles over Diesel
The growing individual acceptance toward reducing, reusing, recovering, and recycling resources is benefitting companies in the Bio LPG market. Manufacturers are unlocking revenue opportunities in millions of the U.S. households, since Bio LPG is replacing methane in space conditioning, cooking, and water heating applications. Increasing number of people is using propane to fuel their outdoor grills. The ever-evolving automotive sector is also creating value-grab opportunities for companies in the Bio LPG market, since propane serves as a good alternative to vehicle fuel.
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