21 Feb '12, 12am

Report: Global Biofuels Market Could Double To $185.3 Billion By 2021

Report: Global Biofuels Market Could Double To $185.3 Billion By 2021

A new report from Pike Research predicts the global biofuels market will double over the next decade, from $82.7 billion in 2011 to $185.3 billion in 2021. Even with this rapid growth, however, significant hurdles remain and could prevent the industry from meeting government mandates. The new report, Biofuels Markets and Technologies , estimates steady growth though 2016 but rapid production increases between 2017 and 2021 as a result of higher oil prices, emerging mandates, new feedstock availability, and advanced technologies. Total global biofuel production is projected to reach 65.7 billion gallons per year (BGPY) by 2021, and ethanol is expected to maintain its dominance over the industry, with nearly 50 BGPY compared to biodiesel’s 16.2 BGPY. Several key markets are driving industry growth. Blending mandates now exist in at least 38 countries and 29 states or provinc...

Full article: http://cleantechnica.com/2012/02/20/report-global-biofuel...

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