Global Biofuels Market Expected to USD$ 191.8 Billion By 2020

Date: 2016-09-17

Global biofuels market will double over the next decade, from $82.7 billion in 2011 to $191.8 billion in 2020, at a Compound Annual Growth Rate (CAGR) of 9.8%. Even with this rapid growth, however, significant hurdles remain and could prevent the industry from meeting government mandates.

The world is experiencing surging demand for biofuels, mainly because these are biodegradable, naturally derived and are good substitutes for the conventional energy sources. As a result, the volume of investment is also on the rise because the global biofuels market is proving to be a lucrative one. The applicability of biofuels is vast as these can be used in the automotive industry, railways, industrial oil heating technology and the marine industry. The biofuels market in the US is driven by these factors. Biofuels are gaining popularity worldwide mainly because they are the best sources of clean energy.

Currently, biodiesel is the highest produced second-generation biofuel; however, cellulosic ethanol would surpass it in the next couple of years, the report states. Ease of production of cellulosic ethanol will be a principal driver that would contribute to the economies of scale. Furthermore, the cellulosic ethanol market is forecast to grow at a CAGR 52.2 percent during 2014-’20, due to the rapid growth in technologies for mass production. 

Currently, North America accounts for about 82 percent of the global market share, as various market players prefer the U.S. for operating their pilot plants, chiefly due to supportive regulatory environment. Recently, Procter & Gamble announced a collaboration with DuPont to use cellulosic ethanol, replacing corn-based ethanol in its Tide detergent in North America. Other major players that recently started the production of cellulosic ethanol in North America are INEOS New Planet BioEnergy, Poet-DSM Advanced Biofuels LLC, Canergy LLC, Abengoa bioenergy, Amyris and Enerkem among few.
Read Full Report: 

Joanna | Executive – International Business and partner Relations
E-mail: | Tel: 1-510-400-8520

Contact With Us
Join templatemonster at google+
Customized Research
Request Sample