Pushed by the need to address concerns with regard to climate change, economics, and energy security, more than 30 governments across the globe have enacted laws to facilitate the faster production of biofuels and expansion of their infrastructure. The better production of biofuel will somehow lessen the use of fossil fuels especially by the transportation industry.
According to a recent research, the biofuel industry will double its market value due to increased production and consumption in a decade’s time. Experts foresee it to grow from $82.7 billion this year to around $185 billion come 2021.
The widespread growth of the industry across regions will reshape industries and the geopolitical landscape according to analysts. Steps must also be taken to overcome challenges to meet the possible high demand of the ground, maritime, and aviation fuel markets.
Although the fuel industry have shown considerable success in the United States, European Union, and Brazil, the issue to face now will be sustainability, product neutrality, and feedstock versatility. The experts agree that the use and production of biofuels will be spreading to developing and developed economies in the next ten years but the access to feedstock will lead to big trades across country with Brazil being the key supplier.
The projections were made by Pike Research thru their report called Biofuels Markets and Technologies detailing key opportunities and challenges in biodiesel and ethanol. They looked into developments of policies, market drivers, feedstock economics, production, demands in different sectors, and the major industry players.