Greentech Lead America: The global market for biofuel is expected to reach about 59.2 billion gallons by 2020 from 27.4 billion gallons in 2010, growing at a CAGR of 8 percent during the analysis period, says a new report from MarketResearch.com.
Asia-Pacific is projected to be the fastest growing region in terms of both Ethanol and Biodiesel consumption with CAGRs of 16.5 percent and 11 percent respectively during the period 2010-2020.
North America is expected to be the second fastest growing region for Biodiesel consumption with 15 percent CAGR while South America follows with 8.6 percent.
The recent spurt in oil prices, coupled with mounting concern related to global warming associated with carbon dioxide (CO2), emissions have resulted in the reemergence of biofuel as viable alternatives, the report said.
Meanwhile Navigant Research recently predicted that worldwide biofuel production will grow from 33.6 billion gallons per year (BGY) in 2013 to 61.6 BGY in 2023.
According to Navigant Research, North America is leading the transition to advanced biofuels, but healthy growth in Europe, Asia Pacific, and Latin America is also helping to diversify the fuel supply for a range of transportation applications.