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Global biofuels market will overcome short-term challenges and reach $247 billion by 2020
Added 435 days ago - While many challenges still lay ahead for the biofuels market in the near future including limited availability of inexpensive feedstocks, ethical issues regarding food vs. fuel, petroleum price volatility, and overcapacity of production, a new report from Pike Research forecasts that the combined biodiesel and ethanol markets will reach $247 billion in sales by 2020, three times the figure forecast for 2010.
“In the near term, the biofuels market looks like a train wreck,” says Pike Research’s managing director Clint Wheelock. “The economics of ethanol and biodiesel are not yet competitive with petro fuels, and governments have pulled back some of their support. However, in the 10 to 15 year timeframe, the outlook remains very positive. The long-term commitment of national governments to foster robust biofuels markets remains solid, and technological advances and economies of scale will dramatically improve the economics of biofuels versus petroleum.”
Pike Research’s report, “Biofuels Markets and Technologies”, analyses the complexities and paradoxes of biofuels markets. It examines key technologies that will drive the future of the industry to include second and third generation feedstocks and advanced biorefining techniques. The report also includes profiles of key players and comprehensive forecasts that quantify the potential for biodiesel and ethanol by country and region.
Pike Research predicts that next generation biodiesels will pass three major milestones in coming years. Fuels based on waste greases will hit the market first in 2010, Jatropha-based fuels will begin to have a significant impact in 2014, while algae-based biodiesel will achieve commercial availability in 2012 and will have a deeper effect on the market from 2016 onwards.
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