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2009 August 10

Global biofuels market to approach quarter of a trillion dollar in a decade: report

David Landes
The global biofuels market will likely surpass a quarter of a trillion dollars in just over ten years, according to a recent report.

The growth in the world biofuels market, which the Pike Research projects will reach $280 billion by 2022, will be driven largely by national biofuel consumption mandates, the Reuters news agency reports.

The generally positive report also expects the biofuels market to be supplemented by other fuels like "green gasoline and renewable diesel."

The report notes that in Brazil, the third largest biofuels market, biofuels already account for more than half of the fuel used by vehicles running on liquid fuels when measured by volume.

"My personal view is that Brazil will continue its long-term biofuels trends and that the future will see it exporting both crude petroleum and biofuels. Brazil's increasing role as an oil power can coexist with its biofuel policies," report author Robert McDonald told Reuters.

The report from Pike Research forecasts three phases of growth in the biofuels market due to various feedstock advances.

The first stage will be a wider introduction of fuels from low-grade greases, followed by biofuels based on jatropha oil, and algae-based biofuels representing the third wave

Read the full article here.

Read the Pike Research report summary here.