Pike Research says global biofuel market may reach USD 185.3bn in 2021

Oct 11, 2011 - The worldwide biofuel market will more than double by 2021, reaching USD 185.3 billion (EUR 136.4bn), according to a report by cleantech market intelligence firm Pike Research.

In 2011, the biofuel market is seen at USD 82.7 billion.

Now more than 38 governments around the globe have introduced blending mandates or targets to speed up the sector's growth, Pike Research said. These measures are motivated by growing concerns about energy security, climate change and economic stagnation.

Most sector firms are confident that biofuel production and consumption will continue to grow in developed and developing countries over the next ten years, the market intelligence firm said. Still disproportionate feedstock access and utilisation is seen to lead to a surge in global trade in biofuels, which may turn countries like Brazil into major suppliers for the worldwide market.

(USD 1.0 = EUR 0.736)

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