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The global biodiesel market has been forecast to grow at a compound annual growth rate (CAGR) of 19% over the next five years and has been predicted to reach a market value of $64 billion.
The past five years has seen a strong growth experienced by the global biodiesel market, and this momentum looks set to be carried through to 2017.
Industry growth looks set to be fuelled by higher oil prices, emerging mandates, new feedstock availability, and advanced technologies.
Total global biofuel production is projected to reach 65.7 billion gallons per year (BGPY) by 2021, with ethanol projected to continue its dominance of biofuel production while biodiesel is expected to more than double in demand from 2011 levels.
Although the dominant player in the global biodiesel market, Europe, driven by biofuel directives, tax exemptions and agricultural land policy, is not the only region increasing growth in biodiesel usage.
The Rest of the World (ROW) and Asia Pacific (APAC) are expected to experience tremendous growth in biodiesel supply and demand by 2017, driven primarily by public policy support, population density and burgeoning automotive markets.
APAC is expected to enjoy the highest growth rate in biodiesel production, while EU is expected to have the highest revenue value in the annual biodiesel market during 2017.
For more information on the global biodiesel market, see the latest research: Global Biodiesel Market Report
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