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The global biofuels market will approximately double in value over the next decade, rising from $82.7 billion in 2011 to hit a market value of $185.3 billion in 2021. Even with this rapid growth, however, significant hurdles remain and could prevent the industry from meeting government mandates.
Steady growth has been predicted in the global biofuels market through 2016 but more rapid production increases between 2017 and 2021, as a result of 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, and ethanol is expected to maintain its dominance over the industry, with nearly 50 BGPY compared to biodiesel's 16.2 BGPY.
One of the key factors contributing to this market growth is the increase in government funding and subsidies. The Renewable Fuels Reinvestment Act and the Advanced Research Projects Agency-Energy (ARPA-E) programs in the US are instances of governmental funding and subsidizing. Subsidies and funding are being provided by the governments of various countries in order to boost investment in the global biofuels market.
Several key markets are driving global biofuel industry growth. Mandates now exist in at least 38 countries and 29 states or provinces around the world. The United States, Brazil, and European Union represent the three largest markets, and combined totalled 85% of global production in 2010. North America led the world in biofuel production with 48% of the global market, while the EU accounted for 49% of global biodiesel production.
For more information on the global biofuels market, see the latest research: Global Biofuels Market
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