Road Transportation Biofuels Market to Reach $337.8bn by 2020
Over the next eight years, biofuels are expected to become an important part of the fuel mix for road transportation, accounting for 7.5 percent of liquid fuels consumed in the sector by 2022, Navigant Research forecasts. Many governments, corporations, and individuals see biofuels as a solution to solving the energy security, environmental and economic challenges associated with petroleum dependency.
Commercial-scale production of cellulosic feedstock biofuels is just getting underway, according to the report, and recent developments in drop-in biofuels propelled by the aviation industry and the US Department of Defense are driving down the costs of these advanced biofuels, enabling commercial-scale drop-in biofuels production.
Meanwhile, large oil-consuming nations concerned about energy security, climate change and economic stagnation are driving global biofuels markets through a number of policy platforms, principally biofuels mandates.
The report, Biofuels for Transportation Markets, analyzes the emerging markets and future growth opportunities for biofuels, including ethanol, biodiesel, and drop-in biofuels. The report provides an analysis of the major demand drivers and market challenges related to biofuels technologies. Global market forecasts of vehicle sales and vehicles in use, along with liquid fuels consumption, station installations, and revenue extend through 2022.
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