Transparency Market Research has recently published a report on the global biofuels market. Biofuels is a class of fuels whose energy is derived biologically from carbon fixation. They are derived from various conversion procedures from solid biomass, liquid fuels and various gases.
With the growing amount of energy demand across the globe, the biofuels market is witnessing large amounts of investments to ensure a permanent source of clean energy. According to Transparency Market Research, there has been a huge increase in the demand for biofuels since they are naturally derived and can replace non-renewable sources.
Biofuels are manufactured from oil rich crops such as sunflower, oil palm and soy that can be grown in all regions around the world. Rising fossil fuels prices drove the initial surge of biofuels in industry.
Geographically, North America has the largest market share due to the increased awareness among the population and stringent environmental regulatory policies. According to the report, Europe is also experiencing steady growth. Developing economies like China, India and Russia also have steadily growing markets for the fuels, which are expected to grow substantially over the next six years.
Transparency Market Research expect markets to retain their current levels while waiting for the emergence of new biofuels technologies from 2015 onwards.
Adapted from a press release by Emma McAleavey.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/09072014/global_biofuels_market_881/