Over the last 10 years, biofuels have become a possible solution to solving the energy security, environmental and economic challenges associated with petroleum dependency. The global biofuels industry is now on the verge of entering a new phase of development focused on advanced and drop in biofuels. A new report from Navigant Research has said that global demand for biofuels for road transportation is going to grow from 32.4 billion gal. in 2013 to 51.5 billion by 2022.
In 2016, petroleum consumption by the road transportation sector in the US is expected to peak, according to the report, as biofuels grow to account for 8.7% of demand. Major stakeholders which include the airline industry and US DoD are expected to benefit greatly from advances in drop in biofuels and will continue to spur development of the technology driving the price per gallon down to competitive levels.
‘Biofuels for Transportation Markets’ analyses 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. The report also looks at the key technologies associated with biofuels, as well as the competitive landscape.
Comments on the findings
Scott Shepard, research analyst with Navigant Research said, ‘Developed nations in Europe and North America are beginning to see declines in liquid fuels consumption from the road transportation sector, due to increased vehicle fuel efficiency and consumption from the road transportation sector, due to increased vehicle fuel efficiency and growing interest in alternative fuel vehicles. The continued growth of conventional biofuels relies either on policies increasing biofuel blend requirements, or on growing vehicle markets in the Asia Pacific region. Meanwhile, advances in biofuels derived from non-food feedstocks, and biofuels that require on changes to infrastructure or vehicles, promise to significantly alter the petroleum industry landscape.’
Adapted from a press release by Claira Lloyd.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/10022014/biofuels_demand_for_transportation_survey151/