Pike Research Says Global Biofuels Market to Double to $185 Billion by 2021

Biofuels Journal
Date Posted: October 12, 2011

Motivated by growing concerns related to energy security, climate change, and economic stagnation, at least 38 national governments throughout the world have enacted blending mandates or targets to accelerate the expansion of biofuels production and consumption in the transportation sector.

Biofuels hold significant potential to displace a portion of the demand for fossil fuels, especially in the transportation sector. According to a new report from Pike Research, the increased production and consumption of biofuels will more than double the industry’s market value in the next decade.

The cleantech market intelligence firm forecasts that the global market for biofuels will increase from $82.7 billion in 2011 to $185.3 billion by 2021.

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