Biofuels Market to Double by 2021 Says Pike Research
Source: Torque News, Aaron Turpen (2/20/12)
"Pike Research estimates that production of biologically based fuels will increase from $82.7B in 2011 to $185.3B by 2021, but will fall short of demand."
In a report titled Biofuels Markets and Technologies, futures analysis firm Pike Research estimates that production of biologically based fuels (such as ethanol and biodiesel) will increase from $82.7 billion in 2011 to $185.3 billion by 2021, but will fall short of demand. Pike estimates demand will be in the 71.8 billion gallons per year (BGPY) area whereas production will fall short of that by several billion gallons. Current production worldwide is about 29.4 BGPY.
Pike estimates that 2021 total fuel usage will increase to about 375 BGPY for gasoline, 427 BGPY for diesel in ground transportation, and 200 BGPY for aviation globally. The biggest hurdles will be feedstocks for the fuels and the resulting shift towards more advanced technologies such as cellulosic production. . .View Full Article