Biodiesel expected to generate $70 billion in coming years

The biodiesel market worldwide made more than $18 billion (€12.3 billion) last year and it is predicted this figure will climb to $70 billion in the coming years.

A new market report titled Biodiesel World Market Outlook 2011 shows that new technologies, as well as economical and ecological advances in the biodiesel sectors will help to further develop the biodiesel market.

Research into new feedstocks such as waste oils, algae and jatropha are also thought to be a driver in biodiesel growth.

Currently China is the country with the most vehicles and the government is concerned about the related pollution so it is investing heavily into the biodiesel sector to reduce CO₂ affects.