Biodiesel market to boom despite recession
The global biodiesel industry is expected to experience a paradigm shift and see its valuation stand at $12.6 billion (€9 billion) by the year 2014.
Currently, Europe is the world’s largest market for biodiesel. It is thought to be worth $7 billion by 2014 and accounts for nearly 55.6% of the market. The US accounts for 28.6%. These figures were published by MarketsandMarkets in a market research report, ‘Global Biodiesel Market’.
The recent economic crisis has not stunted the production of biodiesel, with a total of 5.1 billion gallons produced in 2009. This is an increase of almost 18%, compared with 2008.
The global increase from $8.6 billion in 2009 to $12.6 billion in 2014 is largely dependent on the feedstock, in terms of its availability, the quality and yield.
The main purpose for biodiesel is as a liquid transport fuel and vehicles consume 70% of the global biodiesel production. Germany produced 2.8 million tonnes of biodiesel in 2008 and is the single largest producer of biodiesel in the world. However, biodiesel is also beneficial for countries such as the UK, India and China, as the prices of diesel are high, as are the number of diesel-fuelled vehicles.
Currently, Europe is the world’s largest market for biodiesel. It is thought to be worth $7 billion by 2014 and accounts for nearly 55.6% of the market. The US accounts for 28.6%. These figures were published by MarketsandMarkets in a market research report, ‘Global Biodiesel Market’.
The recent economic crisis has not stunted the production of biodiesel, with a total of 5.1 billion gallons produced in 2009. This is an increase of almost 18%, compared with 2008.
The global increase from $8.6 billion in 2009 to $12.6 billion in 2014 is largely dependent on the feedstock, in terms of its availability, the quality and yield.
The main purpose for biodiesel is as a liquid transport fuel and vehicles consume 70% of the global biodiesel production. Germany produced 2.8 million tonnes of biodiesel in 2008 and is the single largest producer of biodiesel in the world. However, biodiesel is also beneficial for countries such as the UK, India and China, as the prices of diesel are high, as are the number of diesel-fuelled vehicles.
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