Biofuels for road transportation set to rise

A recent report from market research providers, Navigant Research, says that worldwide revenue from biofuels for road transportation will grow from $166.5 billion (€121 billion) per year in 2014 to $337.8 billion (€246 billion) by 2022.

Over the next 8 years, biofuels are expected to become a significant part of the fuel mix for road transportation, accounting for 7.5% of liquid fuels used in the sector by 2022.

'Over the last 10 years, growth in the biofuels sector has been driven by the increase in ethanol production capacity in the US and Brazil, and in biodiesel in Europe,' says Scott Shepard, research analyst with Navigant Research.