World Biodiesel Market to Reach $71 Billion by 2020, According to Pike Research
Monday February 22, 2010
BOULDER, Colo.--(BUSINESS WIRE)--A new wave of biodiesel will begin having a meaningful impact on world energy markets over the next several years, according to a recent report from Pike Research. The cleantech market intelligence firm anticipates that, spurred by innovations in feedstocks such as waste grease, algae, and jatropha, biodiesel revenues will increase to $71.0 billion worldwide by 2020, up from $18.4 billion in 2010.
“The biofuels market is currently at a point of discontinuity,” says managing director Clint Wheelock. “The ethanol business has suffered a significant blow over the past few years, yet the prospects remain very bright for renewed growth in ethanol as well as next generation biodiesel technologies.” Wheelock adds that new technology advances and economies of scale will be a significant boon to the further growth of biofuels markets.
In addition, Pike Research’s analysis finds that biodiesel has some powerful backers. “Biogenetics is becoming a huge factor in the evolution of the market,” says Wheelock, “and biofuels companies are really leveraging the scientific knowledge base of genetic engineering. Biotech companies will be some of the big beneficiaries as the new breed of biofuels matures.” Other key players, according to the report, include the big oil companies, who have transitioned from foe to friend over the past several years and are now some of the leading bankrollers of biodiesel R&D and commercialization.
Pike Research’s report, “Biofuels Markets and Technologies”, analyzes the complexities and paradoxes of biofuels markets. It examines key technologies that will drive the future of the industry to include second and third generation feedstocks and advanced biorefining techniques. The report also includes profiles of key players and comprehensive forecasts that quantify the potential for biodiesel and ethanol by country and region. An Executive Summary of the report is available for free download on the firm’s website. For more information, visit www.pikeresearch.com
