Biofuels for Road Transport to Top 51 Billion Gallons by 2022
The global biofuels industry is now on the verge of entering a new phase of development focused on advanced and drop-in biofuels and according to one company, Navigant Research, total biofuels for road transportation will top 51 billion gallons by 2022. C
This is up from the current level of 32.4 billion gallons in 2013.
“Developed nations in Europe and North America are beginning to see declines in liquid fuels consumption from the road transportation sector, due to increased vehicle fuel efficiency and growing interest in alternative fuel vehicles,” says Scott Shepard, research analyst with Navigant Research.
“The continued growth of conventional biofuels relies either on policies increasing biofuel blend requirements, or on growing vehicle markets in the Asia Pacific region. Meanwhile, advances in biofuels derived from non-food feedstocks, and biofuels that require no changes to infrastructure or vehicles, promise to significantly alter the petroleum industry landscape,” Shepard added.
Petroleum consumption by the road transportation sector in the United States is expected to peak in 2016, according to Navigant, as biofuels grow to account for 8.7 percent of demand. Major stakeholders, including the airline industry and the U.S. Department of Defense, stand to benefit greatly from advances in drop-in biofuels and will continue to spur development of the technology, driving the price per gallon down to competitive levels.
The report, “Biofuels for Transportation Markets”, analyzes the emerging markets and future growth opportunities for biofuels, including ethanol, biodiesel, and drop-in biofuels. An Executive Summary of the report is available at www.navigantresearch.com.
Category: Featured, Fuel & Oil, General Update
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