NewswireTODAY - /newswire/ - London, United Kingdom, 2012/08/07 - The global biofuel market looks set to grow at a remarkable rate over the next decade and is set to more than double production levels by 2021 - CompaniesAndMarkets.com.

The global biofuel market has been forecast to grow at a compound annual growth rate (CAGR) of 16% over the next five years, reaching a market value of approximately $139.6 billion by 2016.

A significant growth was witnessed by the global biofuel market over the past five years, and this momentum has been predicted to carry on through to 2016.

Rapid production increases have been anticipated between 2017 and 2021 with the global biofuel market set to reach a value of $185.3 billion, and production levels projected to reach 65.7 billion gallons per year (BGPY) by 2021.

This market growth is a result of higher oil prices, emerging mandates, new feedstock availability, and advanced technologies.

This growth looks set to continue despite recent controversies surrounding biofuels over the last two years such as sustainability, food versus fuel, and others.

Because biofuels are derived from living plant matter, substituting them for petroleum could reduce the net amount of carbon dioxide and other greenhouse gases released into the atmosphere.

Governmental support for biofuels in both developed and developing countries as a secure source of energy and to reduce reliance on imported fossil fuels would further boost the global biofuel industry.

North America leads the world in biofuel production with a global market share of 48%. The region is also the largest ethanol producer mainly due to the implementation of new Renewable Fuel Standards (RFS2).

Agency / Source: CompaniesAndMarkets.com

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