The global biofuels market is suggested to have reached a volume of around 27.4 billion gallons in 2010, and is forecast to grow to a total of 59.2 billion gallons by 2020. This would suggest a CAGR growth rate of 8% between 2010 and 2020. Asia-Pacific is projected to be the fastest growing region in terms of both Ethanol and Biodiesel consumption with CAGRs of 16.5% and 11% respectively during the period 2010-2020. North America is expected to be the second fastest growing region for Biodiesel consumption with 15% CAGR while South America follows with 8.6%.
The concept of biofuels has existed since the invention of the motor vehicle. For instance, at the beginning of the 20th century, Henry Ford intended to power his Model Ts with ethanol, and initial diesel engines used peanut oil for running. With the discovery of enormous deposits of petroleum, gasoline and diesel was available cheaply, thereby relegating biofuels to the background. However, the recent spurt in oil prices, coupled with mounting concern related to global warming associated with carbon dioxide (CO2), emissions have resulted in the reemergence of biofuels as viable alternatives.For more information on the Global biofuels market, please click here: Global biofuels market
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