In the past 10 years, biofuels have become a promising solution to solving the energy security, environmental, and economic challenges associated with petroleum dependency. The global biofuels industry is now on the verge of entering a new phase of development focused on advanced and drop-in biofuels. According to a new report from Navigant Research, global demand for biofuels for road transportation will grow from 32.4 billion gallons in 2013 to 51.1 billion by 2022.
“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,” said 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 nonfood feedstocks, and biofuels that require no changes to infrastructure or vehicles, promise to significantly alter the petroleum industry landscape.”