Leading global management consulting and market research company, Lucintel, has analysed the global biodiesel market and presented its findings in a report – “Growth Opportunities in the Global Biodiesel Market 2012–2017: Trends, Forecasts, and Market Share Analysis”. According to the document, the biodiesel market, which initially was driven by the European Union, has now spread to other regions of the world. The Rest of the World (ROW) and Asia-Pacific (APAC) are expected to experience tremendous growth in biodiesel supply and demand by 2017, driven primarily by public policy support. The use of biodiesel in the transportation sector will gain traction where nontoxic properties, biodegradability, lower emissions, and other performance benefits are critical. Ethanol is projected to occupy major percentage of the total biofuel production while biodiesel is expected to more than double in demand from 2011 levels.
APAC is expected to enjoy the highest growth rate in biodiesel production, while EU is expected to have the highest revenue value in the annual biodiesel market in 2017. The global biodiesel market is expected to continue its growth momentum, reaching approximately $64 billion by 2017 with a CAGR of 19 per cent over the next five years.