Market analyst Global Insight, Inc. says in a new study, "The Biofuels Boom: Implications for Automotive, Agriculture & Energy," that more than 100 billion gallons of bioethanol and biodiesel will be produced globally per year by 2030, an amount equal to more than 15% of the world's road transport fuel needs.
Among several major conclusions about current and future technologies, the study reports that:
- Projected technological improvements could result in biofuels representing 15% of the global motor fuel demand and as much as 35% of demand in the U.S. and Brazil
- Corn- and sugarcane-based feedstocks will remain the lowest-cost sources of bioethanol in the world
- Automotive manufacturers do not require technological breakthroughs to adapt to reasonable levels of biofuels and can and will respond to clear direction in the area of biofuels.
Non-food crops, such as jatropha and pond-grown algae will become important sources of biodiesel, reducing dependency on edible oils. The study also found that biodiesel levels of 5% are possible in virtually all vehicles and that new vehicles can be developed to accept blends up to 30%.
The study was conducted by Global Insight's Agriculture, Automotive and Energy Groups who worked with some 20 companies and organizations representing different perspectives of the biofuels industry. The Global Insight study was released at a conference in Monaco sponsored by the Foundation Prince Albert II de Monaco.
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