According to CBDM.T®, the market and business intelligence company, the biofuel market is estimated at 33 billion with a double digit annual growth. The market consists of approximately 85% bioethanol and 15% biodiesel. Bioethanol is produced and consumed mainly in Brazil and North America. On the other hand, Europe is the world leader in biodiesel production and this fuel represents about ¾ of the European biofuels market.
Paris, France (PRWEB) November 27, 2008 -- Biofuels are fuels produced from renewable resources (organic material), especially plant biomass, vegetable oils, and treated municipal and industrial waste. Today the most important and commonly used biofuels are biodiesel derived from vegetable oil and ethanol derived from sugar and starch crops. These fuels are used to complement the world's supply of petroleum and other fossil fuels. Of all the alternative fuels, or biofuels, that are available or developed, the most significant market is for bioethanol. Global fuel ethanol production grew 25% in2007 to more than 50 billion litres. The USA (production mostly from corn) and Brazil (production mostly from sugarcane) account for 91% of global bioethanol production, up from 89% in 2006. More recently, Asia (especially China, India and Thailand) has also embarked on large scale fuel-ethanol production and represents one of the largest production potential in the coming years. In 2007, the production of bioethanol in China amounted to 1.8 billion litres, thereby placing the country at rank 3 worldwide, ahead of the EU.
First generation bioethanol was made from food crops, but it is not believed that diverting food crops to create fuels will be sustainable over the long-term. And again, biotechnology, the 21th century technologic breakthrough, is one of the most effective and innovative technologies to develop second generation biofuels. Research is under way to
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