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BCC Research Publishes A New Report on Global Markets for Biorefinery technologies
Date:11/13/2013

Wellesley, Mass. (PRWEB) November 13, 2013

According to a new technical market research report, Biorefinery Technologies: Global Markets from BCC Research (http://www.bccresearch.com), the global market for biorefinery technologies was valued at nearly $343 billion in 2012 and is expected to reach nearly $388 billion in 2013. BCC Research projects the market to grow to $700 billion by 2018, and register a five-year compound annual growth rate (CAGR) of 12.6% from 2013 to 2018.

For the first time since 1949, the United States has become a net petroleum product exporting country, having edged out Russia as the world’s largest refined petroleum exporter. A simple explanation would point to lower demand and a struggling economy that requires less imported energy, but that is only half the answer. U.S. oil demand has fallen by some two million barrels per day since its peak in 2005 in part due to the recession, but also due to a structural change due to demographic changes, policies on fuel efficiencies and the mass-commercialization of technologies.

The more exciting part of the answer is on the supply side, as the U.S. has become the fastest-growing oil and natural gas-producing area of the world. It is now the most important marginal source for oil and gas globally. Combined with a steadily growing Canadian production and a comeback in Mexican production, this has resulted in a higher growth rate than all members of the Organization of the Petroleum Exporting Countries (OPEC) can sustain over the next five years to 2018.

Biofuels account for just 1% of global fuel consumption for transportation, and the substitution of oil-based fuels is only 1.8% in the U.S.,
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