The Biofuels Market 2011-2021
Biofuels is a thriving global industry which offers huge potentials for investment. During 2010-2011, the biofuels market gained increased interest as the price of oil increased rapidly. Many developed countries, such as the US and countries in the European Union, reconsidered their energy policy and significantly decreased their imports of oil. On the other side, policy makers were promoting production and consumption of biofuels, through a series of tax credits and incentives. Even though the production of biofuels is still mainly concentrated in US, Europe and South America, 2010-2011 was marked by the more diversified picture with regions such as Asia, Africa and the Middle East increasing their biofuels production. Visiongain calculates that the global expenditure on biofuels in 2011 will total $46.63bn.