Markets
The biodiesel market is expanding rapidly around the world, supported by the need for solutions to ensure fuel security and combat climate change. In 2008, a total of 11.8 billion litres of biodiesel were consumed. The biodiesel market is growing especially fast in the EU, Australia, US, Canada, Brazil, and Asia. Worldwide demand for biodiesel will grow to 45 million tonnes by 2010, with biofuels set to go mainstream with global capacity growing at 20% per annum by 2010.1
The current biofuels market size for BRIC (Brazil, Russia, India and China) countries stands at around US$570 million and is increasing at 60% per annum, and global demand for diesel fuel currently exceeds 200 billion gallons annually.2
Pacific Bio-Fields is targeting Japan as its initial market, where there is huge potential as the government aims to significantly increase the use of biofuels for transport. Operating in the Philippines, Pacific Bio-Fields is well placed to capitalise on its location as the country provides 36% of the world's coconuts.
1. Merrill Lynch Biofuels Industry Overview
2. The Biofuels Market Outlook
Biodiesel targets in major countries/regions
