World's biofuels market to reach $247B by 2020

United States-based Pike Research said last week that the combined global biodiesel and ethanol markets will reach US$247 billion in sales by 2020, up US$76 billion in 2010. The increase will be fostered by the long-term commitment of national governments to cultivate biofuel markets, as well as technological advancements. According to Pike Research, it anticipates fuel based on waste greases to be marketed in 2010, jatropha-based fuels to significantly impact the market in 2014 and also expects algae-based biodiesel to be commercially available in 2012. (June 15, 2009)