Biofuels which are derived from other waste like animals and
plants are in form of liquid fuels and Bioethanol and
biodiesel are the two forms of biofuels which are used as a replacement for gasoline
and diesel. A massive growth area around the world is embodying by biofuels
which play a major role in relocating the types of fuels which are being used
in the past few decades by the world. The size of the biofuels business is
large and according to the estimate done by a researched report, in the year
2013 the production and uptake of biofuels had augmented to 115 billion litres
from 16 billion litres.
According to the industry experts, the businesses of
biofuels are vitally reliant on the right public policy support and have been
uphold by the financial assistances in several part of the value chain,
moreover Europe and the US are the two countries which are mostly now as the
largest markets for biofuels. Furthermore, in these two countries the policy
support seems to be losing the ground even though it is having aftermath.
Increase in demand at a global level seems to be incredible
for biofuels and for automotive fuels in the outlook of overall demand, it is
equally imperative to spot it. According to the International Energy
Agency (IEA) in the year 2013, on an energy basis the world road transport fuel
demand had reported biofuels for just 3.5% and the IEA which is an autonomous
organization that works to ensure reliable, affordable and clean energy for its
29 member countries and beyond, targets for a low CO2 emissions
scenario by the year 2050.
In the past few years in the US the waning interest of
policy makers for biofuels have also drawn closer from their superior sense of
energy security than anytime and the country will eventually be transformed
from a net energy importer to a significant exporter after an innovation of a
bountiful quantities of cheap shale gas, which may perhaps be an imaginary vision
five years ago.
Moreover as per the researched reports, in the developed
countries of the world the policy support for biofuels are being diminished for
various reason and in the most major markets the complete consumption numbers
for diesel and gasoline are also being dilapidated owing to technology shifts,
environmental issues and dynamics of demographics.
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