Pike Research projects $247 billion global biofuels market in 2020

Pike Research projected that the global ethanol and biodiesel markets will reach $247 billion in sales by 2020, up from $76 billion in 2010. Pike Research said that “in the near term, the biofuels market looks like a train wreck” but said that the 10-15 year outlook looks positive, and that biofuels will be expected to overcome the current effects of recession, food vs fuel issues, oil price volatility,  and feedstock shortages.

Pike said that algae-based biofuels will become available commercially in 2012 but will not have a significant impact on the market until 2016. The report said thatjatropha-based fuels will commence having a material impact on markets by 2014. Pike estimated the current cost of algae biofuels at $33 per gallon.

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