Biodiesel predicted for double-digit growth

Biodiesel is expected to grow in the double digits by 2013, according to a report from Research and Markets.

The market insight provider has published Global Biofuel Market Analysis, anticipating 15.5 per cent compound annual growth between 2010 and 2013 for biodiesel production worldwide.

At the same time, ethanol production is expected to rise by eight per cent in each year until 2013.

Biodiesel is primarily produced in the EU, accounting for around 60 per cent of worldwide capacity.

Meanwhile, the vast majority of ethanol is produced in the US, totalling as much as 90 per cent of the globe's production of the fuel.

In a further report published earlier in the year, Research and Markets cited plans across the EU to make biofuel account for 10 per cent of liquid fuels used by 2020.

The US market, meanwhile, has targets in place for production by 2012 of eight billion gallons each year, rising to 40 billion gallons before 2022.