Biofuel analysis from IBISWorld predicts that, despite increased output, the segment will have little impact on production levels in the oil industry as a whole.
According to the insight organisation, output levels of biofuels are currently low enough that any increase is still unlikely to impact significantly on conventional oil operations.
"While biofuels will grow in importance, output levels are low, so these fuels will not displace local oil production," the research explains.
The biofuel analysis is part of the firm's wider look at drilling operations and gas extraction, which is focused on the US market.
Here, IBISWorld expects to see oil prices rise in the coming five years, helping to increase profitability for companies in the sector.
The analyst compiles trend insights and market risk reports across 700 different industry areas, with interviews and third-party references added to its studies to help expand their scope and coverage still further.
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