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The US Pushes for Advanced Biofuels Market Growth
The US Pushes for Advanced Biofuels Market Growth
The US is the second largest producer of biodiesel in the world, producing 17.7% of the world’s biodiesel in 2009.
Hyderabad,
AP,
India
(prbd.net)
25/05/2010
"The US Pushes for Advanced Biofuels Market Growth"
The US is the second largest producer of biodiesel in the world, producing 17.7% of the world’s biodiesel in 2009. The biodiesel market in the US is expected to reach 2,822 million liters in 2010 and 3,662 million liters in 2015. The US biodiesel market is driven by the US’ desire to achieve greater energy independence and security. The country depends heavily on imports to fulfill its transportation and industrial fuel requirements. The US is currently importing about 65% of its oil consumption and this figure is expected to increase even further. This dependence on imported oil can be reduced by increasing the production and use of domestically produced biofuels. The biodiesel industry in the US is very young and is gradually picking up speed due to large financial incentives at the federal as well as the state level. The biofuel production in the US was around 37,403 million liters in 2009. Of this, 92.5% was bioethanol and the remaining 7.5% was biodiesel.
The US ethanol industry has also seen an unprecedented expansion due to its favorable market conditions and supportive policy incentives. The federal renewable fuels standard (RFS) has helped the expansion of the US ethanol industry by setting goals for the production of renewable fuels. Seven states (Hawaii, Iowa, Louisiana, Minnesota, Montana, Missouri and Washington) have enacted renewable fuel standards that require the use of ethanol-blended fuel. Currently, there are around 200 ethanol plants in the US with a production capacity of more than 48,000 million liters. The country’s bioethanol production increased from 7,080 million liters in 2001 to more than 34,609 million liters by the year 2009, at the CAGR of 20.4% during 2001-2009. Further during 2009-2015, bioethanol production growth in the US is likely to come down to 2% and the production is likely to be around 38,924 million liters by the year 2015.
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