Biodiesel production around the world will increase at a CAGR (compound annual growth rate) of approximately 15.5% between 2010 and 2013, according to a research report by market research and information analysis company RNCOS.
The company's report, named 'Global Biofuel Market Analysis', states that government incentives and a boom in the number of biodiesel plants in Asia, will significantly contribute to this growth.
Despite the increasing emergence of biodiesel in Asia, the production capacity of this biofuel is growing globally, with the European Union accounting for the largest percentage of worldwide biodiesel production. Nevertheless, the US is not far behind, driven by the high demand of renewable transportation fuel. The report found that together, the US and Brazil is the second largest biodiesel-producing region in the world.
The countries covered in the report include Australia, Thailand, Japan, India, China, Indonesia, the US, Brazil, Canada, Czech Republic, Sweden, Denmark, France, Germany, Italy, Spain, the UK, Argentina and Malaysia.
