Americas News
Biofuel Growth Predicted in U.S. Marine Market
Biofuels will make up 6.1 percent of the U.S. marine fuels and aviation market by 2024, a report by Navigant Research predicts.
"The United States is expected to emerge as the clear leader in the construction of integrated biorefineries capable of producing bio-based jet fuel and marine distillates over the next 10 years," said Mackinnon Lawrence, research director for Navigant Research.
"New biorefinery construction in the U.S. is expected to generate $7.8 billion in cumulative revenue over the next 10 years, representing 66 percent of the revenue generated globally."
The European Union (EU) will also help lead the way in the sector, with the level of growth there dependent on how the region's emissions trading system progresses.
The U.S. Navy has been working to develop the nation's biofuels industry by purchasing blends using the fuels for use on its ships and aircraft.
