Biofuel producers will invest as much as $69 billion to expand output during the next decade, driven in part by U.S. policies that increase blending of plant-based fuels into petroleum-based fuel, according to a report from Navigant Consulting Inc. (NCI:US)
Annual biofuel sales will increase to $7.6 billion by 2023 as fuel blenders meet mandated growth targets in the U.S., the Chicago-based company said today in a statement.
Standard ethanol made from corn and sugar cane will remain the largest segment of the market and most of the investment in research and production will go to advanced biofuels including biodiesel, biobutenol and cellulosic ethanol made from inedible agricultural products.
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