The demand for petroleum products across the globe will increase in the future due to rising income levels and increasing industrialization. The demands for petroleum products will lead to high imports of crude oil which will in turn impact upon foreign exchange reserves. The increased demand for petroleum products will have a negative impact on the environment. APAC countries are therefore striving to create their own energy sources so that they can have large foreign reserves and be independent of any other oil producing countries.
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The development of the biofuel industry in APAC countries has been assisted by various policies that aim to promote the production of biofuel. These policies vary from targets to blending mandates to economic steps such as subsidies, fiscal incentives and tax exemptions. While most of the policies revolve around economic factors such as need for energy selfsufficiency and security and economic development, some of the policies also cover sustainability issues such as restrictions made by China for the production of certain types of biofuel. The table below shows the policies in some APAC countries.
Biofuel production in the APAC in 2005 was 31.5 thousand barrels per day (Mbblpd). Production of biofuel rose to 89.9 Mbblpd in 2009 with a compound annual growth rate (CAGR) of 30% for the period 20052009. GBI Research estimates that biofuel production by the end of 2020 will be 253.2 Mbblpd. The CAGR for the period 20102020 will be 9%. The figure below shows biofuel production in the APAC for the period 20052020.
GBI Research’s new report, Biofuel Market in Asia Pacific to 2020 Need for Energy Independence Will Spur Biofuel Demand in the Region ” provides key information and analysis on the market opportunities in the Asia