Feature of The Month: Global Biofuel Market
Biofuel is a general term for different types of fuels sourced from biomass. Since the 20th century, the demand for biofuel has been increasing each year because of unstable oil prices and the environmental concerns of fossil fuels.
The Biofuel market is expected to reach $99 billion by 2014 and is predicted to double to $185.3 billion by 2021. The United States, Brazil, and European Union are the three largest markets driving the demand for biofuel. Together they contributed 85 percent of global production in 2010. Government support such as favorable energy policies and public awareness campaigns are driving factors for this rapid rise.
There is growing interest of biofuel production in developing countries as well. India, for example, proposes to replace 10 to 20 percent of gasoline production with bioethanol. China also provides subsidies for automakers that develop alternative fuel vehicles. Government stimuli will drive rising activity in the biofuels sector. Moreover, the Asia-Pacific regions such as Malaysia, Indonesia, and Thailand have huge advantages in biofuel production, particularly due to cost-effective availability of feedstock.
Currently, more countries are seeking alternative energy sources for gasoline and oil. Although there are many concerns about the decrease in arable land for food production due to increasing biofuel production, the biofuel market is expected to grow tremendously in the next decade.
New Section on globalEDGE
globalEDGE Business Beat
A brand new section in globalEDGE, globalEDGE Business Beat is your source for global business knowledge on the airways (via internet radio broadcasts and PodCasts). gBB covers discussions with a wide range of global leaders in business, government, and academy to spread the word about the latest thoughts, tools, and markets to succeed globally.
The show is hosted by Dr. Tomas Hult from the International Business Center in the Eli Broad College of Business at Michigan State University. The most recent radio interview is with Irina Kozlenkova, Assistant Professor of Marketing - Michigan State University's Eli Broad College of Business. They discuss her homeland of Russia, what businesses need to think about when starting or expanding trade with Russia, and how Russia compares to other BRICS nations. Click here to learn more about the interview!
Updated Sections on globalEDGE
Country- History
globalEDGE has replaced the blocks of text in our history pages, creating timelines highlighting major events in a country's history, with an increased focus on important business and economic events. The pages allow users to access a clear outline of a country's history that is straightforward and easy to read.
Country- Economy Page
Gathering data from key economic sources, globalEDGE implemented new visual displays to help users interpret a country's labor, employment, and trade situations. Interactive charts and metrics provide users with an overview of the country's key economic indicators. These new pages grant users the ability to assess a country's economic standing in today's globalized world.
Country- Trade Statistics
In an effort to make our statistics pages more user friendly, globalEDGE redesigned the country trade statistics pages, adding interactive graphs, helpful charts, and key ranking features to help users better assess a country's position in international trade. Sections include information on a country's major trade partners, as well as the top commodities each country imports and exports.
