Biofuels

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Biofuels are produced from living organisms or from metabolic by-products (organic or food waste products) rather than a fuel produced by geological processes such as those involved in the formation of fossil fuels, such as coal and petroleum. Biodiesel is a form of diesel fuel manufactured from vegetable oils, animal fats, or recycled restaurant greases. It is safe, biodegradable, and produces less air pollutants than petroleum-based diesel. Biodiesel can be used in its pure form (B100) or blended with petroleum diesel. Common blends include B2 (2% biodiesel), B5, and B20.The 93 billion liters of biofuels produced worldwide in 2009 displaced the equivalent of an estimated 68 billion liters of gasoline, equal to about 5% of world gasoline production. Two most common types of biofuels used are ethanol and biodiesel are derived from naturally occurring plants, alcohol and vegetable oil which act as a perfect substitute for fossil fuel.

The market for liquid biofuels outside of North America totaled $48.8 billion in 2014 and $41.7 billion in 2015. This market is expected to reach $89.6 billion by 2020, with a compound annual growth rate (CAGR) of 16.5%.