Biofuels industry needs feedstock innovations to boom, Lux Research report says
Innovations on biomass production are needed for the biofuels market to boom, a new Lux Research Inc. report concludes.
“Using today’s technologies, an area the size of Russia would need to be cultivated to replace all of petroleum use for chemicals and fuels – feedstock innovation will be needed to keep growing biomass’s market share,” said Lux Research, a Boston-based firm provides strategic advice and intelligence for emerging technologies.
Lux Research said it built a database of 1,715 established and planned bio-based chemical and fuel facilities that address supply-side issues, and evaluated new technologies that could make a significant difference. The title of Lux’s report: “Finding Feedstocks for the Bio-Based Fuels and Chemicals of Today and 2030.”
“Today, biofuels and biochemicals need more than a billion metric tons of material annually to replace a mere 3 percent of total petroleum products,” Kalib Kersh, Lux Research analyst and one of the lead authors of the report, said in a statement. “By 2030, this number will soar to 3.7 billion metric tons, and meeting the growing challenge will require feedstock innovations such as crop modification, new value chain configurations, and agronomic technology improvements like irrigation and biosensors.”Chris Reidy can be reached at email@example.com.