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Home / India News / 2007 / March / March 8, 2007
Federal Tax Incentives is Vital for the Growth of the U.S. Biodiesel Market

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Federal Tax Incentives is Vital for the Growth of the U.S. Biodiesel Market

Mumbai, Maharashtra, India

Popular acceptance of biodiesel and several tax credits offered by the Government are triggering growth of the biodiesel market in the United States. Apart from the continuation of the federal tax credits post 2008, the international prices of crude oil is also likely to greatly influence the biodiesel market.

Frost & Sullivan (http://www.energy.frost.com) finds that North American Biodiesel Market earned revenues of $217 million in 2005, and estimates this to reach $4.9 billion in 2012 if the federal tax incentive continues beyond 2008.

If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the North American Biodiesel Market, then send an e-mail to Ravinder Kaur, Corporate Communications, at ravinder.kaur@frost.com with your full name, company name, title, telephone number, fax number, and e-mail address. Upon receipt of the above information, an overview will be sent to you by e-mail.

While relatively higher crude oil prices are necessary to warrant proactive investments in and favorable economics for biodiesel projects, federal incentives are crucial to maintain the competitiveness of biodiesel production. Furthermore, the U.S. federal regulations also have a huge bearing on the growth of the biodiesel markets in the country.

"For instance, the Energy Policy Act (EPAct) of 2005 stipulates that a specific amount of renewable fuel has to be used in the nationwide gasoline pool, which is likely to increase every year to reach 7.5 billion gallons in 2012," says Frost & Sullivan Industry Analyst Sreekanth Venkataraman.

However, for biodiesel manufacturers to sustain growth, they need to deal with the intense anti-biodiesel lobbying by oil industry.

"Leaders in the oil industry have always been reluctant to accept the relatively inexpensive biodiesel, due to the perception that it could substantially lower profits," notes Venkataraman. "Moreover, the oil industry does not own biodiesel, and the uncertain demand for this fuel due to various associated risks further discourages the industry from investing in this market."

To overcome this challenge, market participants and pro-biodiesel groups need to highlight the potential of biodiesel to contribute to the growth of the economy. The prospects of substantial increase in gross domestic product, employment opportunities, and better prices for soya bean producers are likely to influence the Government to continue supporting renewable fuels. Consequently, it can encourage the oil and gas industry to accept biofuels, resulting in market expansion for all stakeholders.

North American Biodiesel Market is part of the Energy and Power Supplies subscription, which also includes research services in the following markets: Industrial UPS Markets and Programmable DC Power Supplies and DC Electronic Load Markets. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews are available to the press.

Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective, and combines ongoing analysis of markets, technologies, econometrics, and demographics. For more information, visit http://www.frost.com

North American Biodiesel Market
N0A7

Ravinder Kaur, Corporate Communications - South Asia and Middle East, Frost & Sullivan, +91 (044) 4204 4515 ravinder.kaur@frost.com

Danielle White, Corporate Communications - North America / Global, Frost & Sullivan, +210 247 2403 dwhite@frost.com

Source: Frost & Sullivan (Business Wire India)

Press release presented here is sourced from the Source mentioned above and is provided on as-is basis. Please contact the Company / Source directly for any further information in regard to this release. This website will be unable to assist you in regard to the accuracy or correctness of information in this release.

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