07 May 2010 17:52 [Source: ICIS news]
PRAGUE (ICIS news)--Biobutanol-based fuels are on course to play a major role in the fast-growing $50bn annual world biofuels market, industrial biotech company Green Biologics said on Friday.
The market, growing at around 7.5% a year, should in the not too distant future see highly cost-competitive supplies of the fuels made possible by improved fermentation processes, it added.
Green Biologics, a company based in Abingdon, ?xml:namespace>
Other companies working on producing such a biofuel include DuPont, which is developing a biobutanol for biofuels process with BP.
Biobutanol can be made from biomass feedstock including corn, molasses, straw, bagasse, algae and waste, making it very cost-competitive, Green Biologics said. Biobutanol made with older processes is priced at more than $1,000/tonne but the price of biobutanol produced with advanced fermentation could be as low as $490/tonne by 2014, it added.
The company also said that it hoped shortly to make headway in competing against petrochemical-based butanol in a global market for the chemical worth $4.3bn a year and growing at a rate of 3% annually.
It might achieve this by securing technology “retrofits“ of four-year-old butanol-by-fermentation plants in China which had been closed at the end of 2008 because of high feedstock costs and low product market prices. The plants‘combined capacities could be 300,000 tonnes/year, the company said.
($1 = €0.79)
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|