A report from Global Industry Analysts, Inc. says rising crude oil prices, and much of the world’s desire to find alternatives to fossil-based fuels, will push world biodiesel sales to 4.7 billion gallons a year by 2010.

This story posted on PRWeb.com says the rise of biofuels, including biodiesel and ethanol, are being driven by the need to replace the finite oil supply and the economic benefits the fuels produce for local communities:

World Biodiesel market is forecast to reach in excess of 4.7 billion gallons by 2010 with a high CAGR of 33.79% over the 2000-2010 analysis period. Though Europe, with a share estimated at 84.16% in 2006, constitutes the largest market, and will continue to do so for the coming years, major growth is expected to emanate from the United States that is projected to maintain a CAGR of 74.53% over 2000-2010.

Automobile Applications market for biodiesel, with an estimated share of 55.73% in 2006 and a CAGR of 33.88% over 2000-2010, constitutes the largest as well as the fastest growing end use application. Other applications independently analyzed include Mining Applications market and Marine Applications market. Both these applications are also expected to register CAGRs in excess of 33% over the aforementioned period.

The report goes on to say that government incentives and mandatory standards are helping drive the increase as well.