Biodiesel Market Size, Share & Industry Trends Growth Report by 2028
The global biodiesel market size is projected to reach nearly USD 47.5 billion by 2028. Additionally, the market is forecasted to grow a CAGR of above 4.7% over the forecast period of 2020-2028. The growing prominence of biofuels as an alternative source in place of conventional fossil fuels is the key factor to supplement market growth. Increasing usage of biodiesel in power generation and automotive fuels is also projected to supplement market growth over the forecast period.
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Biodiesel is an advanced biofuel that is sustainable and clean burning and can be made from various sources such as vegetable oils and animal fats. Biodiesel is seen as a renewable, domestic, and safe biofuel. Due to environmental degradation and resource depletion of conventional fossil fuels such as coal, the biodiesel industry is expected to see rapid growth in the coming years. Biodiesel is increasingly being used in the automotive industry, as it is consistent with the current system for engine and fuel use.
Biofuels are used in power generation to run electricity generators. The global biofuel market overall is estimated to be witnessing impressive growth in the coming years.
The report also outlines the various characteristics of the global Biodiesel industry by assessing the market from value chain analysis. Moreover, the Biodiesel market report comprises various qualitative parts of the Biodiesel industry in market restraints, essential industry drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global vendors.
The biodiesel market has huge competition amongst the already well-known and new market players. Also, the Biodiesel industry players are pursuing potential markets to seize a competitive lead among the other industry players by forming mergers & acquisitions, agreements, acquiring other companies & new startups, establishing collaboration & partnerships, and growing their business existence.
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The global biodiesel market is categorized by the feedstock and application segment. By the feedstock segment, vegetable oils dominated the market in 2019. High production capacities of soyabean oil, canola oils & corn oil along with cheaper price and know-how awareness about the process supported the market growth. In terms of application, the fuel segment dominated biodiesel demand owing to the growing usage of biodiesel in passenger cars.
By region, Europe dominated the biodiesel demand with >37% market share in 2019, whereas Asia Pacific emerged as the fastest-growing region. Rapid growth in end-user industries is projected to fuel the demand for biodiesel in the coming years.
The global biodiesel market is a highly fragmented industry with the presence of a large number of players. Major players in the global biodiesel market include Bunge Limited, Archer Daniels Midland Company (ADM), Neste Corporation, Wilmar International Limited, Biox Corporation, Cargill Inc, Terravia Holdings Inc., Renewable Energy Group Inc, Münzer Bioindustrie GmbH and several others.
Segment Overview of Global Biodiesel Market
Feedstock Overview, 2018-2028 (USD Billion) (Million Litres)
Vegetable Oils
Soybean oil
Canola oil
Other edible oils
Animal fats
Poultry
White grease
Tallow
Others
Application Overview, 2018-2028 (USD Billion) (Million Litres)
Fuel
Automotive
Marines
Others
Power generation
Others
Regional Overview, 2018-2028 (USD Billion) (Million Litres)
North America
U.S.
Canada
Europe
UK
Germany
France
Rest of Europe
Asia Pacific
China
Japan
India
Rest of Asia-Pacific
Middle East and Africa
UAE
South Africa
Rest of Middle East and Africa
South America
Brazil
Rest of South America
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What does the report include?
The study on the global biodiesel market includes qualitative factors such as drivers, restraints, and opportunities
< >The study covers the competitive landscape of existing/prospective players in the Biodiesel industry and their strategic initiatives for the product developmentThe study covers a qualitative and quantitative analysis of the market segmented based on Feedstock and Application. Moreover, the study provides similar information for the key geographies.Actual market sizes and forecasts have been provided for all the above-mentioned segments.This study is suitable for industry participants and stakeholders in the global Biodiesel market. The report will benefit: Every stakeholder involved in the Biodiesel market.Managers within the Biodiesel industry looking to publish recent and forecasted statistics about the global Biodiesel market.Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global Biodiesel market.Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.About Us:
Adroit Market Research is a global business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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