Biodiesel Market is expected to reach the value of US$ 187.6 Bn by the end of 2031
Biodiesel Market: Introduction
Transparency Market Research delivers key insights on the biodiesel market. In terms of revenue, the global biodiesel market is estimated to expand at a CAGR of 6.9% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global biodiesel market.
The global biodiesel market is broadly affected by several factors including increase in usage of biodiesel in various end-use industries such as fuel, agriculture, and power generation. Rise in global demand for fuel has led to significant growth in usage of biodiesel. Increase in production and demand for fuel is expected to be the primary driver of the global biodiesel market.
Biodiesel Market: Dynamics
Biodiesel is a biodegradable, renewable fuel that is manufactured domestically from vegetable oil or animal fat. Several methods such as common batch processes, ultrasonic methods, and microwave methods are being used to produce biodiesel. Biodiesel obtained from non-mineral sources such as animal fat is used in standard diesel engines.
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Biodiesel is a clean-burning and renewable fuel. It is employed on a large scale in several industries such as automotive, marine, mining, and railway. The need to integrate renewable energy sources is driving the demand for biodiesel. Biodiesel is expected to grow in popularity as a replacement for conventional fossil fuels in automotive applications.
Biodiesel is simple to use, biodegradable, and non-toxic. It is free of aromatics and sulfur compounds. It emits lower greenhouse gases and air pollutants, reduces toxic carbon-based emissions, and can be used in most diesel engines. Increasing concern regarding greenhouse gas emissions through the use of fossil fuels is driving the biodiesel market. Biodiesel reduces the emission of greenhouse gases by up to 50% as compared to petroleum diesel; and also has low toxic and carcinogenic aromatic carbon content.
Biodiesel is composed of renewable feedstock such as vegetable oils and animal fat. Biodiesel produced from animal tallow tends to crystallize at much higher temperatures than biodiesel derived from plant oils. Biodiesel is capable of reducing exhaust emissions vis-à-vis petroleum diesel fuel. It is majorly used in automotive, aerospace, industrial, marine, and agriculture industries.
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The global fuel segment is expected to expand considerably during the forecast period. Thus, rise in production of fuel is projected to boost the demand for biodiesel during the forecast period.
Manufacturers are focusing on fuel, as the share held by this segment in the biodiesel market is likely to increase during the forecast period.
Biodiesel Market: Prominent Regions
Europe holds major share of the global biodiesel market. The market in the region is anticipated to expand at a CAGR of more than 7.3% during the forecast period. Increase in demand for biodiesel in various application such as fuel, agriculture, and power generation is driving the biodiesel market in Europe. Germany is a key country of the biodiesel market in Europe. It held significant share of the biodiesel market in Europe in 2020. The country is estimated to maintain its dominant position in the region during the forecast period.
Asia Pacific is also a prominent region of the global biodiesel market. China led the biodiesel market in Asia Pacific in 2020. Increase in demand for biodiesel in the transportation sector is driving the market in China.
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Biodiesel Market: Major Players
The global biodiesel market is consolidated, with the presence of key players. Prominent players operating in the global biodiesel market include TerraVia Holdings, Cargill, Archer Daniels Midland Company, Wilmar International Limited, Bunge Limited, Louis Dreyfus, Royal Dutch Shell plc, Ineos Group, Mitsui, and Solvay SA.
Global Biodiesel Market: Segmentation
Biodiesel Market, by Feedstock Type
Soybean Oil
Distillers Corn Oil
Canola Oil
Yellow Grease
Animal Fat
Biodiesel Market, by Application
Fuel
Agriculture
Power Generation
Others (including Transportation and Cooking)
Biodiesel Market, by Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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