Wilmington, Delaware, United States, June 21, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global biodiesel market stood at US$ 90.4 billion in 2020, and the global market is projected to reach US$ 187.6 billion by 2031. The global industry is anticipated to record a CAGR of 6.9% between 2021 and 2031.
The value of the biodiesel market is increasing, owing to increasing environmental concerns and climate change mitigation. There is a rising emphasis on reducing carbon footprints and transitioning to cleaner energy sources, with growing awareness of the detrimental effects of greenhouse gas emissions and the need to combat climate change. Biodiesel, produced from renewable feedstocks such as vegetable oils, animal fats, and used cooking oil, offers a significant reduction in greenhouse gas emissions compared to conventional diesel fuel. The environmental advantage positions biodiesel as a viable solution for sustainable transportation and energy sectors.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 90.4 Bn | |
| Estimated Value | US$ 187.6 Bn | |
| Growth Rate - CAGR | 6.9% | |
| Forecast Period | 2021-2031 | |
| No. of Pages | 170 Pages | |
| Market Segmentation | Feedstock Type, Application | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America | |
| Companies Covered | TerraVia Holdings, Cargill, Archer Daniels Midland Company, Wilmar International Limited, Bunge Limited, Louis Dreyfus, Royal Dutch Shell plc, Ineos Group, Mitsui, Solvay SA | |
Global Biodiesel Market: Key Players
Some of the key market players in the global biodiesel market are:
TerraVia Holdings, Cargill, Archer Daniels Midland Company, Wilmar International Limited, Bunge Limited, Louis Dreyfus, Royal Dutch Shell plc, Ineos Group, Mitsui, Solvay SA
Competitive Landscape
Prominent players in the biodiesel industry are taking advantage of the rapidly increasing demand for biodiesel. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:
- In 2022, Bunge Limited, a global agribusiness company, announced a joint venture with BP, one of the world's largest energy companies, to form a leading bioenergy company in Brazil. The joint venture aims to produce and commercialize sugarcane ethanol and biodiesel, leveraging Bunge's agricultural expertise and BP's global biofuels capabilities.
- Cargill, a multinational food processing and commodities trading corporation, announced a collaboration with Maersk Tankers and Mitsui & Co., in 2022, to launch a joint venture focused on supplying and trading sustainable marine biofuels. The venture, called ZeroNorth, aims to provide customers with low-carbon shipping solutions, including biofuels like biodiesel.
Government support & policy incentives is another significant factor contributing to the market growth. Governments worldwide are implementing favorable policies, regulations, and incentives to promote the adoption of renewable energy sources, including biodiesel. The measures often include tax credits, grants, blending mandates, and renewable energy targets. Such government support provides a conducive environment for investment, production, and consumption of biodiesel, thereby accelerating market growth.
The market prospects have been driven by factors such as energy security and diversification. Biodiesel production provides an opportunity for countries to reduce their dependence on imported fossil fuels and enhance their energy security. Countries can mitigate risks associated with fluctuations in oil prices and geopolitical tensions, by promoting domestic production of biodiesel feedstocks and establishing a localized supply chain, leading to increased interest and investment in the biodiesel sector.
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Technological advancements and efficiency improvements, is another significant factor contributing to the market growth. Advances in biodiesel production technologies, such as efficient catalysts, improved feedstock processing techniques, and enhanced conversion processes, have resulted in higher production yields, improved fuel quality, and reduced production costs. The technological developments not only enhance the overall efficiency of biodiesel production but also make it more economically competitive with traditional diesel fuel, further bolstering market growth.
Key Findings of the Market Report
- On the basis of feedstock type, Soybean oil segment is likely to be most preferred, expected to expand at a significant share, attributed to favorable feedstock characteristics, and abundant availability.
- Factors such as supportive government policies, as well as environmental considerations are also anticipated to fuel the segmental growth.
- By application, fuel segment is expected to boost the market growth, attributed to the factors including volatility in crude oil prices, and increasing demand for sustainable fuel.
Global Biodiesel Market: Growth Drivers
- The global biodiesel market is projected to expand at a steady pace from 2021 to 2031, owing to increasing availability & diversification of feedstocks, and growing awareness & consumer preference for renewable energy.
- Other factors that are projected to augment the market growth include job creation in rural areas, as well as collaboration &research.
- Growing demand for aviation biofuels, and collaboration with other renewable energy sectors, are the major factors that are anticipated to fuel the market prospects in the near future.
Global Biodiesel Market: Segmentation
- Feedstock Type
- Soybean Oil
- Distillers Corn Oil
- Canola Oil
- Yellow Grease
- Animal Fat
Application
- Fuel
- Agriculture
- Power Generation
- Others (including Transportation and Cooking)
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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