New York, United States, April 02, 2024 (GLOBE NEWSWIRE) -- The Global Green Diesel Market Size to Grow from USD 29.43 Billion in 2023 to USD 93.05 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 12.20% during the forecast period.
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A clean-burning, renewable alternative fuel, green diesel (also known as biodiesel) is produced by transesterifying used cooking oil and animal fat. Green diesel, or biodiesel, has properties similar to petroleum diesel. Rising concern about greenhouse gas emissions has led to an increase in the use of renewable and clean energy. As a result, green diesel fuels are quickly replacing traditional fossil fuels around the world. In addition, the US Department of Energy (DOE) announced in January 2023 that it will invest USD 118 million in 17 projects to accelerate the production of sustainable biofuels for America's transportation and manufacturing needs. Many governments support environmentally friendly alternatives such as green diesel. In addition, biodiesel is the only fuel that can be used in a variety of energy sectors, including electricity, transportation, heat, and transportation. This is one of the factors driving up demand for green diesel. However, the use of low-quality biodiesel blends has caused significant power loss in advanced direct injection engines as well. An effective performance diesel fuel additive, also known as a flow improver, can help to avoid such issues.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Green Diesel Market Size, Share, and COVID-19 Impact Analysis, By Type (Pure Form, Blended Form) By Technology (Hydro-Processing, Catalytic Upgrading, Pyrolysis, Biomass to Liquid (BTL), Thermochemical Process (Gasification)), By Application (Power Generation, Fuel, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The blended form segment dominates the market with the largest revenue share over anticipation timeframe.
On the basis of type, the global green diesel market is segmented into pure form, and blended form. Among these, the blended form segment is dominating the market with the largest revenue share over the anticipation timeframe. The gaining popularity as a step toward achieving cleaner energy targets. This blended form trend is accelerating the use of biodiesel blends, particularly in areas that have adopted renewable fuel standards and are incentivizing lower-carbon alternatives. Manufacturers are developing engines capable of handling higher biodiesel blends, which leads to improved efficiency and performance while decreasing the need for changes.
The pyrolysis segment is witnessing significant CAGR growth over the anticipation timeframe.
On the basis of technology, the global green diesel market is segmented into hydro-processing, catalytic upgrading, pyrolysis, and biomass to liquid (BTL) and thermochemical process (Gasification). Among these, the pyrolysis engine segment is witnessing significant growth over the anticipation timeframe. Pyrolysis processes have become more effective and adaptable as technology has advanced. Improved reactor designs, innovative catalysts, and optimized operating conditions all improve the yield and quality of bio-oils, which are an important component in the production of green diesel. These advancements allow for higher conversion rates and the use of a wider range of feedstocks, including agricultural residues, forestry waste, and even municipal solid waste, increasing the availability of sustainable sources for green diesel production.
The fuel dominates the market with the largest revenue share over the anticipation timeframe.
Based on the application, the global green diesel market is segmented into power generation, fuel, and others. Among these, the fuel segment is dominating the market with the largest revenue share over the anticipation timeframe. Green diesel, a sustainable and less polluted alternative to traditional diesel, benefits from this trend, especially as governments and industries strive to reduce carbon footprints and combat climate change. This regulatory push promotes the use of green diesel blends, such as B20 or B10, in the transportation and industrial sectors, resulting in a shift to more sustainable fuel sources.
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North America dominates the market with the largest market share over the anticipation timeframe.
North America is dominating the market with the largest market share over the anticipation timeframe. Market share that was highest was held by the US Green Diesel Market. In the state of California, the Low Carbon Fuel Standard (LCSF) provides environmentally friendly diesel (green diesel) affordable compared with biodiesel is and petrodiesel by offsetting some of the expenses. In the Canada Green Diesel Market, the Clean Fuel Standard, which aims to reduce the production of greenhouse gases by 30 million tons per year by 2030, is expected to drive market growth. In January 2023, Imperial Oil Canada announced an investment of around $720 million (USD 560 million) to begin construction of the largest renewable
Europe is expected to grow the fastest during the anticipation timeframe. The Renewable Energy Directive (RED) and its revised version (RED II) focus on increasing the proportion of renewable energy in transportation fuels, promoting the use of green diesel and biodiesel blends. These regulations encourage the growth of green diesel by promoting blending mandates, tax breaks, and carbon intensity reduction targets, which effectively drive market demand and encourage investment in renewable fuel technology.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major market key players in the global green diesel market Neste Oyj, Marathon Petroleum Corporation, Aemetis, Inc., NX100 Green Diesel & Lubricants, Global Clean Energy Holdings, Inc., Shell Plc, PBF Energy Inc., Chevron Corporation, Valero Energy Corporation, Gevo, Inc., Phillips 66, Honeywell International Inc., Eni, and others.
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Key Market Developments
- In February 2023, Eni Sustainable Mobility and PBF Energy Inc. have signed definitive agreements to form St. Bernard Renewables LLC (SBR), a 50-50 joint venture for a biorefinery currently being built near PBF's Chalmette Refinery in Louisiana. The St. Bernard Renewables biorefinery is scheduled to open in the first half of 2023, with a raw material processing capacity of approximately 1.1 million tonnes per year, primarily for the production of HVO Diesel (Hydrotreated Vegetable Oil, also known as "renewable diesel" (green diesel) in North America), with an annual production capacity of 306 million gallons.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Green Diesel Market based on the below-mentioned segments:
Green Diesel Market, Type Analysis
- Pure Form
- Blended Form
Green Diesel Market, Technology Analysis
- Hydro-processing
- Catalytic Upgrading
- Pyrolysis
- Biomass to Liquid (BTL)
- Thermochemical Process (Gasification)
Green Diesel Market, Application Analysis
- Power Generation
- Fuel
- Others
Green Diesel Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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