WASHINGTON, May 02, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Biodiesel Market finds that the increasing demand for cleaner fuels is expediting market growth. Primarily driven by rising demand by the automotive sector, the total Global Biodiesel Market is estimated to reach USD 48.1 Billion by the year 2028.
The Global Market revenue stood at a value USD 38.7 Billion in the year 2021, and is projected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 3.7%.
Furthermore, the increase in government support and initiatives is also anticipated to augment the growth of the Global Biodiesel Market, states Vantage Market Research, in a report, titled “Biodiesel Market Size, Share & Trends Analysis Report by Blend (B100, B20, B10, B5), by Production Technology (Pyrolysis, Trans-esterification, Others), by Feedstock type (Vegetable Oils, Animal Fats, Others), by Application (Fuel, Power Generation, Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Increasing Demand for Cleaner Fuels to Stimulate Global Biodiesel Market
The increasing demand for cleaner fuels is expected to fuel the growth of the Biodiesel Market during the forecast period. Biodiesel is a fuel for diesel engines that is made from fats and oils such as soybean oil and leftover cooking oil. It is clean, domestic, sustainable, and renewable. Transesterification is a chemical reaction that produces a high-quality advanced biofuel that meets ASTM D6751 requirements. B20 and lower blends, as well as blends up to B100, have been effectively employed in both existing older diesel engines and new models just off the assembly line. Biodiesel, renewable diesel, and renewable jet fuel will all be recognised as mainstream low-carbon fuels with better performance and emissions. According to a 2020 report by the National Biodiesel Board, utilisation will exceed six billion gallons in on-road, off-road, air transportation, electricity production, and home heating applications by 2030, eliminating about 35 million metric tonnes of CO2 equivalent greenhouse gas emissions yearly. By 2050, advances in feedstock will further increase the use to 15 billion gallons. Thus, this in turn is expected to support the growth of the market in near future.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Biodiesel market is predicted to grow at a CAGR of roughly 3.7% during the forecast period.
- The Biodiesel market was estimated to be worth roughly USD 38.7 Billion in 2021 and is expected to reach USD 48.1 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Biodiesel market.
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Segmentation of Global Biodiesel Market:
- Blend
- B100
- B20
- B10
- B5
- Production Technology
- Pyrolysis
- Trans-Esterification
- Others
- Feedstock Type
- Vegetable Oils
- Animal Fats
- Others
- Application
- Fuel
- Power Generation
- Others
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Growing Demand by the Automotive Sector to Augment Market Growth
The growing demand by the automotive sector is anticipated to augment the growth of the Biodiesel Market within the estimated period. The industry is expected to benefit from rising demand for gasoline in commercial vehicles to replace crude oil. The fuel is good for the environment because it lowers the greenhouse gases effect as compared to standard diesel because it has lower VOC content. However, over the projection period, the market's growth is expected to be hampered by an increase in the sale of electric vehicles. For example, Tesla entered the Indian market with electric vehicles in 2017, citing the country's fourth-largest automotive market and the fact that electric vehicles will dramatically cut pollution levels. Product demand in fuel applications is predicted to be hampered as a result of this invention. Moreover, as the OEM support for biodiesel continues to grow and as there is growing use for crude glycerine from biodiesel production, it is expected to create opportunities for the growth of the market in the years to come.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the energy & power industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Biodiesel Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Asia Pacific to Witness Fastest Growth in the Global Biodiesel Market
Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) and is likely to continue the same trend during the forecast period. This is attributable to the increasing demand for environment-friendly fuels from the economies such as India and China in the region owing to reduced greenhouse gas emissions. Further, the rising government support for biodiesel production is also anticipated to augment the regional growth of the market. For instance, to help the economy recover from a pandemic-induced fall, the Indonesian government set aside USD 195 million from the state budget in 2020 to subsidise palm oil biodiesel producers. Additionally, the increasing blend percentage in economies, such as Thailand, Malaysia, and India, is also likely to support the growth of the market in the region.
List of Prominent Players in the Biodiesel Market:
- Archer Daniels Midland Company (U.S.)
- Wilmar International Limited (Malaysia)
- Bunge Limited (U.S.)
- Neste Corporation (Finland)
- Renewable Energy Group Inc. (U.S.)
- Louis Dreyfus Company (Netherlands)
- Cargill Inc. (U.S.)
- BIOX Corporation (Canada)
- Munzer Bioindustrie (Austria)
- Emami Group (India)
Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on "Biodiesel Market Size, Share & Trends Analysis Report by Blend (B100, B20, B10, B5), by Production Technology (Pyrolysis, Trans-esterification, Others), by Feedstock type (Vegetable Oils, Animal Fats, Others), by Application (Fuel, Power Generation, Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/biodiesel-market-189997
Recent Developments:
January, 2022: ExxonMobil announced that it is expanding its interests in biofuels that can help reduce greenhouse gas emissions in the transportation sector, acquiring a 49.9% stake in Biojet AS, a Norwegian biofuels company that plans to convert forestry and wood-based construction waste into lower-emissions biofuels and biofuel components.
November, 2021: Purefuel Energy announced to launch 1000 fully compliant biodiesel retail fuel stations in the next 1 year in India. Purefuel Energy works closely with the Government Authorities in achieving the Government of India's vision to make India less dependent on fuel imports and in reducing the country's carbon footprint. Biodiesel Retail Outlets will be Purefuel's first step towards accomplishing this vision.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Biodiesel Market?
- How will the Biodiesel Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Biodiesel Market?
- What is the Biodiesel market drivers and restrictions?
- What will be the CAGR and size of the Biodiesel Market throughout the forecast period?
This market titled “Biodiesel Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Blend ° B100 ° B20 ° B10 ° B5 • Production Technology ° Pyrolysis ° Trans-Esterification ° Others • Feedstock Type ° Vegetable Oils ° Animal Fats ° Others • Application ° Fuel ° Power Generation ° Others • Region ° North America ° Europe ° Asia Pacific ° Latin America ° Middle East & Africa |
| Region & Counties Covered | • North America ° U.S. ° Canada ° Mexico • Europe ° U.K ° France ° Germany ° Italy ° Spain ° Rest Of Europe • Asia Pacific ° China ° Japan ° India ° South Korea ° South East Asia ° Rest Of Asia Pacific • Latin America ° Brazil ° Argentina ° Rest Of Latin America • Middle East & Africa ° GCC Countries ° South Africa ° Rest Of Middle East & Africa |
| Companies Covered | • Archer Daniels Midland Company (U.S.) • Wilmar International Limited (Malaysia) • Bunge Limited (U.S.) • Neste Corporation (Finland) • Renewable Energy Group Inc. (U.S.) • Louis Dreyfus Company (Netherlands) • Cargill Inc. (U.S.) • BIOX Corporation (Canada) • Munzer Bioindustrie (Austria) • Emami Group (India) |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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