Increasing Demand for Biodiesel to Replace Traditional Fossil Fuels in Power Generation is Projected to Bring an Extensive Growth in the Market
SkyQuest projects that the biodiesel market will attain a value of USD 64.27 billion by 2030, with a CAGR of 5.25% over the forecast period (2023-2030). The market presents opportunities for new players due to the demand-supply gap caused by insufficient production capacity and a wide scope for research and development in feedstock selection for product manufacturing. In addition, the market is driven by the increasing demand for environmentally friendly fuels that ensure complete combustion and can reduce Greenhouse Gas (GHG) emissions.
Westford, USA, June 19, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the high compatibility of biodiesel with existing diesel engines is driving the demand. In addition, the increasing population and growth in the number of vehicles and industries using biodiesel are expected to further boost the market demand.
Browse in-depth TOC on “Biodiesel Market”
- Pages – 242
- Tables – 64
- Figures – 75
Biodiesel is a fuel derived from plants and animals that is commonly used in diesel engines, and it is produced through transesterification. It is primarily utilized in the automobile and trucking sectors although biodiesel has gained widespread usage across multiple industries. One of the key benefits of biodiesel is that it does not harm the environment and is entirely safe to use. Additionally, biodiesel is a user-friendly renewable energy source, which has helped accelerate its adoption across various industries. The adoption of biodiesel is particularly high among OECD countries. These advantages have contributed to the growing demand for biodiesel as a cleaner and more sustainable fuel alternative.
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Prominent Players in Biodiesel Market
- Neste Corporation
- Archer Daniels Midland Company
- Cargill, Incorporated
- Wilmar International Limited
- Renewable Energy Group, Inc.
- Louis Dreyfus Company
- Bunge Limited
- BIOX Corporation
- Royal Dutch Shell plc
- TotalEnergies
- BASF SE
- Evonik Industries AG
- Dow Inc.
- DuPont de Nemours, Inc.
- Novozymes A/S
- Eni S.p.A.
- Sinopec Corp.
- Mitsubishi Chemical Holdings Corporation
- Chemrez Technologies, Inc.
- Crown Iron Works Company
Vegetable Oils Segment is Anticipated to Grow Due to the Growing Production Capacity of Crops
The vegetable oils segment, which includes rapeseed, soybean, and palm oil, is the most significant contributor to the overall biodiesel market, accounting for 85% of the market share. This segment is expected to maintain its dominance over the forecast period, reflecting the accessibility and production capacity of crops in different regions. Rapeseed oil is currently the most widely used feedstock for biodiesel, particularly in European countries, while soybean oil is the preferred choice in the United States.
North America is projected to experience substantial growth at a CAGR of 5.48%. High investments in research and development and early product adoption are expected to positively impact the biodiesel market in the region. According to the Environmental Impact Assessment (EIA), in 2019, the United States imported approximately 9.10 million barrels per day of petroleum from approximately 90 countries worldwide, indicating a growing need for alternative fuel sources such as biodiesel.
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Fuel Segment is Dominating the Market Due to the Increasing Demand For Gasoline
The fuel segment emerged as the dominant contributor to the biodiesel market, accounting for 78% of the market share in revenue. The segment is expected to experience continued growth owing to the increasing demand for gasoline in commercial vehicles, replacing crude oil. Biodiesel is widely utilized across various industries, including automotive, industrial, aviation, mining, marine, and agriculture. As biodiesel continues to gain popularity as a transportation fuel, its share in the global fuel market is expected to increase significantly, driving the growth and demand for the biodiesel market during the forecast period.
Asia-Pacific is expected to demonstrate the highest Compound Annual Growth Rate (CAGR) in the global market. Countries such as Thailand, Malaysia, and Indonesia are significant contributors to the market. The demand for biodiesel is expected to be high in Thailand due to a substantial number of diesel-powered vehicles.
A comprehensive analysis of the major players in the biodiesel market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Biodiesel Market
- SLD Pumps & Power (SLD) moved significantly towards sustainability by switching to biodiesel fuel to power its equipment fleet in 2022. The switch is expected to displace the consumption of approximately one million liters of highly polluting mineral diesel each year. This is a positive development in terms of reducing the environmental impact of the company’s operations.
- Continental Refining Company (CRC) also announced a significant investment in the biodiesel market in 2021. The company invested an additional USD 20 million in a biodiesel project and has plans to acquire and install a soybean crushing, biodiesel refining, and blending facility at its current oil refinery in Somerset, Kentucky. This move highlights CRC’s commitment to sustainability and demonstrates the growing demand for biodiesel as a cleaner and more sustainable fuel alternative in various industries.
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Key Questions Answered in Biodiesel Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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