As outlined in the ChemAnalyst report titled “Global Biodiesel Market Analysis: Industry Market Size, Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Foreign Trade, Company Share, 2015-2032,” the Biodiesel market has shown consistent growth in previous years and is forecasted to achieve a market volume of 70 million tonnes, exhibiting a Compound Annual Growth Rate (CAGR) of 3.87% until 2032. Biodiesel, emitting fewer greenhouse gases and being biodegradable, is expected to witness increased demand due to the imperative need to substitute fossil fuels with renewable alternatives.
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Biodiesel is a fuel derived from bio-based resources like vegetable oil and animal fat. It boasts renewability and a lower carbon footprint, being compatible with existing diesel engines without requiring modifications. Essentially processed from vegetable oil or animal fat, the abundance of raw materials and escalating demand from automotive and power generation sectors are anticipated to potentially reduce the cost of biodiesel in the upcoming forecast period. Substantial government backing for replacing fossil fuels with biofuels is a significant driver of biodiesel demand. Governments worldwide have set blending targets to reduce oil dependence and curb greenhouse gas emissions. Automotive companies are encouraging biofuel usage by offering extended warranties.
The global Biodiesel market is categorized by end-use, sales channel, and region. Segmenting by end-use, the Fuel sector dominates the global Biodiesel market, accounting for approximately 80% of its consumption in 2022 and expected to maintain its prominence in the years ahead. The increasing demand for clean and eco-friendly fuel is poised to drive biodiesel demand in the forecasted period.
North America holds sway in global demand, primarily driven by the USA, contributing around 40% of the global demand in 2022. This dominance stems from the extensive use of renewable energy sourced from agricultural and forestry sectors across the U.S. Biofuels constitute a significant portion of fuel in the U.S. transportation industry. The region is expected to maintain a similar consumption share due to its rapidly expanding automotive sector. In the APAC region, biodiesel demand is projected to increase owing to the burgeoning automotive and energy industries, which heavily favor eco-friendly fuel. Currently, the U.S. boasts the largest biodiesel production capacity.
According to the report “Global Biodiesel Market Analysis: Industry Market Size, Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Foreign Trade, Company Share, 2015-2032,” major players in global Biodiesel production include Infinita Renovables Castellón, Diester Industrie, Ineos, PT Wilmar Bioenergi Indonesia, VERBIO’s, Argent Energy, Bio Oils Huelva, Harvest Energy, Iniciativas Bioenergéticas (Calahorra), Greenergy’s, PT Musim Mas, Simadan subsidiary Biodiesel, Petrotec AG, Ennovor Biofuels, PT Kutai Refinery Nusantara, and others.
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https://www.chemanalyst.com/industry-report/biodiesel-market-570
Mr. Karan Chechi, Research Director at TechSci Research, a global management consulting firm supporting ChemAnalyst, expressed, “With a growing population, the search for eco-friendly fuel alternatives to replace depleting fossil fuels becomes critical. The global biodiesel industry has exhibited robust growth, primarily linked to conscious efforts in sustainable fuel, particularly within the automotive industry. Notably, North America leads in global biodiesel demand due to substantial government support for replacing fossil fuels with biofuels. Moreover, the U.S. maintains the largest biodiesel production capacity. Government support for substituting fossil fuels with lower greenhouse emission biofuels is another driving factor behind biodiesel demand growth.”
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