BANGALORE, India, Feb. 17, 2022 /PRNewswire/ -- Biodiesel market is segmented by Type - Rapeseed Oil Based Feedstock, Soybean Oil Based Feedstock, Waste and Residues Based Feedstock, Other, Segment by Application - Industrial Fuels, Transportation Fuels, Chemical. Global Opportunity Analysis and Industry Forecast 2022 - 2028. It is published in Valuates Reports under the Energy & Utilities Category.
The global Biodiesel market size is estimated to be worth USD 24410 million in 2022 and is forecast to be a readjusted size of USD 26690 million by 2028 with a CAGR of 1.5% during the review period.
Major Factors Driving The Growth Of The Biodiesel Market Are
Increasing demand for biodiesel due to its environmentally friendly properties to reduce greenhouse gas emissions and raising public awareness are expected to drive the growth of the biodiesel market.
Positive government support for the biofuel sector, as well as increased R&D investments in innovative feedstock raw materials such as algae, animal fat, and UCO, are expected to fuel the biodiesel market growth.
Furthermore, biodiesel as a vehicle fuel is a cost-effective alternative to fossil-based diesel and it also improves air quality. This advantage is expected to further increase the adoption of the biodiesel market.
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TRENDS INFLUENCING THE GROWTH OF BIODIESEL MARKET
The global demand for biodiesel is increasing as people become more aware of the depletion of nonrenewable energy sources, as well as the depletion of natural resources. To meet the growing demand for clean energy, biodiesel (a renewable energy source) fuel must be integrated with other energy sources. Furthermore, biodiesel can be a cheaper alternative to fossil-fuel-based diesel.
Biodiesel is the only alternative fuel that has passed the Environmental Protection Agency's (EPA) rigorous emissions and health effects study required by the Clean Air Act. When compared to petroleum diesel fuel, biodiesel emits significantly less carbon monoxide, particulate matter, unburned hydrocarbons, and sulfates. Furthermore, when compared to petrodiesel, biodiesel reduces carcinogenic compound emissions by up to 85 percent. When blended with petroleum diesel fuel, the amount of biodiesel in the blend reduces emissions in direct proportion to the amount of biodiesel in the blend. This factor is expected to drive the growth of biodiesel market growth.
Various technological advancements, such as the emergence of third-generation biofuels derived from algae, which can produce a diverse and large quantity of biofuel when compared to other feedstocks, are also contributing to the market's positive outlook. Other factors, such as the implementation of favorable government policies to promote its use for sustainable development, energy conservation, and environmental preservation, are expected to have a positive impact on the market in the coming years.
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BIODIESEL MARKET SHARE ANALYSIS
Based on region, Europe is the largest market, with a market share of over 50%, followed by North America and Asia-Pacific, both with market shares of over 30%.
Based on region, Transportation fuel is expected to be the most lucrative segment. The scarcity of petroleum will make renewable energy sources even more appealing. Using alternative fuels is the most practical way to meet this rising demand. Biodiesel is the most promising candidate for diesel engine fuels. Biodiesel has a significant advantage over gasoline and petroleum diesel in terms of environmental friendliness.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Biodiesel Market By Company
- Diester Industries
- Neste Oil
- ADM
- Infinita Renovables
- Biopetrol
- Cargill
- Ital Green Oil
- Glencore
- Louis Dreyfus
- Renewable Energy
- RBF Port Neches
- Ag Processing
- Elevance
- Marathon Petroleum
- Evergreen BioFuels
- Minnesota Soybean Processors
- Caramuru
- Jinergy
- Hebei Jingu
- Longyan Zhuoyue
- Greenergy UK
- Biodiesel Amsterdam
- SunOil
- Petrotec
- Biocom
- SARIA Bio-Industries
- Biodiesel Aragon
- Bionor
- Iniciativas Bioenergeticas
- Valeo
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- The global Biofuels market size is estimated to be worth USD 76540 million in 2022 and is forecast to be a readjusted size of USD 100830 million by 2028 with a CAGR of 4.7% during the review period.
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