The global biodiesel market exhibited moderate growth during 2015-2020. Biodiesel, or green diesel, is a renewable, clean-burning alternative fuel that is produced through the transesterification of recycled cooking oils and animal fats. The process has two products, methyl esters (biodiesel) and glycerol. Biodiesel has properties similar to that of petroleum diesel, but in comparison, it is more economical, carbon-neutral and non-toxic. It also burns cleaner than fossil fuels and does not produce sulfur as a residue or other harmful chemicals. Owing to these benefits, it finds extensive application across automotive, marine, railway, agriculture and mining industries.
The increasing global energy demand and the growing need for clean and renewable fuel sources, represent the key factors driving the growth of the market. Furthermore, a thriving automotive industry is another major growth-inducing factor. Increasing environmental-consciousness and consumer awareness regarding the benefits of biodiesel have led to its widespread adoption across the globe. Additionally, the limited availability and surging prices of non-renewable energy sources such as petrol, diesel and Liquified Petroleum Gas (LPG) have favored the utilization of biodiesel. Various technological advancements such as the emergence of third-generation biofuels derived from algae that can produce a diverse and high quantity of biofuel as compared to other feedstocks are further creating a positive outlook for the market. Other factors such as the implementation of favorable government policies to promote its usage for sustainable development, energy conservation and environmental preservation are also projected to impact the market positively in the coming years. Looking forward, IMARC Group expects the global biodiesel market to grow at a CAGR of around 5% during 2021-2026.
The report has also analyzed the competitive landscape of the market with some of the key players being Archer Daniels Midland Company (ADM), Wilmar International Limited, Renewable Energy Group Inc., Cargill Inc., Bunge Limited, Neste Corporation, Louis Dreyfus Company, BIOX Corporation, Münzer Bioindustrie GmbH, Diester Industrie, BTG International Ltd, DuPont, POET, VERBIO, China Clean Energy Inc., CropEnergies AG , INEOS, etc.
Key Questions Answered in This Report:
The global biodiesel market size was valued at US$ 48.4 Billion in 2020.
According to the estimates by IMARC Group, the global biodiesel market is expected to witness a CAGR of 5% from 2021 to 2026.
The growing need for clean and renewable fuel sources based on the rising carbon emissions from petroleum diesel, represents one of the key drivers for the global biodiesel market.
Several technological advancements have led to the emergence of third-generation biofuels derived from algae, which represents one of the key trends in the global biodiesel market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary closure of numerous end-use industries and production facilities of biodiesel.
On the basis of the feedstock, the market has been classified into vegetable oils, animal fats, and others. Amongst these, vegetable oils hold the largest market share.
On the basis of the application, the market has been divided into fuel, power generation, and others. At present, fuel exhibits a clear dominance in the market.
On the basis of the type, the market has been segmented into B100, B20, B10 and B5. Currently, B20 accounts for the majority of the total market share.
On the basis of the production technology, the market has been categorized into conventional alcohol trans-esterification, pyrolysis, and hydro heating. At present, conventional alcohol trans-esterification exhibits a clear dominance in the market.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Europe dominates the global market.
The key companies in the global biodiesel market are Archer Daniels Midland Company (ADM), Wilmar International Limited, Renewable Energy Group Inc., Cargill Inc., Bunge Limited, Neste Corporation, Louis Dreyfus Company, BIOX Corporation, Münzer Bioindustrie GmbH, Diester Industrie, BTG International Ltd, DuPont, POET, VERBIO, China Clean Energy Inc., CropEnergies AG, INEOS, etc.
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