The latest report by IMARC, titled “India Biodiesel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, finds that the India biodiesel market size reached US$ 383.4 Million in 2022. Biodiesel refers to a renewable, clean-burning fuel substitute produced through the transesterification of edible and non-edible oils. It is economical, carbon-neutral, and non-toxic as compared to traditional sources of fuel. As a result, it is widely utilized in the marine, automotive, and railway sectors to minimize carbon emissions. In recent years, biodiesel has gained traction in India as it enhances the lubrication of an engine and improves engine life.
India Biodiesel Market Trends:
In India, the rising environmental consciousness and the inflating prices of petroleum products are escalating the utilization of biodiesel in the automotive industry. Other than this, the growing focus on the implementation of sustainable development practices is positively influencing market growth. Besides this, biodiesel enhances air quality, provides numerous safety benefits, and improves energy security. Consequently, it is utilized to power underground mining machinery and equipment. In line with this, the high compatibility of biodiesel with the prevailing diesel engines is also creating a positive market outlook. Furthermore, the rapidly increasing population resulting in an increasing number of vehicles and other industries using biodiesel is escalating the product demand. Moreover, several initiatives by governments, such as imposing mandates and subsidies, are driving the market growth. Other growth-inducing factors include rising energy demand and the growing usage of biodiesel as a heating fuel in commercial and domestic boilers. Looking forward, IMARC Group expects the market value to reach US$ 643.0 Million by 2028, expanding at a CAGR of 9.36% during the forecast period (2023-2028).
- Based on the feedstock, the market has been divided into vegetable oils, animal fats, and others.
- On the basis of the application, the market has been segmented into fuel, power generation, and others.
- Based on the type, the market has been segregated into B100, B20, B10, and B5.
- On the basis of the production technology, the market has been categorized into conventional alcohol trans-esterification, pyrolysis, and hydro heating.
- Region-wise, the market has been classified into North India, West and Central India, South India, and East India.
- The competitive landscape of the market has also been analyzed, along with detailed profiles of the key players operating in the industry.
|Base Year of the Analysis
||Feedstock, Application, Type, Production Technology, Region
||North India, West and Central India, South India, East India
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