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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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