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Global Biodiesel Market to Reach US$ 44.2 Billion, Fostered by Growing Need for Renewable and Clean Fuel Sources

According to the latest report by IMARC Group, titled “Biodiesel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global biodiesel market size reached US$ 32.4 Billion in 2018. Biodiesel is a renewable energy source that is a viable substitute for petroleum diesel fuel. It is obtained from vegetable oil, methanol as well as animal and recycled cooking fats. These raw materials are converted into a mixture of the fatty acids that makes the oil through a transesterification reaction. Biodiesel allows farmers to grow the fuel they need for farm machinery as it reduces the carbon footprint of agriculture. In recent years, the leading biofuel manufacturers are introducing advanced technologies that are used for the production of biofuels through biogas, pyrolysis and gasification.

Global Biodiesel Market

Global Biodiesel Market Trends:

Biodiesel is regarded as a safe, non-toxic, biodegradable and energy efficient material. This helps in mitigating greenhouse gas emissions, and hence is being increasingly utilized nowadays across industries. For instance, biodiesel is extensively used in the automotive industry as it is an excellent lubricator which helps diesel engines to last longer. Besides this, governments of various countries are undertaking research and development (R&D) activities to commercially develop second-generation biofuels to provide energy security and meet the increasing energy needs across the globe. Moreover, biofuels have gained importance in aviation and marine transportation in recent years, with strong policy support and innovation for reducing production costs. For instance, Scandinavian Airlines System (SAS), a Sweden-based airline holding company, aims to replace jet fuel that was used for domestic flights with biofuel by 2030. It also signed an agreement with the Sweden-based fuel company, Preem, to supply renewable aviation fuels to SAS from waste materials, like forestry residues. Looking forward, the market value is projected to reach US$ 44.2 Billion by 2024, registering a CAGR of around 5% during 2019-2024.

Market Summary:

  • Based on the feedstock, the market has been segmented into vegetable oils, animal fats and others.
  • On the basis of the application, the market has been segregated into fuel, power generation and others.
  • The market has been categorized based on the type into B100, B20, B10 and B5.
  • On the basis of the production technology, the market has been classified as conventional alcohol trans-esterification, pyrolysis and hydro heating.
  • Region-wise, the market has been divided into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has also been examined in the report. Some of the key players operating in the market include Archer Daniels Midland Company (ADM), Wilmar International Limited, Renewable Energy Group Inc., Bunge Limited, Cargill, Incorporated, Neste Oyj, Louis Dreyfus Company B.V., Biox Corporation, Diester Industrie, Biomass Technology Group (BTG) BV, DuPont, POET, Verbio Vereinigte BioEnergie AG, China Clean Energy, Inc., CropEnergies AG and INEOS AG.

 

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