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The Latin America biodiesel market is currently witnessing strong growth. Biodiesel is a non-toxic, cost-effective and carbon-neutral fuel produced via the transesterification of recycled cooking oils and animal fats. It is environment-friendly and a renewable source of energy as compared to fossil fuels. It can be mixed with petroleum diesel fuel and utilized in existing diesel vehicles without engine modification. It finds extensive applications in the automotive, marine, railway, agriculture and mining industries in Latin America.
Due to rising environmental concerns and the growing focus on energy conservation, governments of several countries in Latin America are supporting the utilization of biodiesel. This, in confluence with the increasing awareness about the benefits of biodiesel, represents one of the major factors bolstering the market growth in the region. Apart from this, the thriving automotive industry is acting as another factor impelling the market growth. Moreover, the escalating energy demand is expanding the applications of biodiesel in power generation and residential and commercial heating. Furthermore, the emergence of third-generation biofuels made using algae is anticipated to create a positive influence on the market growth in the coming years. Looking forward, IMARC Group expects the market to exhibit moderate growth during the forecast period (2020-2025).
IMARC Group provides an analysis of the key trends in each sub-segment of the Latin America biodiesel market report, along with forecasts for growth at the region level from 2020-2025. Our report has categorized the market based on region, feedstock, application, type and production technology.
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The competitive landscape of the industry has also been examined along with the profiles of the key players.
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