Biodiesel Market Expected To Witness A Substantial Growth Of $73.05 Billion By 2030: Grand View Research Inc.

 

San Francisco, 27 September 2023: The Report Biodiesel Market Size, Share & Trends Analysis Report By Feedstock (Vegetable Oils, Animal Fats), By Application (Fuel, Power Generation), By Region (Europe, APAC), And Segment Forecasts, 2022 - 2030

The global biodiesel market size is projected to reach USD 73.05 billion by 2030, expanding at a CAGR of 10.0% over the forecast period, according to a new report by Grand View Research, Inc. Growing demand for biodiesel as automobile fuel due to its eco-friendly properties, such as the reduced risk of GHG emissions, is expected to drive the industry growth. The market is distinguished by the presence of numerous players, the majority of whom are based in North America and Europe. Industry participants are embracing integration strategies to reduce their reliance on raw material suppliers and strengthen their position in the global industry. In 2021, North America accounted for over USD 5,114.7 million.

Environmental support, better regulatory support, geopolitical support, customer support, and economic and agricultural support are all driving the market growth. Biodiesel made from vegetable oils is popular in a variety of industries because the saturated fat content is low, making the production process simple and lowering overall production costs. Furthermore, the feedstock required to produce vegetable oils is more readily available than greases and animal fats. The market is expected to be led by the fuel application type segment, followed by power generation. The Europe region is expected to be the product’s primary market. The high product demand from the automotive sector and various government initiatives to reduce GHG emissions are expected to propel market growth.

Biodiesel is a renewable, clean-burning diesel substitute that can be used in existing diesel engines without requiring any modifications. It is composed of a growing variety of recycled cooking oil, agricultural feedstock, and animal fats. Increasing demand for biodiesel to replace traditional fossil fuels in power generation and automotive applications is projected to boost the market growth. On account of the existence of numerous dealers and suppliers, the market is highly fragmented.

However, the demand-supply gap caused by insufficient production capacity and a large scope for R&D in feedstock selection for product manufacturing is expected to create opportunities for new market players. The growing demand for environmentally friendly fuels that ensure complete combustion and can reduce Greenhouse Gas (GHG) emissions is a major factor driving the market. The high compatibility of biodiesel with the existing diesel engines is also driving the demand. The increasing population and the subsequent growth in the number of vehicles and other industries using biodiesel are also expected to boost the demand for biodiesel.

Access Research Report of Biodiesel Market @ https://www.grandviewresearch.com/industry-analysis/biodiesel-market

Biodiesel has a high demand in the automotive industry as it emits less GHG. As a result, the demand in the U.S. is expected to witness arise over the forecast period. The U.S. is one of the largest producers of soy. Soy is used as a feedstock for biodiesel after crushing. In March 2017, soybean oil was the largest feedstock used to produce biodiesel and accounted for 360 million pounds of the overall 857 million pounds of feedstock followed by corn oil and canola oil. Developing countries, such as India, China, Brazil, and some EU countries, intend to replace 10 - 20% of total fossil-based fuels with biodiesel used in the transportation sector.

Biodiesel Market Report Highlights

• The vegetable oil feedstock segment dominated the global market in 2021 and will expand further at a steady CAGR from 2022 to 2030
• Asia Pacific is projected to be the fastest-growing regional market from 2022 to 2030 over the forecast period
• The automotive application segment dominated the global market, in terms of consumption, in 2021
• The regional market of North America is likely to display a moderate growth rate during the projected period
• The market in the U.S. is likely to grow at a significant growth rate during the forecast period

List of Key Players in Biodiesel Market

• FutureFuel Corp.
• Ecodiesel Colombia S.A.
• Manuelita S.A.
• TerraVia Holdings, Inc.
• Renewable Biofuels, Inc.
• Ag Processing, Inc.
• Archer Daniels Midland Company (ADM)
• Wilmar International Ltd.
• Bunge Ltd.
• Cargill, Inc
• Louis Dreyfus Company

Access Press Release of Biodiesel Market@ https://www.grandviewresearch.com/press-release/global-biodiesel-market