Biodiesel Market : Description
A renewable alternative fuel produced by transesterifying discarded cooking oils and animal fats is green diesel, also referred to as biodiesel. The two byproducts of the process are methyl esters (biodiesel) and glycerol. Although biodiesel shares some traits with petroleum fuel, it is more affordable, carbon-neutral, and non-toxic.
Additionally, it burns cleaner than fossil fuels and doesn't produce harmful pollutants like sulphur. It is widely utilised in the automotive, maritime, railroad, agricultural, and mining industries as a result of these benefits.
Biodiesel is a renewable form of crude oil that is manufactured domestically from animal fat and vegetable oils. Biodiesel meets both the bio-mass based diesel and overall advanced bio-fuel requirement. It is a form of crude oil derived from plants and animal consisting of long chain fatty acid esters. Bioenergy is derived from biofuels. These fuels are produced directly or indirectly from plant and animal waste.
The biodiesel is produced by the process known as transesterification wherein lipids such as animal fat, soybean oil, and other vegetable oil are chemically processed with an alcohol consisting methyl, ethyl, or propyl ester. Unlike other fuels, bio-diesel fuel is compatible with existing diesel engines. However, the biodiesel is typically combined with petro-diesel as most of the engines cannot run on pure biodiesel. Biodiesel blends are also used for heating oil mostly found in furnaces.
The Global Biodiesel market is presently worth USD 35.30 billion and is poised to amplify at a CAGR of 10.0% over 2022-2030, thereby amassing a valuation of USD 75.67 billion by end of the assessment timeline.
Growing demand for bio-friendly options for fuel that reduce green gas emissions and ensure complete disposal or burning of the fuel without leaving any residual is boosting the market. Additionally, growing support from government in connection with the development of newer renewable choices combined with providing subsidies is fuelling the market.
The growing demand for environmentally friendly fuels that reduce greenhouse gas emissions and ensure complete combustion is one factor driving the market for biodiesel. The market is expected to continue to grow as a result of government requirements and subsidies that support the production of biodiesel.
Biodiesel is a renewable, clean-burning substitute for diesel that may be utilised in existing diesel engines without requiring modifications. It is composed of an expanding variety of agricultural feedstock, animal fats, and recycled cooking oil. The need for biodiesel to replace traditional fossil fuels in power generation and automotive applications is predicted to grow, which will lead to an expansion of the industry. Considering how many suppliers and dealers there are, the industry is quite fragmented.
Global Biodiesel Market- Key trends
Increasing need for clean and renewable fuel sources will drive the market expansion
The main factors propelling the market's growth are the rising worldwide energy demand and the growing desire for clean and renewable fuel sources. Another important component that stimulates growth is a flourishing automotive industry. Biodiesel has become widely used all over the world as a result of rising environmental awareness and customer understanding of its advantages.
Increasing use of non-renewable energy sources will help the market to further
Additionally, the use of biodiesel has been promoted by the constrained supply and rising costs of non-renewable energy sources including gasoline, diesel, and liquefied petroleum gas (LPG). A bright picture for the market is also being created by a number of technological developments, such as the emergence of third-generation biofuels made from algae that can produce a diverse and large amount of ethanol in comparison to previous feedstocks.
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Market growth, is associated with factors such as growing demand, earnings from the trade, economic state of that particular region, supply chain and other.
Growing requests for biodiesel fuels is anticipated to generate lucrative growth opportunities in the global biofuel market. The vegetable oil segment accounted for the largest share in the market. Feed stock obtained from several different oils such as soybean, rapeseed, and palm account for largest share in production of biodiesel. The feedstock depends on the availability of crop in that region. For instance, rapeseed is most commonly used biodiesel followed by soybean oil in countries such as U.S followed by Europe and Argentina. Additionally, fuel application accounted for the largest share in 2015, reason being, rising consumption of biodiesel for marine, automotive, railway, and agriculture businesses. On the basis of region, Europe held largest market share due to saturation of bio-diesel market.
The Biodiesel Market is segmented into Blend, Production Technology, Feedstock Type, Application
Based on Blend the market is further segmented into
Based on Production Technology the market is further segmented into
- Others (Dilution, Micro-Emulsification)
Based on Feedstock Type the market is further segmented into
- Vegetable Oils
- Edible Oils (Rapeseed/Canola, Soybean, Palm)
- Animal Fats
- Lard & White Grease
Based on Application the market is further segmented into
- Automotive (On road vehicles, Off road vehicles)
- Power Generation
- Others (Solvents, Diluent, Coatings, Printing Inks, Adhesives)
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Based on the regional analysis the market covers regions such as Europe, Asia Pacific, North America, Middle East and Africa, Latin America. Europe is marked as the dominant region and is expected to remain the same during the forecasted period.
Covid-19 impact on the market:
The recent contagion that invaded the world led to devastating effects on economy and human life. It was an unprecedented challenge to economy as a whole. This pandemic had led to closure of workplaces, travel restrictions, remote work options for almost all employees across globe which created challenges for businesses to operate. Hence, there was comparative low growth during the pandemic period of FY 2020-2021. The virus had spread across the globe at an alarming speed, tainting millions. This had majorly affected the Biodiesel Market.
Market Key players
Some of the key players recorded are Archer Daniels Midland Company (U.S.), Wilmar International Limited (Malaysia), Bunge Limited (U.S.), Neste Corporation (Finland), Renewable Energy Group Inc. (U.S.), Louis Dreyfus Company (Netherlands), Cargill Inc. (U.S.), BIOX Corporation (Canada), Munzer Bioindustrie (Austria), and Emami Group (India).
Table of Contents
- Global Biodiesel Market Introduction and Market Overview
- Global Biodiesel Market - Executive Summary
- Biodiesel Market Trends, Outlook, and Factors Analysis
- Global Biodiesel Market: Estimates & Historic Trend Analysis (2018 to 2021)
- Global Biodiesel Market Estimates & Forecast Trend Analysis, by Deployment
- Global Biodiesel Market Estimates & Forecast Trend Analysis, by Component
- Global Biodiesel Market Estimates & Forecast Trend Analysis, by Content Type
- Global Biodiesel Market Estimates & Forecast Trend Analysis, by End Use
- Global Biodiesel Market Analysis and Forecast, by Region
- North America Biodiesel Market: Estimates & Forecast Trend Analysis
- Europe Biodiesel Market: Estimates & Forecast Trend Analysis
- Asia Pacific Biodiesel Market: Estimates & Forecast Trend Analysis
- Middle East & Africa Biodiesel Market: Estimates & Forecast Trend Analysis
- Latin America Biodiesel Market: Estimates & Forecast Trend Analysis
- Competitive Landscape
- Company Profiles
- Assumptions and Research Methodology
- Conclusions and Recommendations
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