Biodiesel Industry Overview
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.
Biodiesel Market Segmentation
Grand View Research has segmented the global biodiesel market based on feedstock, application, and region:
Based on the Feedstock Insights, the market is segmented into Vegetable Oil and Animal Fats
- The vegetable oils feedstock segment is further sub-segmented into canola oil, soybean oil, palm oil, corn oil, and others.
- Simultaneously, the animal fats segment is sub-segmented into poultry, tallow, white grease, and others.
- In 2021, the vegetable oil segment accounted for the largest share of more than 97.00% of the global revenue.
- Palm oil is expected to be a major feedstock for the market and has been widely used in the production of biodiesel in countries, such as Indonesia, Thailand, Germany, France, and Colombia.
Based on the Application Insights, the market is segmented into Fuel, Power Generation, and Others
- In 2021, the fuel application segment dominated the global market and accounted for the largest share of more than 77.7% of the overall revenue.
- The automotive fuel segment dominated the demand for the product in 2021.
- The industry is expected to benefit from increased demand for fuel in commercial vehicles as a replacement for crude oil as it emits fewer Volatile Organic Compounds (VOCs) than traditional fuels, such as diesel.
- Because it is biodegradable, free of aromatics and sulfur, and non-toxic, the product finds application in the marine industry and is expected to grow at a significant CAGR over the forecast period.
- Governments around the world are constantly attempting to adopt renewable energy sources to generate power to reduce GHG emissions. As a result, the demand for the product in power generation applications is expected to grow at a significant CAGR from 2022 to 2030.
Biodiesel Regional Outlook
- North America
- Europe
- Asia Pacific
- South & Central America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The industry is highly competitive on account of the strong presence of major manufacturers. The companies’ production facilities are located near port areas, allowing for efficient fuel delivery. As a result, the cost of transportation falls, which is expected to boost participants’ profit margins over the projected period. Existing producers are expected to finance the expansion of their production capacities and geographical reach to support their market presence.
Some prominent players in the global Biodiesel market include:
- 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
Order a free sample PDF of the Biodiesel Market Intelligence Study, published by Grand View Research.
No comments:
Post a Comment