Biodiesel Market Worth $73.05 Billion By 2030 | CAGR: 10.0%

 Biodiesel industry Overview

The global biodiesel market size was valued at USD 32.09 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 10.0% from 2022 to 2030. 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.

Gather more insights about the market drivers, restrains and growth of the Global 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.

Furthermore, a growing preference for replacing fossil fuels, which are associated with higher GHG emissions, with biofuel, which is renewable and biodegradable, is influencing demand growth in these countries. COVID-19 had an impact on the demand for biodiesel for the first half of 2020. The demand fell during the coronavirus pandemic. Furthermore, the increasing demand for eco-friendly and GHG emission-reducing gas is anticipated to aid the market growth. Also, government aid like subsidies and imposing mandates indicates continued growth of the market.

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Biodiesel Market Segmentation

Grand View Research has segmented the global biodiesel market based on feedstock, application, and region:

Biodiesel Feedstock Outlook (Volume, Million Liters; Revenue, USD Million, 2019 - 2030)

• Vegetable Oil
  • Canola Oil
  • Soybean Oil
  • Palm Oil
  • Corn Oil
  • Others
• Animal Fats
  • Poultry
  • Tallow
  • White Grease
  • Others

Biodiesel Application Outlook (Volume, Million Liters; Revenue, USD Million, 2019 - 2030)

• Fuel
  • Automotive
  • Marine
  • Agriculture
• Power Generation
• Others

Biodiesel Regional Outlook (Volume, Million Liters; Revenue, USD Million, 2019 - 2030)

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies profiled:

Some of the prominent players in the global biodiesel market include:

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

Order a free sample PDF of the Biodiesel Market Intelligence Study, published by Grand View Research.

About Grand View Research

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