Biodiesel Market Forecast Analysis | 2023-2028

"The Biodiesel market will likely grow at a promising CAGR of 10.0% during the forecast period".

Segments Analysis

Introduction

Biodiesel is a renewable, clean-burning diesel substitute that can be used in existing diesel engines without the need for changes. It is made up of an expanding range of recycled cooking oils, animal fats, and agricultural feedstock. The market is expected to increase as a result of rising demand for biodiesel to replace conventional fossil fuels in power generation and automotive applications. The market is very fragmented because there are so many suppliers and dealers.

Market Drivers

However, the demand-supply imbalance brought on by limited production capacity and the significant room for R&D in feedstock selection for product manufacturing is anticipated to open up prospects for new market participants. One of the main factors influencing the market is the rising demand for environmentally friendly fuels that guarantee complete combustion and can lower Greenhouse Gas (GHG) emissions. The demand is also fueled by biodiesel's high compatibility with current diesel engines. The demand for biodiesel is anticipated to rise as a result of the growing population and associated increase in the number of automobiles and other sectors using the fuel.

Segment Analysis

By Feedstock Type

"Vegetable oil is expected to remain the larger and faster-growing feedstock in the market during the forecast period"

• Based on the feedstock type, the biodiesel market is segmented into vegetable oils and animal fats
• Vegetable oil is expected to remain the larger and faster-growing feedstock in the market during the forecast period
• The feedstock segment for vegetable oils is further divided into subsegments for canola oil, soybean oil, palm oil, corn oil, and others. The section for animal fats is further divided into sub-segments for poultry, tallow, white grease, and others
• However, based on availability and feedstock costs, raw material selection differs by region
• Palm oil has been extensively used in the manufacturing of biodiesel in nations like Indonesia, Thailand, Germany, France, and Colombia and is anticipated to be a significant feedstock for the industry.

By Application Type

 "Fuel is expected to remain the dominant as well as the faster-growing application in the market during the forecast period"

• Based on the application type, the market is segmented into fuel and power generation.
• Fuel is expected to remain the dominant as well as the faster-growing application in the market during the forecast period
• Since it emits fewer volatile organic compounds (VOCs) than conventional fuels, such as diesel, the industry is anticipated to gain from an increase in demand for fuel in commercial vehicles as a substitute for crude oil.
• The product finds use in the marine industry since it is biodegradable, free of aromatics and sulfur, and non-toxic. It is anticipated to rise at a considerable CAGR over the projected period.

Regional Analysis

"Europe is expected to remain the largest market for biodiesel during the forecast period"

• In terms of regions, Europe is expected to remain the largest market for biodiesel during the forecast period due to the region's early adoption of the product and the government's emphasis on using bio-based sources instead of carbon-emitting ones.
• It has historically been the product's largest market. The most popular feedstocks used to make biodiesel in Europe include rapeseed oil, UCO, palm oil, soybean oil, animal fats, and sunflower oil. Germany, which produces the most feedstock among the European nations, is the main force behind the product demand in the area

key Players

The following are the key players in the Biodiesel Market (arranged alphabetically)

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

Report Features

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Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

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