Biodiesel Market is Projected to Reach $51.47 Billion by 2029, at a CAGR of 3.6% from 2022 to 2029 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®
However, performance concerns in diesel engines are expected to hinder the growth of this market to a certain extent.
REDDING, Calif., Oct. 12, 2022 /PRNewswire/ -- According to a new market research report titled, 'Biodiesel Market by Blend (B100, B20, B10, B5), Feedstock (Vegetable Oils {Rapeseed Oil, Palm Oil}, Animal Fats {Poultry, Tallow}), Application (Fuel {Automotive, Marine, Agriculture}), and Geography - Forecast to 2029,' the biodiesel market is projected to reach $51.47 billion by 2029, at a CAGR of 3.6% during the forecast period.
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Biodiesel is safer and easy to handle and transport than petroleum diesel. It is an environment-friendly fuel that can be blended and used in many different concentrations. Additionally, biodiesel is safer for the environment and produces significantly less air pollution than petroleum diesel. It is a fuel that can be produced domestically and used in a diesel engine with little-to-no change to the engine or fuel system, thus allowing many countries to reduce their reliance on foreign oil reserves. Since biodiesel is produced from domestic energy crops, it can also work as an alternative form of fuel and can reduce our dependence on foreign suppliers.
The growth of this market is driven by the increase in biodiesel consumption, the rising environmental concerns, and the increasing demand for biodiesel to replace fuels in transportation and power generation. However, performance concerns in diesel engines are expected to hinder the growth of this market to a certain extent. Moreover, government support from North America, Latin America, Europe, and Asia-Pacific countries is expected to offer significant growth opportunities for players operating in the biodiesel market.
Increase in the Adoption of Biodiesel as Fuel is Expected to Drive the Biodiesel Market
The increasing use of biodiesel in commercial vehicles is expected to drive the biodiesel market. Biodiesel is simple to use, biodegradable and non-toxic. It is manufactured domestically from vegetable oil or animal fat. Furthermore, it is sustainable and a more environmentally friendly, cleaner-burning option that can be used in diesel engines without modification, thus allowing many countries to reduce their reliance on foreign oil reserves. These factors lead to the growth of the market for biodiesel.
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According to International Energy Agency (IEA), worldwide biodiesel consumption increased from 29,349 million liters in 2015 to 45,602 million liters in 2021. The rise in demand from Asia-Pacific was responsible for most of this growth. Consumers across the globe are more likely to opt for environment-friendly biodiesel fuel, owing to its ability to reduce the effect of greenhouse gas. There is an awareness about the rising environmental issues due to conventional fossil fuels among consumers across the globe. Additionally, the popularity of renewable and clean energy sources is also growing. These factors are contributing to the growth of the biodiesel market.
The global biodiesel market is segmented by blend type (B100, B20, B10, and B5), feedstock (vegetable oils, animal fats, used cooking oil (UCO), and other feedstock), and application (fuel, power generation, and other applications). The study also evaluates industry competitors and analyzes the regional and country-level markets.
Based on blend, in 2022, the B10 segment is expected to account for the largest share of the global biodiesel market. The large market share of this segment is attributed to the increasing government initiatives and growing demand for B10 in Asia. Moreover, various countries, including Argentina, Brazil, Colombia, and Thailand, have mandated the use of B10 biodiesel in vehicles. This is expected to drive the demand for B10 during the forecast period. However, the B20 segment is projected to register the highest CAGR during the forecast period.
Based on feedstock, in 2022, the vegetable oils segment is expected to account for the largest share of the global biodiesel. The large market share of this segment is attributed to its use as a renewable resource for biodiesel production, less greenhouse gas emissions, high oil yield, less saturated fat percentage, and reduced production cost. Most biodiesel products come from vegetable oils since they vary considerably with location according to climate and availability. For instance, soyabean oil is the most common feedstock used in biodiesel production in the U.S., whereas rapeseed oil is commonly used in many European countries for biodiesel production. Additionally, palm oil has been widely used in the production of biodiesel in countries such as Indonesia, Thailand, Germany, France, and Colombia. However, the UCO segment is expected to witness rapid growth in the global biodiesel market during the forecast period.
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Based on the application, in 2022, the fuel segment is expected to account for the largest share of the global biodiesel market. The large market share of this segment is attributed to its increased use as fuel in automotive, agriculture, and marine industries, the rising environmental concerns, and the increasing pollution due to automobile pollutants from petrol or diesel-based automobiles.
However, the power generation segment is expected to register the highest CAGR during the forecast period. The fast growth of this segment is attributed to its increasing use in generators to reduce poisonous carbon monoxide and particulate matter. Moreover, the increasing government attempt to adopt renewable energy sources to generate power is expected to offer significant opportunities for the growth of this segment.
Based on geography, in 2022, Europe is expected to account for the largest share of the global biodiesel market. The large market share of this segment is attributed to the increasing government and the growing preferences for renewable energy sources. Moreover, the growing demand for biodiesel from the end users, automotive, power generation, marine, railway, and agriculture, is expected to boost biodiesel demand in Europe.
However, Asia-Pacific is expected to witness rapid growth in the global biodiesel market during the forecast period. The fast growth rate of this regional market is attributed to factors such as the increasing government blend mandates and environmental concerns over petroleum diesel usage. Furthermore, the growing preference for replacing fossil fuels related to higher greenhouse gas emissions is persuading the demand for biodiesel in Asia-Pacific countries. Hence, with the increasing blend percentage in countries such as Indonesia, Thailand, Malaysia, and India, the Asia-Pacific region is expected to witness the highest growth rate during the forecast period.
The key players operating in the global biodiesel market are Archer-Daniels-Midland Company (U.S.), Ag Processing Inc (U.S.), Avril Group (France), Biodiesel Bilbao S.L. (a subsidiary of Bunge Limited) (Spain), Cargill Inc (U.S.), Emami Agrotech Ltd (part of Emami Limited), FutureFuel Chemical Company (U.S.), G-Energetic Biofuels Private Limited (India), Louis Dreyfus Company (Netherlands), Münzer Bioindustrie GmbH (Austria), Renewable Energy Group (U.S), VERBIO Vereinigte BioEnergie AG (Germany), Wilmar International Limited (Singapore), and World Energy LLC (U.S.).
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Scope of the Report:
Biodiesel Market, by Blend
- B100
- B20
- B10
- B5
Biodiesel Market, by Feedstock
- Vegetable Oils
- Animal Fats
- Used Cooking Oil (UCO)
- Other Feedstock
Biodiesel Market, by Application
- Fuel
- Power Generation
- Other Applications
Biodiesel Market, by Geography
- North America
o U.S.
o Canada
- Europe
o Spain
o France
o Germany
o Italy
o U.K.
o Netherlands
o Poland
o Austria
o Rest of Europe
- Asia-Pacific (APAC)
o China
o India
o Indonesia
o Thailand
o South Korea
o Malaysia
o Rest of Asia-Pacific (RoAPAC)
- Latin America
o Brazil
o Mexico
o Argentina
o Colombia
o Rest of Latin America (RoLATAM)
- Middle East & Africa
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