Worldwide Biodiesel Industry to 2027 - Transportation Segment Expected to Dominate the Market
The market for biodiesel is expected to grow at a CAGR of more than 7.98% during the forecast period of 2022-2027.
- The market for biodiesel is expected to grow at a CAGR of more than 7.98% during the forecast period of 2022-2027.
- Factors such as increasing demand for environment friendly fuels that reduce greenhouse gas emissions and government support for biodiesel production by providing subsidies are expected to drive the biodiesel market during the forecast period.
- However, lack of availability of the feedstock for bio-diesel generation and declining of crude prices globally may hinder the growth of the bio-diesel market.
- Under transportation segmentation, the usage of biodiesel as fuel is dominating the market due to the acceptance of biodiesel as a blending agent in different nations across the globe.