VANCOUVER, BC, Jan 10, 2023 /PRNewswire/ -- The Biodiesel market size reached USD 32.05 Billion in 2021 and is expected to register a CAGR of 9.9% during the forecast period, according to latest analysis by Emergen Research. Increased need for sustainable fuels in power generation and transportation are some of the key factors driving market revenue growth.
Biodiesel is a renewable and biodegradable fuel manufactured from organic materials vegetable oils, recycled restaurant grease, or animal fats and is considered a better alternative than traditional fossil fuels. Fossil fuels such as petroleum are mostly imported from OPEC countries and fluctuating oil prices due to geopolitical pressures have negatively impacted end-user industries significantly. The production of biodiesel can reduce dependence on foreign oil and bring down oil imports and can improve the balance of trade between various countries. Government of various countries has therefore formulated strategic policies to expand and diversify the domestic production capacity of biodiesel. This is expected to drive the revenue growth of the market to a greater extent.
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Drivers:
Increased need for sustainable fuels in power generation and transportation is a primary factor that is expected to drive revenue growth in the market. Biochemical or thermochemical methods are used to turn biomass into biofuels such as ethanol, methanol, biodiesel, biocrude, and methane. In addition, biodiesel reduces carbon emissions on average by 80% when compared to petrol and diesel, and therefore is considered a better carbon reduction tool commercially available. In the U.S one-third of the country's carbon dioxide (CO2) emissions are attributable to the transportation industry and therefore use of biodiesel as an alternative fuel in vehicles can bring the carbon dioxide emission to a significant extent.
The National Biofuels Program is run by the US Department of Energy with the objective to adopt and commercialize the finest technologies in an effort to realize the widespread use of biomass-based transportation fuels that are cost-effective, environmentally sound, and efficient. This is expected to increase the demand for biodiesel and therefore drive the revenue growth of the market.
Restraints:
Performance issues with biodiesel, an insufficient supply of feedstock to produce biodiesel, and weaker cold filtering capabilities are some factors restraining the revenue growth of the market. Engine's performance is affected by low-quality biodiesel due to time deposits, corrosion, and other problems that could build up until the vehicle's engine breaks catastrophically. These factors are major restraints in the revenue growth of the market.
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Growth Projections:
The Biodiesel market is expected to register a CAGR of 9.9% over the forecast period and revenue is projected to increase from USD 32.05 Billion in 2021 to USD 75.57 Billion in 2030. is expected to support revenue growth of the market. Increasing government initiatives to promote biodiesel and increased need for sustainable fuels in power generation and transportation are expected to drive the revenue growth of the market.
Current Trends and Innovations:
Increasing government initiatives to promote biodiesel has led to an increase in production of biodiesel. Since ethanol is a renewable energy source, it is a better substitute for fossil fuels and can be used as a fuel for generating power. Molasses fermentation is used to produce ethanol at the industrial level. On 19 May 2022, the government of India amended the National Policy on Biofuels which would allow the government more feedstocks for biofuels production. Additionally, under the new amendments, the Government of India is promoting the establishment of units in Special Economic Zones (SEZ) or Export Oriented Units to produce biofuels in the nation as part of the Make in India program (EoUs). This can lead to an increase in production of biodiesel and therefore drive the revenue growth of the market.
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Strategic Initiatives:
Major companies included in the market report are Ag Processing Inc, ADM, Bunge Limited, Cargill, Incorporated, FutureFuel Corporation, Manuelita, Rb Fuels, Wilmar International Ltd, Neste, and Shell plc.
- On October 6, 2022, Cargill Inc is boosting its use of biofuels in a bunkering trial and is planning to order methanol-fueled ships in order to cut emissions. The company is testing the performance of biofuels in its vessels.
Scope of Research
Report Details | Outcome |
Market size in 2021 | USD 32.05 Billion |
CAGR (2022-2030) | 9.9 % |
Revenue forecast to 2030 | USD 75.57 Billion |
Base year for estimation | 2021 |
Historical data | 2019-2020 |
Forecast period | 2022-2030 |
Quantitative units | Revenue in USD Billion and CAGR in % from 2022 to 2030 |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered | Production process, feedstock, application, and region |
Regional scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, U.A.E., South Africa, Turkey, and Rest of MEA |
Key companies profiled | Ag Processing Inc., The Archer-Daniels-Midland Company (ADM), Bunge Limited, Cargill, Incorporated, FutureFuel Corporation, Manuelita, Rb Fuels, Wilmar International Ltd, Neste Oyj, and Shell plc |
Customization scope | 10 hours of free customization and expert consultation |
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Emergen Research has segmented biodiesel market on the basis of production process, feedstock, application, and region:
- Production Process Outlook (Revenue, USD Billion; 2019-2030)
- Hydro-Heating
- Alcohol Trans-Esterification
- Pyrolysis
- Feedstock Outlook (Revenue, USD Billion; 2019-2030)
- Vegetable Oil
a. Canola Oil
b. Soybean Oil
c. Palm Oil
d. Corn Oil
e. Others - Animal Fats
a. Poultry
b. Tallow
c. White Grease
d. Others - Used Cooking Oil
- Others
- Application Outlook (Revenue, USD Billion; 2019-2030)
- Fuel
a. Automotive
b. Marine
c. Others - Power Generation
- Agriculture
- Others
- Regional Outlook (Revenue, USD Billion, 2019 - 2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of LATAM
- Middle East & Africa
- UAE
- Saudi Arabia
- Africa
- Rest of Middle East
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