Global Biodiesel Market is projected to boom at a CAGR of 6.05% between 2024 and 2030
As per the Iowa Renewable Fuels Association, biodiesel slashes greenhouse gasoline emissions by as much as 86%, is non-toxic, and biodegradable. Its utilization additionally reduces particulate count through 47%, hydrocarbon emissions by as much as sixty seven%, and mitigates smog. Biodiesel production appreciably curtails wastewater by 79% and dangerous waste through 96% as opposed to petroleum diesel. Consequently, the growing desire for sustainable practices amongst environmentally-conscious purchasers fuels biodiesel demand, using market increase as more consumers are trying to find cleaner gasoline alternatives.Moreover, increasing manufacturing meets the rising demand, bolstering the global biodiesel market by presenting more sustainable fuel options and mitigating reliance on fossil fuels. According to the US Environmental Protection Agency (EPA), US manufacturing of biomass-based diesel, encompassing biodiesel, renewable diesel, sustainable aviation fuel (SAF), and heating oil, reached four billion gallons in 2023. Both home production and use of advanced biomass-based diesel grew by 1 billion gallons in 2023 compared to 2022, indicating a vast expansion in the quarter. Hence, the Global Biodiesel Market was priced at US$ 39.27 Billion in 2023.
Besides, maximum new biofuel demands emerge from robust guidelines in emerging economies, particularly Brazil, Indonesia, and India. With hovering transport fuel desires and ample feedstock capacity, those international locations witness massive ethanol and biodiesel usage expansion. Indonesia, the world's biggest biodiesel manufacturer, is important in exemplifying its commitment to reducing greenhouse gas emissions and boosting its financial system. Beyond being the most outstanding international biodiesel manufacturer, Indonesia's big palm oil industry and favorable agricultural setup contribute to its leadership. In a bid to reduce energy imports and promote palm oil consumption, Indonesia's Energy Ministry plans to test B40 mixing, incorporating 30% Fatty Acid Methyl Ester (FAME) and 10% distilled Palm Methyl Ester (DPME) or 10% green diesel from palm oil.
China could emerge as a significant player in the worldwide biodiesel industry
Based on countries, the global biodiesel market is divided into the United States, Canada, France, Germany, Italy, Spain, United Kingdom, Belgium, Netherlands, Turkey, China, Japan, India, Australia, South Korea, Thailand, Malaysia, Indonesia, New Zealand, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, and the United Arab Emirates. China has the capacity to become a considerable player in the global biodiesel market due to its considerable population, increasing energy demands, and growing awareness of environmental concerns. In 2021, China is forecasted to supply 1.9 billion liters of biodiesel, with local demands anticipated to account for just 40% of that, in line with statistics from the U.S. Department of Agriculture (USDA). Besides, government assistance for renewable energy tasks is contributing to the boom of the global biodiesel market. For instance, in 2021, China released a sequence of pilot tasks to stimulate domestic manufacturing and consumption of biodiesel, as pronounced by the National Energy Administration (NEA), improving environmental efforts in an area where the country trails other major economies.Key Players
Archer Daniels Midland Company, FutureFuel, Nestle’s, Renewable Energy Group, Inc., Bunge Global SA, Wilmar, and Shell are significant companies in the global biodiesel market.In October 2022 - Fluor Corporation was awarded a contract to provide front-end engineering and detailed EPC services to Imperial on a reimbursable basis for developing a renewable diesel complex at the Strathcona refinery near Canada.
Application - Market breakup in 3 viewpoints:
1. Fuel2. Power Generation
3. Others
Feedstock - Market breakup in 2 viewpoints:
1. Vegetable Oil2. Animal Fats
Countries - Market breakup of 25 Countries Covered in the Report:
1. North America1.1 United States
1.2 Canada
2. Europe
2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 United Kingdom
2.6 Belgium
2.7 Netherlands
2.8 Turkey
3. Asia Pacific
3.1 China
3.2 Japan
3.3 India
3.4 South Korea
3.5 Thailand
3.6 Malaysia
3.7 Indonesia
3.8 Australia
3.9 New Zealand
4. Latin America
4.1 Brazil
4.2 Mexico
4.3 Argentina
5. Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.3 South Africa
All the Key players have been covered from 3 Viewpoints:
- Overview
- Recent Development
- Revenue Analysis
Company Analysis:
1. Archer Daniels Midland Company2. FutureFuel
3. Nestle’s
4. Renewable Energy Group, Inc.,
5. Bunge Global SA
6. Wilmar
7. Shell
Table of Contents
Companies Mentioned
- Archer Daniels Midland Company
- FutureFuel
- Nestle’s
- Renewable Energy Group, Inc.,
- Bunge Global SA
- Wilmar
- Shell
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 170 |
| Published | March 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 39.27 Billion |
| Forecasted Market Value ( USD | $ 59.26 Billion |
| Compound Annual Growth Rate | 6.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 7 |
