According to ChemAnalyst report, “Global Biodiesel Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Foreign Trade, Company Share, 2015-2032” The Biodiesel market witnessed steady growth in the historical years and is estimated to reach a market volume of 60 million tonnes with a CAGR of 3.21% until 2032. Biodiesel releases lesser greenhouse gas emissions and is biodegradable and with the growing need for replacing fossil fuel with renewable fuel it is projected to that the demand of biodiesel is expected to rise in the forecast period.
Biodiesel is a type of fuel made from bio-based resources such as vegetable oil and animal fat. It is renewable in nature with lesser carbon footprint. It can be used in existing diesel engines without modification. Biodiesel is basically processed vegetable oil or animal fat. Due to the abundance of raw material and increasing demand from both the automotive and power generation segment, it is expected that the cost of biodiesel might come down during the forecast period. Stronger government support for replacement of fossil fuels with biofuel is propelling the demand of biodiesel. Governments globally have set various blending targets to lower the dependence on oil imports and to reduce greenhouse gas emissions. Various automotive companies are incentivizing the usage of biofuel by giving extended warranty. Indian government has set targets of 5% blending by 2022 and United States department of defense has ordered that most of its road fleet would use blended fuels. Growing demand for electric vehicles might also act as a constraint for demand growth during the forecast period.
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The global Biodiesel market is segmented based on end-use, sales channel, and region. Based on the end-use, the global Biodiesel market is segregated into Fuel, Power Generation, and Others. The Fuel sector is dominating the Biodiesel market. In 2021, this sector consumed more than 78% of the global Biodiesel market and is anticipated its position in the forthcoming years. The demand of clean and green fuel is anticipated to swell up the demand of Biodiesel in the forecast period.
Based on region, North America dominates the global biodiesel market with USA being the leading country. In 2021, approximately 40% of the global demand was accounted by North America. It is mainly driven by the fact that USA uses renewable energy derived from agricultural and forestry areas. This region is anticipated to display similar consumption share in the forecast period owing to rapidly expanding automotive sector. Moreover, in the APAC region due to the expansion of the automotive and energy industries, which are the main consumers of eco-friendly fuel, biodiesel demand is anticipated to increase in the forecast period.
“Global Biodiesel Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Foreign Trade, Company Share, 2015-2032”, The major players operating in the global Biodiesel market are INEOS Group Ltd., Cepsa Corporation, Formosa Chemicals and Fibre Corp, Kumho P&B Chemicals., Inc., Chang Chun Petrochemical Co., Ltd., Advansix, PTT Phenol, Shell Chemicals, Versalis, Zhejiang Petroleum & Chemical Co., Ltd., Mitsui Phenols Singapore Pte. Ltd., LG Chem Ltd., and Olin Corporation.
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“With growing population, it is absolutely necessary to look for more eco-friendly version of fuel that can replace fossil fuel as fossil fuels are bound to getting depleted in the forthcoming years. With conscious efforts towards sustainable fuel, which is linked to the automotive industry, the global biodiesel industry has shown a robust growth in these years. Region wise, North America holds the major share of global biodiesel demand due to greater government support for replacement of fossil fuel with biofuel. Additionally, government support for replacement of fossil fuels with biofuels which have lesser greenhouse emissions is another factor fueling demand growth for biodiesel.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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