The Biodiesel Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Biodiesel Global Market Report 2024, The biodiesel market size has grown strongly in recent years. It will grow from $54.95 billion in 2023 to $58.36 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to rising crude oil prices, environmental regulations, volatility in fossil fuel supply, energy security concerns, consumer awareness and preferences, transportation sector demand.
The biodiesel market size is expected to see strong growth in the next few years. It will grow to $74.14 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to global expansion of biodiesel production, focus on sustainable aviation fuels, biodiesel blending mandates, advancements in biodiesel distribution, expansion of sustainable agriculture. Major trends in the forecast period include technological integration in biodiesel production, advancements in feedstock technology, collaborations and partnerships, investment in biodiesel infrastructure, biodiesel quality standards and certification.
An increase in demand for biofuels is expected to propel the growth of the biodiesel market. Biofuels are a cleaner-burning substitute generated from renewable resources, including fresh and used vegetable oils and animal fats. The rising environmental concerns and increasing demand for the adoption of renewable and sustainable energy sources favor the need for biofuel. Biodiesel is a biofuel that helps reduce the carbon footprint of transportation and other industries. For instance, in November 2021, according to a report published by the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, biodiesel consumption was 47,867 million liters in 2022, an increase from 43,855 million liters in 2020. Moreover, biodiesel consumption is expected to reach 51,424 million liters in 2026. Therefore, an increase in biofuel demand is driving the biodiesel market’s growth.
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The biodiesel market covered in this report is segmented –
1) By Feedstock: Vegetable Oil, Animal Fats
2) By Production Process: Alcohol Trans Esterification, Hydro-Heating
3) By Application: Fuel, Power Generation, Agriculture
Technological advancement is a key trend in the biodiesel market. Major companies operating in the biofuel market are focused on developing new technological solutions to strengthen their market position. For instance, in January 2022, Crown Iron Works, a US-based supplier of oilseed extraction technology, refining plants, and equipment, introduced ACRE, or Advanced Catalyst Reduction and Economization. ACRE is a process upgrade to refine its biodiesel process technology. The ACRE uses a third transesterification reactor to increase residence time and accomplish stoichiometric reactions. It is utilized to make the most of the catalyst’s potential for reuse. Along with catalyst reduction, ACRE is energy-efficient, which helps biodiesel producers save money on steam and electricity. The amount of fresh steam injected is decreased by using economizers and heat exchangers to use extra process heat. One of Crown’s most recent inventions is ACRE. As a result, new biodiesel processing technologies keep developing, promising to optimize output by increasing efficiency and lowering prices.
The biodiesel market report table of contents includes:
1. Executive Summary
2. Biodiesel Market Characteristics
3. Biodiesel Market Trends And Strategies
4. Biodiesel Market – Macro Economic Scenario
5. Global Biodiesel Market Size and Growth
……………
31. Global Biodiesel Market Competitive Benchmarking
32. Global Biodiesel Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Biodiesel Market
34. Biodiesel Market Future Outlook and Potential Analysis
35. Appendix
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