Overview and Scope
Biodiesel is a sustainable, biodegradable fuel produced domestically from vegetable oils, animal fats, or used restaurant grease. Biodiesel is used as a source of power for automobiles, home appliances and others.
Sizing and Forecast
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..
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Segmentation & Regional Insights
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
Top Major Players:
Archer-Daniels-Midland Company
Cargill Incorporated
Renewable Energy Group Inc.
Wilmar International Limited
Bunge Limited
Western Europe was the largest region in the biodiesel market share in 2023.
Western Europe was the largest region in the biodiesel market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the biodiesel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the biodiesel market report are Archer-Daniels-Midland Company, Cargill Incorporated, Renewable Energy Group Inc., Wilmar International Limited, Bunge Limited, Neste Corporation, BIOX Corporation, Munzer Bioindustrie GmbH, Emami Agrotech Limited, Louis Dreyfus Company B.V., TerraVia Holdings Inc., REG Life Sciences LLC, Crimson Renewable Energy L.P., Green Energy Biofuel LLC, FutureFuel Corp., Delta American Fuel LLC, HERO BX LLC, Western Dubuque Biodiesel LLC, Iowa Renewable Energy LLC, Flint Hills Resources LLC, World Energy Alternatives LLC, Lake Erie Biofuels LLC, Pacific Biodiesel Technologies LLC, SeQuential LLC, White Mountain Biodiesel LLC, Blue Sun Biodiesel LLC, Community Fuels Inc., Newport Biodiesel LLC, Piedmont Biofuels Industrial LLC, Verbio Vereinigte BioEnergie AG
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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