Market overview
Biodiesel is created from renewable stocks like animal fats, vegetable oils and others by using a chemical procedure known as transesterification, which converts oils and fats into fatty acid methyl esters. It is used as a substitute for petroleum diesel fuel or can be combined with it with other parts. It is efficient to reduce the exhaust as compared to petroleum diesel fuel. It is basically used in automotive, aviation, industrial, marine, agriculture and mining. At the end of 2021, the biodiesel market all around the globe was around USD 46.79 billion by revenue. The CAGR is expected to grow at 5.87% to reach USD 51.48 billion in 2026.
The biodiesel market has a moderate growth in the global market. In this pandemic outbreak of Covid 19, the businesses have suffered huge losses, which have decreased economic growth. The growing wave of the covid has affected the individual in such a way that they have to fight between the financial crises along with health issues, due to strict restrictions over transportation by govt. The vehicles had stopped running, which led to a downfall in the sales revenue of the biodiesel market analysis across the globe. The supply chain has also been disturbed, which led to a reduction in profit margin.
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Market segmentation
The biodiesel market is segmented under feedstock, application and region such as:-
Feedstock Outlook
· Vegetable Oils
Ø Canola oil
Ø Soybean oil
Ø Palm oil
Ø Corn oil
Ø Others
· Animal Fats
Ø Poultry
Ø Tallow
Ø White grease
Ø Others
Application Outlook
Ø Fuel
Ø Automotive
Ø Marine
Ø Agriculture
Ø Others
· Power Generation
· Others
Regional analysis
The biodiesel market is divided based on the region into South American region, the Middle East and African region, European region, Asia-Pacific region, North American region, and the rest of the world. The largest market share in this market is held by the North American region, which is payable to increasing government policies and strict rules regarding conservation of the environment.
European region helds the second-largest market share in the biodiesel market, which is payable to increasing concerns related to environmental issues.
The third-largest market share in the biodiesel market is held by the Asia-Pacific region as this region is the fastest-growing region of the market.
The South American region and the Middle East and African region also show positive growth towards the demand for the biodiesel market.
Central & South America is predicted to be the fastest-growing market, growing at a CAGR of 11.0% from 2017 to 2025.
Biodiesel market in India is estimated to be one of the rapidly growing markets for the product as the demand for diesel vehicles in the region is increasing at the fastest pace.
Competitive Outlook
Abengoa Bioenergy, Amyris, INEOS New Planet BioEnergy, Poet-DSM Advanced Biofuels LLC, Canergy LLC, and Enerkem are key players of the global biodiesel market.
Industry news
· The implication of India’s revised roadmaps for biofuel vehicles.
· Call to reduce greenhouse gas to drive the biodiesel market.
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