Biodiesel Market
Biodiesel Market : Description
Biodiesel is a renewable form of crude oil that is manufactured domestically from animal fat and vegetable oils. Biodiesel meets both the bio-mass based diesel and overall advanced bio-fuel requirement. It is a form of crude oil derived from plants and animal consisting of long chain fatty acid esters. Bioenergy is derived from biofuels. These fuels are produced directly or indirectly from plant and animal waste.
The biodiesel is produced by the process known as transesterification wherein lipids such as animal fat, soybean oil, and other vegetable oil are chemically processed with an alcohol consisting methyl, ethyl, or propyl ester. Unlike other fuels, bio-diesel fuel is compatible with existing diesel engines. However, the biodiesel is typically combined with petro-diesel as most of the engines cannot run on pure biodiesel. Biodiesel blends are also used for heating oil mostly found in furnaces.
Market Description
The Global Biodiesel market is presently worth USD 35.30 billion and is poised to amplify at a CAGR of 10.0% over 2022-2030, thereby amassing a valuation of USD 75.67 billion by end of the assessment timeline.
Growing demand for bio-friendly options for fuel that reduce green gas emissions and ensure complete disposal or burning of the fuel without leaving any residual is boosting the market. Additionally, growing support from government in connection with the development of newer renewable choices combined with providing subsidies is fuelling the market.
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Market Overview
Market growth, is associated with factors such as growing demand, earnings from the trade, economic state of that particular region, supply chain and other.
Growing requests for biodiesel fuels is anticipated to generate lucrative growth opportunities in the global biofuel market. The vegetable oil segment accounted for the largest share in the market. Feed stock obtained from several different oils such as soybean, rapeseed, and palm account for largest share in production of biodiesel. The feedstock depends on the availability of crop in that region. For instance, rapeseed is most commonly used biodiesel followed by soybean oil in countries such as U.S followed by Europe and Argentina. Additionally, fuel application accounted for the largest share in 2015, reason being, rising consumption of biodiesel for marine, automotive, railway, and agriculture businesses. On the basis of region, Europe held largest market share due to saturation of bio-diesel market.
Market Segmentation
The Biodiesel Market is segmented into Blend, Production Technology, Feedstock Type, Application
Blend
Based on Blend the market is further segmented into
Production Technology
Based on Production Technology the market is further segmented into
Feedstock Type
Based on Feedstock Type the market is further segmented into
Application
Based on Application the market is further segmented into
Regional Analysis
Based on the regional analysis the market covers regions such as Europe, Asia Pacific, North America, Middle East and Africa, Latin America. Europe is marked as the dominant region and is expected to remain the same during the forecasted period.
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Covid-19 impact on the market:
The recent contagion that invaded the world led to devastating effects on economy and human life. It was an unprecedented challenge to economy as a whole. This pandemic had led to closure of workplaces, travel restrictions, remote work options for almost all employees across globe which created challenges for businesses to operate. Hence, there was comparative low growth during the pandemic period of FY 2020-2021. The virus had spread across the globe at an alarming speed, tainting millions. This had majorly affected the Biodiesel Market.
Market Key players
Some of the key players recorded are Archer Daniels Midland Company (U.S.), Wilmar International Limited (Malaysia), Bunge Limited (U.S.), Neste Corporation (Finland), Renewable Energy Group Inc. (U.S.), Louis Dreyfus Company (Netherlands), Cargill Inc. (U.S.), BIOX Corporation (Canada), Munzer Bioindustrie (Austria), and Emami Group (India).
Frequently Asked Questions
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