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Biodiesel Market by Growth, Future Prospects, Opportunities and Competitive Analysis by 2023
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Agricultural and transportation sector is one of the major consumers of fossil fuels and main supplier to environmental pollution, which can be reduced by replacing renewable fuels such as biodiesel, instead of mineral based fuels. Biodiesel contains no petroleum products, but it is compatible with conventional diesel and can be blended in any proportion with mineral diesel to create a stable biodiesel mix.
Biodiesel is used in diesel engines, and is thus different from the waste and vegetable oils used to fuel converted diesel engines. Blends of biodiesel are also used as heating oil in space heating applications.
Growth of the global biodiesel market is the fact that they are obtained from biological processes and can be manufactured using any form of oil-rich crop such as oil palm, soy or sunflower. These crops are grown naturally in all the regions across the world, hence, making biofuels the most eco-friendly form of energy resource to use.
The global biodiesel market is mainly driven by rising concern of energy security and fossil fuel prices. Biodiesel is a direct substitute for fossil fuel, and irrespective of the ongoing confusion in the biofuels sector regarding the sustenance, quality of raw materials, and significant slowdown in investment, the global biodiesel market will continue to grow at a steady rate.
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Some of the major competitors of the global biodiesel market are Poet, Llc , Archer Daniels Midland Company, Flint Hills Resources LP, The Andersons, Inc., Raizen, Copersucar , and Abengoa. Other developing economies likeEurope, China, Russia, and India are also experiencing steady development and are expected to show an increase in stability in near future.
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