Biofuel Market 2022 Trends, Share, Size, Growth, Opportunity and Forecast to 2032

Biofuel Market 2022

The global Biofuel market was valued at US$ 40 Bn in 2021 and is expected to reach US$ 59 Bn by the end of 2032. The market for biodiesel is projected to increase at 3.6% CAGR between 2022 and 2032. Growing demand for sustainable & eco-friendly fuel is expected to drive market growth. 

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Biodiesel is a clean-burning, renewable fuel that is made primarily from used cooking oil, vegetable oil, and animal fats. Biodiesel fuel is similar to diesel fuel, but is much better for the environment. Biodiesel is a non-polluting, environment-friendly energy source. This green transformation is seen as a leading light for the biodiesel market.

Biodiesel is consumed as a fuel in different end-use industries and is the preferred choice as compared to conventional fuels as it is a renewable & more eco-friendly substitute. Biodiesel improves energy security and air quality of the environment, as well as provides safety benefits. Furthermore, when compared to petro diesel, biodiesel reduces carcinogenic compound emissions by up to 85% and helps in keeping the environment clean.

Based on feedstock, the most common and easily available feedstock is vegetable oil and a majority of biodiesel is manufactured using vegetable oil, followed by animal oil and used cooking oil. Over the coming years, used cooking oil is expected to see lucrative growth opportunities as key players are focusing on collecting used oil from restaurants, hotels, and other places and converting it into biodiesel.

Key Companies-

• Cargill Inc.
• HERO BX
• Ag Processing Inc.
• Archer Daniels Midland
• Marathon Petroleum Corporation
• VERBIO
• Renewable Energy Group Inc.
• NOVAOL, Italy
• ARGENT ENERGY
• MOL Group
• In this
• Shell Plc

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Key Takeaways from Market Study

• The global market for biodiesel is estimated to reach a value of US$ 59 Bn by the end of 2032.

• The vegetable oil segment is estimated to witness a growth rate of 3.7% during the assessment period (2022-2032).

• Fuel is estimated to remain a key application of biodiesel. The fuel segment is expected to witness a CAGR of 3.6% over the forecast period.

• The North American region is anticipated to create an incremental dollar opportunity of US$ 2.78 Bn during the forecast period.

"In the biodiesel market, expansion, collaboration, and partnership activities have been witnessed. Key players are expanding their production capacities and partnering with other players to cater to the growing need for biodiesel across the world," says a Persistence Market Research analyst.

Competitive Landscape

The biodiesel market is moderately fragmented with small-scale players contributing alongside major market players. Due to the sheer growing demand for environmental-friendly fuels, the market is expected to grow significantly over the coming years.

Over the last five years, the biodiesel market has grown rapidly. This is due to companies' efforts to meet rising diesel fuel demand while also expanding their global footprints. To meet the needs of different markets, companies are focusing on expanding their manufacturing facilities, both, in the domestic market and in other geographies.

Some of the major players are collaborating and partnering with others to strengthen their market position.

For Instance:

On Sep 16, 2021, Shell Plc. announced the expansion of a biofuel plant having the capacity to produce 820,000 tons per year at Rotterdam, The Netherlands. This production plant under sustainable aviation fuel would be the one of biggest in Europe.

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Major Highlights of Biofuel Market Report:

• Biofuel Market analysis report offers an in-depth study of the potential market growth opportunities and challenges.
• The report dives deeper into the market and explains the dynamic factors bolstering market growth.
• The report deeply assesses the current, historical market size, market share, and revenue growth rates to offer accurate market projections for the forecast period.
• The report analyzes Biofuel Market presence across major regions of the world.
• It determines the production & consumption capacities and demand & supply dynamics of each regional market.
• The report further illustrates the intense competition among the key market players and highlights their effective business expansion plans and strategies.
• It provides company overview and SWOT analysis of each of the market players.

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