Press release
Biodiesel Market Worth US$ 59 Bn by 2032 - Exclusive Report by Persistence Market Research, Inc.
Biodiesel Market
The global biodiesel market was valued at US$ 40 Bn in 2021. The market for biodiesel is projected to increase at 3.6% CAGR between 2022 and 2032. According to Persistence Market Research, global biodiesel consumption is expected to reach US$ 59 Bn by the end of 2032. Europe, East Asia, and South Asia & Pacific are expected to remain key regional markets in the biodiesel business.
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Biodiesel is a renewable, biodegradable and alternative fuel made from organic materials such as vegetable oil, animal fat, and used cooking oil. The production of biodiesel is increasing due to the growing demand for sustainable energy solutions and government support in the form of tax incentives and subsidies.
The increasing demand for cleaner fuel sources, the rise in fuel prices, and the growing awareness of environmental protection are the major factors driving the growth of the biodiesel market. This market research report provides an overview of the Biodiesel industry, including its current size, trends and future projections for growth. The report also offers a detailed examination of key players in the Biodiesel market and an analysis of the competitive landscape. Furthermore, this report provides insight into the potential opportunities for Biodiesel production and utilization in various countries across the globe.
Key Players
• 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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Segmentation:
The biodiesel market is segmented based on feedstock, application, and region.
• Based on feedstock, the market is segmented into vegetable oil, animal fat, and used cooking oil.
• Based on application, the market is segmented into transportation, industrial, and power generation.
• Geographically, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World.
Regional Analysis:
Asia-Pacific is the largest market for biodiesel, accounting for more than 50% of the global market share in 2021. The growth of the Asia-Pacific biodiesel market is driven by the increasing demand for renewable energy sources and government support in the form of subsidies and tax incentives. In Europe, the growth of the biodiesel market is driven by the implementation of biofuel mandates and the increasing demand for renewable energy sources. North America is also expected to witness significant growth in the biodiesel market due to the increasing demand for clean energy and supportive government policies.
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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.
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