Biodiesel Market Worth $51.47 Billion by 2029 - by Meticulous Research®

According to a new market research report titled, "Biodiesel Market by Blend (B100, B20, B10, B5), Feedstock (Vegetable Oils {Rapeseed Oil, Palm Oil}, Animal Fats {Poultry, Tallow}), Application (Fuel {Automotive, Marine, Agriculture}), and Geography - Forecast to 2029,' the biodiesel market is projected to reach $51.47 billion by 2029, at a CAGR of 3.6% during the forecast period 2022-2029.

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Biodiesel is a non-toxic, clean-burning, biodegradable fuel made from renewable resources, such as vegetable oils and animal fats. It is an oxygenated mono-alkyl ester fuel manufactured from natural, renewable sources, including new or used vegetable oils and animal fats. Moreover, it is a sulphur-free, non-toxic, and environmentally friendly alternative automotive fuel. Its use does not require any major modifications to the existing diesel engine. Some of the major advantages of biodiesel over petroleum diesel fuel include its high cetane number, higher heating value, low smoke and particulates, and low carbon monoxide & hydrocarbon emissions.

According to US EPA (United States Environmental Protection Agency), biodiesel reduces greenhouse gas emissions by 57% to 86% and has low toxic and carcinogenic aromatic carbon content. Compared to petrodiesel, biodiesel reduced soot and smog (50% less than diesel fuel), carbon monoxide (48% less), cancer-causing agents (80% less), sulfates, components of acid rain (90-100%), and GHG more than 50% compared to petrol.

The rising concern regarding greenhouse gas emissions using fossil fuels is driving the growth of the biodiesel market. Consumers across the globe are more likely to opt for environment-friendly biodiesel fuel because of its ability to reduce the effect of greenhouse gas. The rising awareness about environmental issues and safety contributes to the growing popularity of renewable and clean energy sources, attributing to the growth of the global biodiesel market.

Impact of COVID-19 on the Biodiesel Market

The COVID-19 pandemic adversely hit many economies. Complete lockdown and quarantine to curb the spread of the virus adversely impacted many industries globally. Manufacturing facilities worldwide were shut down during the initial stages of the pandemic. The automotive industry was among the most affected industries during the pandemic. There was a fall in demand for the automotive industry. Along with logistics and freight transportation, the biodiesel market registered interruptions in the value chain, from raw materials supply to government shortages and distribution.

The movement restrictions of workers during the pandemic declined the demand for biodiesel from the automotive industry, resulting in the closure of production facilities. The production and trade movements were also affected due to the repeated lockdowns. The decline in business for a few initial months in 2020, coupled with lower demand from a few major markets, put pressure on the profitability of biodiesel manufacturers and vendors.

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The effects of the COVID-19 pandemic on this market were felt in the Latin America region, starting in 2020. The region is one of the largest biodiesel consumers.

In Argentina, Peru, and Colombia, in 2020, biodiesel consumption was low due to the reduced demand from the COVID-19 pandemic economic slowdown.
In Malaysia, the pandemic affected biodiesel consumption and delayed the implementation of the B20 mandate. In Middle East Africa, the COVID-19 outbreak resulted in the declined demand for biodiesel due to a temporary ban on the production of non-essential items and limited mobility of goods and personnel.
A complete halt in the transportation and logistics industry and reduced production in some countries due to lockdowns adversely affected the global biodiesel market in terms of volume sales in 2020 and 2021. However, with the ease of lockdown restrictions, there has been a sudden demand for industrialization activities, likely to boost the biodiesel market's growth

Key Findings in the Global Biodiesel Market Study:

The global biodiesel market is segmented by blend type (B100, B20, B10, and B5), feedstock (vegetable oils, animal fats, used cooking oil (UCO), and others), and application (fuel, power generation, and others). The study also evaluates industry competitors and analyzes the regional and country-level markets.

Based on the blend, the B20 segment is projected to register the highest CAGR during the forecast period. The growth of this segment is mainly attributed to the increasing government initiatives to adopt B20 in the transport sector, approval for the B20 blend by the original equipment manufacturers (OEMs) in various engines, and the rising environmental concerns. In addition, various developing countries are adopting B20 biodiesel, one of the major factors driving the demand for B20 in the market. For instance, the Malaysia Palm Oil Board plans to adopt the B20 palm oil biofuel program nationwide by the end of 2022.

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Based on feedstock, in 2022, the vegetable oils segment is expected to account for the largest share of the global biodiesel. However, the UCO segment is projected to register the highest CAGR during the forecast period. The fast growth rate of this segment is attributed to the increasing food service industry and the growing use of cooking oil in the production process of biodiesel. Furthermore, the growing awareness about environmental welfare and sustainable energy resources and the high use of UCO in China and India are expected to boost the demand for UCO in biodiesel production.

Based on application, the power generation segment is projected to register the highest CAGR during the forecast period. The fast growth of this market is mainly attributed to the increasing use of generators to reduce poisonous carbon monoxide and particulate matter. Moreover, the increasing government attempt to adopt renewable energy sources to generate power is expected to offer significant growth opportunities for players in this market.

Based on geography, in 2022, Europe is expected to account for the largest share of the biodiesel market. The large share of this regional market is attributed to the increasing government support and the growing preferences for renewable energy sources. Moreover, the growing demand for biodiesel from end-users, including automotive, power generation, marine, railway, and agriculture, is expected to boost the biodiesel market growth in Europe .However, Asia-Pacific is slated to register the highest CAGR during the forecast period. The fast growth of this regional market is attributed to the increasing government blend mandates and environmental concerns over petroleum diesel usage. Furthermore, the growing preference for replacing fossil fuels related to higher greenhouse gas emissions is persuading demand for biodiesel in the Asia-Pacific countries.

Some of the key players operating in the global biodiesel market are Archer-Daniels-Midland Company (U.S.), Ag Processing Inc (U.S.), Avril Group (France), Biodiesel Bilbao S.L. (a subsidiary of Bunge Limited) (Spain), Cargill Inc (U.S.), Emami Agrotech Ltd (part of Emami Limited), FutureFuel Chemical Company (U.S.), G-Energetic Biofuels Private Limited (India), Louis Dreyfus Company (Netherlands), Münzer Bioindustrie GmbH (Austria), Renewable Energy Group (U.S), VERBIO Vereinigte BioEnergie AG (Germany), Wilmar International Limited (Singapore), and World Energy LLC (U.S.).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/biodiesel-market-5347

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This release was published on openPR.