Press release
What is the Projected Revenue from the Sales of Biodiesel by 2034
Biodiesel Market
The global distribution of distributors and suppliers has caused market fragmentation. The demand-supply imbalance in the market, which results from insufficient manufacturing capacities and substantial potential for research and development in feedstock selection for product generation, offers chances for new entrants. A major factor propelling market expansion is the rising demand for environmentally friendly fuels that ensure full combustion and can reduce greenhouse gas (GHG) emissions.
The increased demand for biodiesel is also being driven by its high compatibility with modern diesel engines. It is projected that the growing population will boost the need for biodiesel by increasing the number of cars and other sectors that use it.
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Key Takeaways from Market Study
Through 2034, the biodiesel industry is expected to grow at a compound annual growth rate (CAGR) of 6.9%.
By 2024, biodiesel is expected to generate US$116.3 billion in sales worldwide.
By the end of 2034, the market is anticipated to reach US$ 226.6 billion.
Through 2034, the North American market is expected to grow at a CAGR of 4.6%.
In 2024, canola oil feedstock is projected to hold a 22.5% market share.
By 2034, East Asia is expected to hold a 24.6% market share worldwide.
China holds a 56.9% market share in East Asia for biodiesel.
In North America, the United States makes up 71.7% of the biodiesel market.
"Increasing adoption of biodiesel in various applications is driven by rising environmental concerns and stringent regulations. These factors are prompting a shift towards cleaner and sustainable fuel alternatives," says a Fact.MR analyst.
๐๐๐๐ ๐๐จ๐ซ๐: https://www.factmr.com/report/biodiesel-market
Key Companies Profiled in This Report
Bunge Ltd.
Cargill Inc.
Neste Oyj
Wilmar International Ltd.
Renewable Energy Group Inc.
Louis Dreyfus Company
BIOX Corporation
Emami Group
Market Developments
Important market players constantly adjust their strategies in an effort to strengthen their position. They are collaborating with other global market participants to achieve this. This facilitates the exchange of resources and expertise, which helps producers generate new ideas.
In 2022, TotalEnergies granted Technip Energies a contract to produce Sustainable Aviation Fuel (SAF) at the Grandpuits plant in France. The refinery will be converted into a platform for SAF production alone, without the need to process crude oil, according to the agreement, with EPC support. Approximately 210,000 metric tons of SAF can be produced annually by this operation.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the biodiesel market for 2018 to 2023 and forecast market statistics for 2024 to 2034.
The study divulges essential insights into the market based on feedstock (soybean oil, distillers corn oil, canola oil, yellow grease, animal fat) and application (fuel, agriculture, power generation), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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