Green Diesel Market Size, Outlook Report 2024 To 2033

The Business Research Company recently released a comprehensive report on the Global Green Diesel Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The green diesel market size has grown rapidly in recent years. It will grow from $28.26 billion in 2023 to $31.76 billion in 2024 at a compound annual growth rate (CAGR) of 12.4%. The growth in the historic period can be attributed to rising crude oil prices pushing for alternative fuels, early environmental regulations aimed at reducing carbon emissions, the initial development of hydrotreating technology, and growing awareness of climate change, increasing research into renewable energy solutions.

The green diesel market size is expected to see rapid growth in the next few years. It will grow to $50.9 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to increasing investment in refining technologies, the diversification of feedstock sources, growing demand for sustainable aviation fuel (SAF), the development of infrastructure for biofuel distribution, carbon pricing, and stricter emission limits. Major trends in the forecast period include rise of waste-to-energy innovations, advances in algae-based biofuel technologies, the development of modular bio-refineries, the growing focus on zero-waste production methods.

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Market Drivers and Trends:

The growing shift toward sustainable energy is expected to propel the growth of the green diesel market going forward. Sustainable energy is defined as energy that is produced and used in such a way that it satisfies current demands while preserving future generations' ability to satisfy their own energy needs. The demand for sustainable energy is rising due to factors such as climate change, the depletion of fossil fuels, and the need for cleaner, more efficient energy solutions. Green diesel advances sustainability by using renewable feedstocks and cutting greenhouse gas emissions. It integrates seamlessly into existing engines, facilitating the shift to cleaner, eco-friendly transportation. For instance, in December 2023, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, power generation from solar photovoltaic systems reached a record 270 TWh in 2022, up 26% from 2021. Therefore, the growing shift toward sustainable energy is driving the growth of the green diesel market.

Major companies in the green diesel market are focused on developing advanced products such as renewable diesel to reduce carbon emissions and cater to the growing demand for sustainable energy solutions. Renewable diesel, also called green diesel, is a biofuel chemically similar to petroleum diesel but made from renewable sources like vegetable oils, animal fats, and waste oils. It is produced through hydrotreating, which removes oxygen and results in a product that can be used in diesel engines without modification. For instance, in August 2024, Exxon Mobil Corporation, a US-based natural gas company, launched Esso Renewable Diesel R20, which is a green diesel product. The fuel was first introduced at the Esso Tsing Yi South service station in Hong Kong and is also available for bulk delivery to commercial clients and at select stations in Singapore. Esso renewable diesel R20 contains at least 20% renewable content, mainly sourced from waste oils such as used cooking oil, qualifying it as a renewable fuel. This formulation is designed to cut lifecycle greenhouse gas (GHG) emissions by about 15.4% compared to conventional diesel, factoring in emissions from production through to usage.

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Major Key Players of the Market:

Exxon Mobil Corporation, Shell Plc, BP Plc, TotalEnergies SE, Chevron Corporation, Marathon Petroleum Corporation, Valero Energy Corporation, Phillips 66 Company, Cargill Incorporated, Eni S.p.A., PBF Energy Inc., Honeywell International Inc., Neste Corporation, Darling Ingredients Inc., Aemetis Inc., Preem AB, UPM-Kymmene Oyj, Diamond Green Diesel, Gevo Inc., Green India Bio Diesel, Synopsis Chemitech, Plentifuel Industries Pvt. Ltd

Green Diesel Market 2024 Key Insights:

• The green diesel market size is expected to see rapid growth in the next few years. It will grow to $50.9 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%.
• Rising Demand For Sustainable Energy Fuels The Green Diesel Market Growth
• Advancements In Renewable Diesel To Enhance Sustainability And Reduce Carbon Emissions
• North America was the largest region in the green diesel market in 2023

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