Global Biodiesel Market Analysis, Share and Forecast, 2017 – 2024
The product has the primary feature to reduce greenhouse gas emissions, which were totaled to over 6 billion metric tons of carbon dioxide equivalents. Also, it is biodegradable and helps to produce renewable liquid fuel for transportation purpose. Being domestic in nature, it reduces the dependency on the inherent lubricity, high flash point and imported petroleum.
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It has cetane ratings and outstanding lubricating properties in comparison to low sulfur diesel fuels. Depleting petrochemical reserves in oil rigs all over the globe will likely increase the product demand in coming years. The global petroleum reserve is expected to last till nearly 2050.
There has been a major issue of variation in the crude oil prices in the past several tears. These variations have affected the consumption volume of biodiesel, hence restraining the growth of the global biodiesel market.
Vegetable oil may be obtained from soybean, rapeseed or palm. Animal fats are primarily derived from byproducts from the animal meat. It consists of lard or white grease from swine processing, poultry which may be from the processing of turkey, chicken and other birds, and tallow from processing cattle.
Based on the applications, biodiesel market can be segregated into two major, mainly transportation and power generation. The product can be easily used in existing fuel engines, infrastructure, and vehicles with basically no changes. It can be used, stored, pumped, and burned just as the petroleum based diesel fuel. It can be used in blended form with other petroleum diesel fuels or in its pure form.
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The biodiesel market in the United States and Europe has reached to remarkable levels of production capacities. On account of government regulations and policies in the countries of Asia Pacific and Latin America, new opportunities are on a rise. These opportunities include exports, feedstock development and improved production.
Some of the key players in the global biodiesel market are Western Dubuque Biodiesel, Delta American Fuel, Imperium Renewables, DuPont, Deerfield Energy, Crimson Renewable Energy, China Biodiesel International Holding, Diversified Energy Corporation, XL Renewables, Blue Marble Energy Corp., American Energy Producer, ACCIONA Energy, LLC, and Green Earth Fuels of Houston to name a few.
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