Wilmington, Delaware, United States, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - According to TMR study, the global biodiesel market is likely to grow at a CAGR of 6.9% from 2021 to 2031.
Biodiesel is a renewable fuel produced from vegetable oil or animal fat products. Biodiesel produced from animal fat is used in diesel engines. Common biodiesel manufacturing procedures are batch procedures, ultrasonic procedures, and microwave processes. The clean-burning and renewable nature of biodiesel have made it suitable for use in different end-use industries such as marine, mining, railway, and automotive.
Prominent market players are collaborating with other companies to expand presence and increase revenue share. Leading manufacturers are also expanding production capacities to help meet consumer requirements.
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Key Findings of Market Study
- Increase in Demand for Soybean Oil: Based on feedstock type, the global market has been classified into soybean oil, canola oil, animal fat, yellow grease, and distillers corn oil. The soybean oil segment is projected to account for dominant market share during the forecast period. Low linolenic soybean oil is extensively used in biodiesel production, as it has proven beneficial in manufacturing of improved quality biodiesel and offers oxidative stability. Additionally, soybean oil has been used in residences for cooking purposes, which is likely to drive the segment in the near future.
- Rise in Biodiesel Usage as a Fuel: In terms of application, the global market has been divided into power generation, fuel, agriculture, and others such as cooking and transportation. The fuel segment is projected to account for dominant market share in the next few years. Growth in usage of biodiesel as a fuel is projected to drive the segment during the forecast period. Biodiesel has been used in commercial automobiles, as the product is eco-friendly, offers improved lubricity, and reduces the possibility of premature wear and tear of moving components.
Biodiesels Market - Key Drivers
- Increase in demand for eco-friendly fuels that decrease greenhouse gas emissions
- Supportive government policies toward usage of biodiesel in different application areas
- Rise in fluctuations in the prices of petroleum products
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Biodiesels Market - Regional Landscape
- Europe is projected to account for dominant market share during the forecast period. Rise in biodiesel production, presence of large number of leading players, and increase in the number of tax subsidies from governments, which would help manufacturing in countries such as France and Germany, are estimated to bolster market development in the region
- The market North America is anticipated to witness significant growth in the near future due to increase in government initiatives to promote the use of biodiesel to decrease the reliability on crude oil in countries such as the U.S. and Canada
- The market in Asia Pacific is expected to experience robust growth owing to supportive government policies toward the use of biodiesel in different end-use industries such as Indonesia and Malaysia
Biodiesels Market - Key Players
The global biodiesel market is fragmented, with the presence of several international and local players. Entry of new players is likely to intensify competition during the forecast period.
Leading players in the market are Bunge Limited, Wilmar International Limited, Cargill, Ineos Group, and Louis Dreyfus.
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The global market has been segmented as follows:
Feedstock Type
- Soybean Oil
- Canola Oil
- Animal Fat
- Yellow Grease
- Distillers Corn Oil
Application
- Fuel
- Power Generation
- Agriculture
- Others (Transportation and Cooking)
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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