Chicago, Sept. 21, 2023 (GLOBE NEWSWIRE) -- The Global North America Renewable Diesel Market size is projected to grow from USD 12.9 billion in 2022 to USD 49.1 billion by 2044, at a CAGR of 7.1%, as per the recent study by MarketsandMarkets™. Renewable diesel is basically a biomass-derived transportation fuel that is made from fats, oils, and grease and has a similar chemical composition to petroleum diesel. It can be used as a drop-in fuel for existing engines. It also meets the D975 fuel quality standards. Different feedstocks can be used in its production, such as waste oils which include tallow, fish oil, used cooking oil, and vegetable oils, which include canola oil, soyabean oil, and sunflower oil. Renewable diesel can be used as drop-in fuel or can also be blended with petroleum and biodiesel as well.
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Browse in-depth TOC on “North America Renewable Diesel Market”.
72 - Market Data Tables
35- Figures
124 - Pages
List of Key Players in North America Renewable Diesel Market:
- Neste OYJ (Finland)
- Chevron Renewable Energy Group (U.S.)
- PBF Energy Inc. (U.S.)
- Valero Energy Corporation (U.S.)
- Gevo, Inc. (U.S.)
- among others
Drivers, Restraints, and Opportunities in North America Renewable Diesel Market:
- Drivers- Tax credits by governments and investments in renewable energy
- Restraints- Limited availability of renewable diesel
- Opportunities- Enhancing supply chain of renewable diesel
- Challenges - Availability of substitutes
Key Findings of the Study:
- By Feedstock, Waste oils segment accounted for the largest share.
- By Feedstock, Vegetable oils segment projected to register the highest CAGR during the forecast period.
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The major applications of renewable diesel include transportation and automobile fleet operations, industrial, and green mobility. Sustainable aviation fuel (SAF) is also made in the same infrastructure by applying a different technological process.
The Renewable diesel Market has been segmented based on feedstock i.e., waste oils and vegetable oils. Tallow, used cooking oil, fish oil, lard, and poultry are considered under the waste oil segment. The vegetable oil segment includes corn oil, canola oil/rapeseed, soyabean oil, sunflower oil, and palm oil. The main forces behind the growth of the Renewable diesel market are increasing focus on reducing carbon emissions, tax credits by governments and investments in renewable energy.
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The Renewable diesel Market is studied for North America region. North America is the largest renewable diesel market globally, with the US being the dominant market in the region, with a share of 99%, in terms of volume, in 2021. Growth during the forecasted period is expected to be driven by the growing concerns related to fossil fuel depletion, as well as the necessity to include renewable energy sources in the energy mix for long-term growth. The growth is led by increasing demand for Renewable diesel from various industries, including fleet operators, aviation, and transportation.
PBF Energy Inc. (U.S.) operates a petroleum refinery and provides heating oil, lubricants, petrochemical feedstocks, transportation fuels, and other petroleum products in the US. It functions through the following divisions: logistics and refining. Crude oil and other feedstocks are refined in the refining segment to create petroleum products. The logistics segment owns, leases, operates, develops, and buys terminals, pipelines, storage facilities, and logistics assets for crude oil and refined petroleum products.
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