Dublin, June 25, 2024 (GLOBE NEWSWIRE) -- The "United States Biodiesel Market Report by Application, Feedstock, States and Company Analysis 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The United States biodiesel market is estimated to reach US$ 66.65 billion by 2032, up from US$ 39.27 billion in 2023, with a CAGR of 6.05% from 2024 to 2032.
Biodiesel is one of the most demanding renewable fuels in the United States. It is produced from plant-based oils or animal-based fats. Vegetable oils are a leading feedstock for biodiesel production in the United States. This biofuel can be used in diesel engines, either in its pure form or blended form. The government is appealing to adopt biodiesel, reducing carbon dioxide, greenhouse gas emissions, particulate pollution, etc.
The US biofuels industry is booming, and a fresh surge in production is just around the corner, thanks to increased demand for renewable diesel and sustainable aviation fuels (SAFs) in the coming years. Rystad Energy research predicts biofuel production in the US will increase by about 53% by the middle of the next decade, jumping from 850,000 barrels of oil equivalent per day in 2023 to about 1.3 million barrels in 2035. Domestic output is expected to surpass 1 million bpd as early as 2026.
The demand for renewable fuel in the United States is increasing. The biodiesel manufacturer expands production capacities by opening new facilities and upgrading the existing plants. Strategic investment introduces new players, showing biodiesel's role as a sustainable alternative fuel. This expansion fulfills current industry demands and creates job opportunities and energy security. Federal and state governments play a crucial role in making favorable policies that increase the production and consumption of biodiesel in the United States.
The surge of strategic investments and collaborations further pushes the United States biodiesel market. Many stakeholders extending across the value chain, whether manufacturers, tech visionaries, or giant oil corporations, are manifesting robust involvement in elevating biodiesel production centers and facilities. The significant investment in research & development leads to increased efficiencies and biodiesel's environmental viability. The correlation among these multiple entities and their efforts in the biodiesel sphere will further boost the biodiesel market in the United States.
Growing awareness regarding greenhouse gas effects on overall climate change is pushing interest in biodiesel, which causes insignificant carbon emissions compared to conventional sources of fossil fuels. As biodiesel comes from agriculture feedstock, it is an alternate source of income for farmers. Reduced emissions to a certain extent from biodiesel combustion lead to health benefits like lower rates of cardiovascular disease and respiratory disease, which are associated with air pollution.
This report covers a comprehensive breakdown and assessment of the market based on application. This encompasses power generation, fuel, and others. According to the publisher, fuel has the largest market share. In the United States, there is increasing demand for biodiesel in power generation and fuels as green and viable alternative fuels compared to conventional fossil fuels.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 190 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $39.27 Billion |
| Forecasted Market Value (USD) by 2032 | $66.65 Billion |
| Compound Annual Growth Rate | 6.0% |
| Regions Covered | United States |
Company Analysis: Overview, Recent Developments, Revenue
- Archer Daniels Midland Company
- FutureFuel
- Neste's
- Renewable Energy Group, Inc.
- Bunge Global SA
- Wilmar
- Shell
Application - Market breakup in 3 viewpoints:
- Fuel
- Power Generation
- Others
Feedstock - Market breakup in 2 viewpoints:
- Vegetable Oil
- Animal Fats
States - Market breakup of 29 States:
- California
- Texas
- New York
- Florida
- Illinois
- Pennsylvania
- Ohio
- Georgia
- New Jersey
- Washington
- North Carolina
- Massachusetts
- Virginia
- Michigan
- Maryland
- Colorado
- Tennessee
- Indiana
- Arizona
- Minnesota
- Wisconsin
- Missouri
- Connecticut
- South Carolina
- Oregon
- Louisiana
- Alabama
- Kentucky
- Rest of United States
For more information about this report visit https://www.researchandmarkets.com/r/xd9ix2
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