Dublin, March 15, 2023 (GLOBE NEWSWIRE) -- The "North America Renewable Diesel Market by feedstock (Waste oils, Vegetable oils), and Country (United States, Canada, Mexico) - Forecast to 2044" report has been added to ResearchAndMarkets.com's offering.
The 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% during the forecast year.
Used cooking oil is a good source of raw material used for renewable diesel production. Finding feedstocks to sustain production is one of the major problems the biofuel sector is experiencing. Conventional feedstocks such as soy oil are not economically viable. Animal or recycled fats and used cooking oil are the more appealing alternative feedstock.
By Feedstock, the Waste Oil segment has the largest share in North America Renewable diesel market in 2022
Tallow, used cooking oil, fish oil, lard, and poultry are considered under the waste oil segment. The Waste oil segment market will increase as the many biofuels suffer sustainability issues owing to high feedstock costs and the competition of some bio feedstocks with food supplies. Waste-based biofuel feedstocks, such as animal fats, yellow grease, manure, wastewater treatment sludge, municipal solid waste, crop residue, and forest residue, can play an essential role in growing biofuel feedstocks and ensuring the biofuel industry's long-term growth.
US Renewable diesel market is projected to have the largest market share during the forecast period
The US dominates the renewable diesel market in North America and is expected to continue its dominance during the forecast period. The waste oils segment is considered a potential feedstock for the production of renewable diesel. According to the US Energy Information Administration, at the end of 2020, the US renewable diesel production capacity totaled nearly 0.6 billion gallons per year (gal/y) or 38,000 barrels per day (b/d). Several projects currently under construction could increase this capacity by 2.4 billion gal/y; proposed and announced projects would add another 1.8 billion gal/y by 2024. The US renewable diesel production would total 5.1 billion gal/y (330,000 b/d) by the end of 2024.
Market Dynamics
Drivers
- Increasing Focus on Reducing Carbon Emissions
- Growth of Automotive Industry
- Environment Friendly and Better Performance Compared with Biodiesels
- Tax Credits by Governments and Investments in Renewable Energy
Restraints
- Limited Availability of Renewable Diesel
- Lack of Proper Infrastructure
Opportunities
- Enhancing Supply Chain of Renewable Diesel
Challenges
- Insufficient Availability of Feedstocks
- Requirement for Wastewater Treatment Facilities
- Availability of Substitutes
- Finding Suitable Location for Producing Renewable Diesel
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 123 |
| Forecast Period | 2022 - 2044 |
| Estimated Market Value (USD) in 2022 | $12.9 Billion |
| Forecasted Market Value (USD) by 2044 | $49.1 Billion |
| Compound Annual Growth Rate | 6.3% |
| Regions Covered | North America |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Renewable Diesel Market, by Feedstock
7 Renewable Diesel Market, by Region
8 Competitive Landscape
9 Company Profiles
10 Appendix
Companies Mentioned
- Aemetis, Inc.
- American Greenfuels, LLC
- Canada Clean Fuels Inc
- Cargill, Incorporated
- Chevron Group (Renewable Energy Group)
- Farmers Union Industries LLC
- Forge Hydrocarbons Corporation
- Genuine Bio-Fuel Inc.
- Gevo, Inc.
- Global Clean Energy Holdings, Inc.
- Imperial Oil Ltd.
- Lower Mainland Biodiesel Inc
- Marathon Petroleum Corporation
- Neste Oyj
- Pbf Energy Inc.
- Phillips 66
- Rocky Mountain Sustainable Enterprises, LLC
- Shell plc
- Smisson-Mathis Energy Solutions
- Valero Energy Corporation
- Verbio Vereinigte Bioenergie AG (Verbio Ag)
For more information about this report visit https://www.researchandmarkets.com/r/ezpbrm
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