Biodiesel Market Size to Surpass Around USD 189.7 BN by 2030

Tokyo, Oct. 04, 2022 (GLOBE NEWSWIRE) -- Precedence Research has recently announced report on “Biodiesel Market (By Feedstock: Vegetable Oil, Animal Fats; By Application: Fuel, Power Generation, Others; By Production Process: Alcohol Trans-Esterification, Hydro-Heating) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2030”.

Green diesel, sometimes referred to as biodiesel, is a sustainable alternative fuel produced by transesterifying animal fats and used cooking oils. There are two byproducts of the process: methyl esters (biodiesel) as well as glycerol. Biodiesel has qualities comparable to petroleum diesel, but it is more cost-effective, carbon-neutral, and non-toxic. This also burns faster than fossil fuels and emits no sulphur or other toxic pollutants as a byproduct. These benefits account for its widespread usage in the agriculture, mining, railroad, marine, and automotive industries.

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The main factors propelling market expansion are the rising need for renewable and clean fuel sources as well as the rising demand for energy on a global scale. Another important development driver is a healthy car sector. Biodiesel is now widely used all over the world as a consequence of rising environmental awareness and customer comprehension of its advantages. Additionally, the use of biodiesel has been encouraged by the dearth and growing cost of non-renewable energy sources including diesel, liquefied petroleum gas and gasoline.

The third-generation biofuels made from algae, which can produce a diverse and significant amount of ethanol as compared to many other feedstocks, are only one example of the numerous technological advances that are enhancing the market picture. In the next years, it is anticipated that other factors, such as favourable government laws encouraging its usage for environmental protection, sustainable energy, and environmental preservation, would have a positive impact on the market.

Key Insights:

• By feedstock, the vegetable oil category held 96.4% of total revenue share in 2021.
• By application, the fuel segment has accounted 79% revenue share in 2021.
• The Europe region has contributed 48% of total revenue share in 2021.
  
  

Why Asia Pacific region is growing faster in the biodiesel market?

• Asia Pacific is predicted to grow at the quickest compound annual growth rate (CAGR) and is expected to maintain this trend throughout the projection period. This is due to increased demand for environmentally friendly fuels from the region's economies like India and China as a result of lower greenhouse gas emissions.
• Furthermore, increased government assistance for biodiesel production is expected to boost regional market growth. For example, the Indonesian government set allocated USD 195 million from of the state budget in 2020 to support palm oil biodiesel producers in order to assist the economy recover from a pandemic-induced drop.
• Furthermore, rising mix percentages in nations such as Thailand, Indonesia, and India are expected to drive regional market growth.
  
  

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Scope of the Report

Market dynamics

Drivers

Biodiesel is non-toxic, easy to use, and biodegradable. Additionally, it is free of all sulphur compounds and aromatics. It reduces dangerous carbon-based emissions, creates less greenhouse gases and air pollutants, and works with the majority of diesel engines. The biodiesel industry is expanding as a result of the rising concern over greenhouse gas emissions caused by the use of fossil fuels. In comparison to petroleum diesel, biodiesel contains a lower proportion of toxic and cancer-causing aromatic carbon and can reduce carbon emissions by close to 50%.

The United States used roughly 2 billion gallons of biodiesel in 2015, according to new EPA figures, which led to a reduction in carbon dioxide emissions of at minimum 18.2 million metric tonnes. By manufacturing biodiesel, which is made locally and can be placed in any diesel engine with little to no alterations to the engine or fuel system, some countries have decreased their dependency on imported oil supplies. Due to the fluctuating cost of products made from petroleum, biodiesel is becoming a more affordable option.

Restraints

For social and ecological reasons, replacing conventional fuels with biodiesel mixes is important; yet, there may be problems if used in automobiles. The improvement in fuel foaming and water separation over pure fossil energy is one such example. Additionally, due to the generation of low-molecular weight acids, mixing with low-stability biodiesel can lead to higher amounts of injector deposits and corrosion. Both fuel injection equipment manufacturers and original equipment manufacturers have reported seeing this kind of damage in the field.

Furthermore, using low-quality biodiesel blends has been linked to significant power losses in complex direct injection engines. Such incidents may be avoided with the use of a high-quality diesel fuel additive, also known as a flow improver.

Opportunities

DaimlerChrysler, Volkswagen and Mercedes-Benz are emphasising the usage of biodiesel by providing extended warranties on the vehicles that utilise this fuel. DaimlerChrysler, for example, proposes to enhance the warranty coverage of the vehicle's engine provided customers use a 20% biodiesel blend in their cars. This is fueling the expansion of biodiesel automobile applications. Furthermore, the U.S. The Department of Defense, the world's single largest user of oil, has opted to operate the majority of its on-road trucks on biodiesel mixes. Several state governments, notably those in North Dakota and Carolina, have followed suit.

In several European nations, such as Germany and France, the government has enacted legislation requiring automobiles to operate on particular biodiesel blends (5% to 10%). These government efforts are also promoting the use of biodiesel in automobile applications.

Challenges

Animal tallow, palm kernel oil, palm oil, soy oil, and coconut oil are the primary raw materials utilised in the production of biodiesel. The emerging nations in Asia-Pacific have an abundance of these raw materials. Additionally, manufacturers have relocated to the Asia-Pacific since the region's biodiesel market is growing in contrast to the established ones in North America and Europe. Another element boosting the growth of the Asia-Pacific market is the inexpensive availability of raw materials. As a result, major global market players are focusing their efforts on bringing biodiesel manufacturing to these developing areas.

The entrance barriers for manufacturing have decreased as a result of the simple accessibility of raw materials in emerging nations. Due to the entry of several small, mid-sized, and big manufacturers, the markets for feedstock and biodiesel are now overstocked. Surplus biodiesel is exported in order to balance the demand-supply gap, which sparks a price war in local markets. The main issue facing the biodiesel industry is this.

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Recent developments

• In November 2016, Renewable Energy Group Inc. began a USD 24 million expansion of its Ralston, IA bio-refinery. This development will raise yearly manufacturing capacity to 30 million gallons from 12 million gallon, allowing the corporation to meet the growing demand for biodiesel in the United States.
• Cargill Inc. expanded its canola research institute in Aberdeen in August 2016. (Canada). A pathology lab, a new state-of-the-art Quality Assurance lab, a ventilated seed prep room, and high efficiency LED lighting throughout the building with UV resisting glass were also part of the expansion. This 14,000-square-foot extension will allow the company to perform research and innovation in the speciality canola market.
• In June 2016, BIOX Corporation bought Methes Energies Canada Inc.'s biodiesel refinery in Sombra, Ontario. The plant is capable of producing 50 million litres of biodiesel. This purchase will enhance the company's manufacturing capacity by 75% and allow it to service North American consumers.
  
  

Market Segmentation

By Feedstock

• Vegetable Oil
  • Canola Oil
  • Soybean Oil
  • Palm Oil
  • Corn Oil
  • Others
• Animal Fats
  • Poultry
  • Tallow
  • White Grease
  • Others
    
    

By Application

• Fuel
  • Automotive
  • Agriculture
  • Marine
• Power Generation
• Others

By Production Process

• Alcohol Trans-Esterification
• Hydro-Heating

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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