Wilmington, Delaware, Jan. 24, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Green Diesel Market By Type (Pure Form, Blended Form), Production Technology (Gasification, Pyrolysis, Others), Raw Material (Vegetable Oils, Animal Fats, Others), and Application (Fuel, Power Generation, Others): Global Opportunity Analysis And Industry Forecast, 2023-2032". According to the report, the green diesel market size was valued at $30.7 billion in 2022 and is projected to reach $92.3 billion by 2032, registering a CAGR of 11.7% from 2023 to 2032.
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Prime determinants of growth
The global green diesel market is driven by the rise in power demand from various industries such as marine, aviation, and agricultural sectors. However, the production of green diesel can be more expensive compared to conventional diesel, primarily due to the cost of feedstocks and the advanced processing technologies involved. Nevertheless, the advancement in synthetic biology and microbial engineering is expected to offer lucrative opportunities for market growth in the coming years.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $30.7 Billion |
| Market Size in 2032 | $92.3 Billion |
| CAGR | 11.7 % |
| No. of Pages in Report | 145 |
| Segments covered | Type, Production Technology, Raw Material, Application, Region. |
| Drivers |
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| Opportunities |
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| Restraints |
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Russia-Ukraine War Impact
- Geopolitical tensions and conflicts disrupted supply chains, affecting the production and distribution of green diesel feedstocks or the finished product. Any disruptions in the supply chain led to fluctuations in prices and availability.
- Geopolitical events have influenced energy prices globally. If the conflict results in uncertainties about energy supply or geopolitical stability, it impacts oil prices. Changes in oil prices had a cascading effect on the entire energy market, including green diesel.
The blended form segment to maintain its lead position during the forecast period.
Based on type, the blended form segment accounted for the largest share in 2022, contributing to more than half of the global green diesel market revenue, and is projected to maintain its lead position during the forecast period and is projected to grow at a CAGR of 11.6% from 2023 to 2032. The consumer awareness and demand for sustainable products propel the growth of blended green diesel. Power generation and transportation sectors have become increasingly inclined toward lower blends such as B5, B10, and B20 as they offer reduced emissions without any engine modifications. This consumer-driven trend pushes for greater availability and adoption of biodiesel blends in various sectors, contributing to the overall expansion of the green diesel market. In summary, the key trends in blended biodiesel (B20, B10, B5) that include regulatory support for renewable fuels, advancements in engine compatibility, rising consumer demand for sustainability, and strategic collaborations are driving the market growth, and promoting the use of biodiesel blends as an effective and environment-friendly alternative within the broader green diesel market.
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The pyrolysis segment to maintain its lead position during the forecast period
Based on production technology, the pyrolysis segment accounted for the largest share in 2022, contributing to more than two-fifths of the global green diesel market revenue, and is projected to maintain its lead position during the forecast period and is projected to grow at a CAGR of 12.1% from 2023 to 2032. Pyrolysis offers a solution for converting waste streams into valuable biofuels, reducing reliance on fossil fuels, curbing waste accumulation, and contributing to a more sustainable energy landscape. This trend aligns with global efforts to achieve carbon neutrality and reduce greenhouse gas emissions. The key trends in pyrolysis driving the green diesel market include technological advancements for efficient conversion, upgrading bio-oils for higher quality green diesel, and emphasis on waste valorization. Market players have adopted strategic collaborations to foster innovation and scalability, collectively positioning pyrolysis as a prominent driver in the quest for sustainable and renewable diesel fuels.
The vegetable oils segment to maintain its lead position during the forecast period
Based on raw material, the vegetable oils segment accounted for the largest share in 2022, contributing to more than three-fifths of the global green diesel market revenue, and is projected to maintain its lead position during the forecast period and is projected to grow at a CAGR of 11.7% from 2023 to 2032 due to growing emphasis on enhancing oil extraction and refining processes to improve yield and quality of vegetable oil. Advancements in extraction technologies, such as cold-pressing or solvent extraction, optimize oil recovery from various feedstocks. In addition, refining techniques focus on enhancing the quality of vegetable oils used in green diesel production, ensuring better compatibility with engines, as well as reduced emissions, and improved fuel stability. Innovations in these processes are key drivers in expanding the range of viable vegetable oil sources for green diesel.
The fuel segment to maintain its lead position during the forecast period
Based on application, the fuel segment accounted for the largest share in 2022, contributing to more than four-fifths of the global green diesel market revenue, and is projected to maintain its lead position during the forecast period and is projected to grow at a CAGR of 11.7% from 2023 to 2032. Advancements in fuel technology and production processes are expected to shape the green diesel market during the forecast period. Innovations in refining techniques, such as hydrotreating or renewable diesel production methods, optimize the manufacturing process, improving the quality and compatibility of green diesel with existing infrastructure and engines. These technological advancements ensure higher performance and efficiency while reducing emissions and make green diesel an attractive choice for consumers and industries aiming to balance environmental responsibility with operational needs.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for around one-third of the global green diesel market revenue and is expected to dominate the market during the forecast period. It is projected to grow at a CAGR of 11.6% from 2023 to 2032. The shift in consumer preferences and corporate sustainability initiatives is bolstering the market growth. Companies across various sectors are incorporating biodiesel blends into their fleets and operations, to meet sustainability targets and environmentally conscious consumers’ demand.
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Leading Market Players: -
- Neste Corporation (Finland)
- Chevron Corporation
- Marathon Petroleum Corporation
- Valero Energy Corporation.
- TotalEnergies
- Phillips 66 Company
- Eni S.p.A.
- Honeywell International Inc.
- Cargill Incorporated
- Exxon Mobil Corporation
The report provides a detailed analysis of these key players in the global green diesel market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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