Newark, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The brainy Insights estimates that the 42.5 billion biodiesel market will reach USD 118.5 billion by 2032. A biofuel that is analogous to conventional or "fossil" diesel is biodiesel. To manufacture biodiesel, animal fats, cooking oil, grease, and pure vegetable oil can be utilized. Transesterification is the process by which these oils are transformed into biodiesel. The Renewable Fuel Standard's requirements for biomass-based diesel and all advanced biofuels are met by biodiesel. The most likely sources of sufficient oil are oil crops, including soybean, palm, and rapeseed. Most biodiesel is made today from used vegetable oil sourced from several sources, including industrial food producers like Birdseye, chip shops, and restaurants.
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However, the demand-supply imbalance brought on by limited production capacity and the significant room for R&D in feedstock selection for product manufacturing is anticipated to open up prospects for new market participants. One of the main factors influencing the market is the rising demand for environmentally friendly fuels that guarantee complete combustion and can lower Greenhouse Gas (GHG) emissions. The demand is also fueled by biodiesel's high compatibility with current diesel engines. The demand for biodiesel is anticipated to rise due to the growing population and associated increase in the number of automobiles and other sectors using the fuel.
Key Insight of the Biodiesel Market
Europe to account for the largest market size during the forecast period.
Europe is expected to have the largest Biodiesel market share. Due to the region's early adoption of the product and the government's emphasis on using bio-based sources instead of carbon-emitting ones, it has historically been the product's largest market.
Vegetable oils dominated the market with the largest market revenue of 25.5 billion.
Vegetable oils dominated the market with the largest market revenue of 25.5 billion. Sunflower, palm, castor, and soybean oils are subcategories of vegetable oil. Large factories' usage of raw materials and the high oil yields provided by these products are credited with the segment's expansion. The fuel is good for the environment since it releases fewer volatile organic compounds than fossil fuels, reducing greenhouse gases' impact. However, depending on the cost and availability of raw materials for this feedstock, raw material selection differs from location to region.
B5 accounted for the largest share of the market, with 31% and market revenue of 13.1 billion.
B5 accounted for the largest share of the market, with 31% and a market revenue of 13.1 billion. The B5 category dominates the biodiesel market. This is because B5 performs well, emits less pollution, burns fuel efficiently, and costs less than other combinations.
Fuel accounted for the largest share of the market, with a market revenue of 10.9 billion.
The fuel segment dominated the market, accounting for around a market revenue of 10.9 billion. Since it emits fewer volatile organic compounds (VOCs) than conventional fuels, such as diesel, the industry is anticipated to gain from increased demand for fuel in commercial vehicles as a substitute for crude oil.
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Advancement in Market:
● In February 2022, SLD Pumps & Power (SLD) announced that it had switched to using biodiesel to power its fleet of equipment across the nation. The transition is anticipated to replace one million liters of mineral diesel, which is highly harmful to the environment.
● In April 2021, A further USD 20 million was donated to the project by the Kentucky-based Continental Refining Company (CRC). According to the firm, a soybean crushing, biodiesel refining, and blending facility would be purchased and installed at the Somerset, Kentucky-based CRC oil refinery as part of an additional USD 20 million investment.
Market Dynamics:
Driver: Rising preference for biofuel
The market demand is being influenced by a growing desire for renewable and biodegradable biofuel rather than fossil fuels, which are linked to increased GHG emissions.
Restraint: Expensive feedstock costs for the manufacturing of biodiesel
The market for agricultural commodities affects consumer preference for clean-burning fuels such as biodiesel over traditional petroleum-based fuel. Vegetable oil, including canola oil, soybean oil, and palm oil, is the most common feedstock used to make biodiesel. 80–85% of total production expenditures are spent on feedstock. The long-term financial viability of biodiesel makers is at risk due to the considerable volatility of feedstock prices on which they rely. Profit will decrease because feedstock costs will rise in lockstep with biodiesel pricing.
Opportunities: Depleting petrochemicals
The global petroleum supply is anticipated to last until about 2050. This has inspired researchers to look for the best alternatives and create new growth avenues for the entire biodiesel industry. Nevertheless, it is anticipated that the call-supply mismatch brought on by limited production capacity and the significant room for R&D in feedstock selection for the production process would open doors for new key competitors.
Challenge: Insufficient production capacity
The mismatch between supply and demand brought on by insufficient production capacity and the significant R&D opportunity in feedstock selection for product creation would open up opportunities for new industry participants.
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Some of the major players operating in the biodiesel market are:
● Ag Processing, Inc.
● Archer Daniels Midland Company (ADM)
● Bunge Ltd.
● Cargill, Inc.
● Ecodiesel Colombia S.A.
● FutureFuel Corp.
● Manuelita S.A.
● Renewable Biofuels, Inc.
● TerraVia Holdings, Inc.
● Wilmar International Ltd.
Key Segments cover in the market:
By Feedstock:
● Vegetable Oils
● Animal Fats
By Blend:
● B100
● B20
● B10
● B5
By Application:
● Fuel
● Power Generation
By Region
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The global biodiesel market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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