Newark, Oct. 16, 2023 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global Biodiesel market is expected to grow from USD 42.5 Billion in 2022 to USD 118.5 Billion by 2032, at a CAGR of 10.8% during the forecast period 2023-2032.
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The need for energy emancipation, growing environmental consciousness, and rising demand for environmentally friendly fuels that minimize greenhouse gas emissions and assure full combustion are anticipated to drive the global biodiesel market. The use of biodiesel as an alternative to conventional fossil fuels in power generation and automotive applications is predicted to increase.
Competitive Strategy
To enhance their market position in the global Biodiesel market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In April 2021: The Kentucky-based Continental Refining Company (CRC) added a further USD 20 million to the project. The current CRC oil refinery in Somerset, Kentucky, will get an extra USD 20 million investment to buy and install a soybean crushing, biodiesel refining, and blending facility, the company stated.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 42.5 billion |
| Market Size in 2032 | USD 118.5 billion |
| CAGR | 10.8% |
| No. of Pages in Report | 235 |
| Segments Covered | By Feedstock, Blend, Application |
| Drivers | A rise in demand for biodiesel products |
| Opportunities | Environmentally friendly |
| Restraints | Lack of awareness |
Market Growth & Trends
The market is expected to increase due to the rising demand for biodiesel to replace conventional fossil fuels in power generation and automotive applications. The market is very fragmented because there are many suppliers and dealers. Similar to diesel fuel, biodiesel fuel is significantly more environmentally friendly. The biodiesel market is expected to benefit from this green transformation, opening up opportunities for biodiesel suppliers. Applications for fuel and power generation are the primary target segments. The automobile and marine industries use most crude oil-derived gasoline generated today. The demand for biodiesel as an automotive fuel is rising due to its many advantages, including its ability to reduce greenhouse gas emissions. In addition, biodiesel serves as a substitute for petroleum-derived fuels, which raises serious issues concerning global warming and carbon emissions. During the forecast period, industry growth is anticipated to be fueled by the consequent demand for biodiesel products. Using biodiesel to replace current vehicle engine designs is expected to boost industry expansion. 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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Key Findings
• In 2022, the vegetable oils segment dominated the market with the largest market share of 60% and market revenue of USD 25.5 Billion.
The feedstock segment is divided into vegetable oils and animal fats. In 2022, the vegetable oils segment dominated the market with the largest market share of 60% and market revenue of USD 25.5 Billion. Vegetable oil accounted for the highest portion of global revenue in 2021—more than 97.00%. Palm oil has been extensively used in biodiesel manufacturing in nations like Indonesia, Thailand, Germany, France, and Colombia and is anticipated to be a significant feedstock for the industry.
• B5 segment is expected to grow at the fastest CAGR of 11.2%.
The blend segment is divided into B100, B20, B10, and B5. B5 segment is expected to grow at the fastest CAGR of 11.2%. This is because B5 performs well, has minimal emissions, is fuel efficient, and is more affordable than other combinations.
• In 2022, the fuel segment dominated the market with the largest market share of 25.7% and market revenue of USD 10.92 Billion.
The application segment is divided into fuel and power generation. In 2022, the fuel segment dominated the market with the largest market share of 25.7% and market revenue of USD 10.92 Billion. The automobile fuel market, which made up most of the market, led to the demand for the product. Fuel application made up most of the contribution, which may be attributable to the extensive usage of biodiesel fuel in the transportation, automotive, railroad, and agricultural sectors.
Regional Segment Analysis of the Biodiesel Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, 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)
The Europe region occurred as the largest market for the global Biodiesel industry, with a market share of 39.80% and a market value of around USD 16.92 Billion in 2022. Europe currently dominates the biodiesel market. The early product uptake and significant R&D expenditures favor the expansion of the biodiesel business in this area. The Asia Pacific market is expected to rise in the forecast period. The second-largest market for biodiesel consumption worldwide is Asia-Pacific. The region used 170,000 barrels of oil equivalent per day in 2020. To lower GHG emissions, nations including China, Indonesia, India, and Vietnam are boosting the use of biodiesel. Indonesia was the first nation to require a B30 blend of fuel from palm oil. To help the economy recover from a pandemic-related depression in 2020, the Indonesian government set aside USD 195 million from the state budget to assist palm oil and biodiesel producers.
Key players operating in the global Biodiesel market are:
• Ag Processing, Inc.
• Bunge Ltd.
• TerraVia Holdings, Inc.
• Archer Daniels Midland Company (ADM)
• Cargill, Inc.
• FutureFuel Corp.
• Manuelita S.A.
• Ecodiesel Colombia S.A.
• Renewable Biofuels, Inc.
• Wilmar International Ltd.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global Biodiesel market based on below mentioned segments:
Global Biodiesel Market by Feedstock:
• Vegetable Oils
• Animal Fats
Global Biodiesel Market by Blend:
• B100
• B20
• B10
• B5
Global Biodiesel Market by Application:
• Fuel
• Power Generation
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About the report:
The global Biodiesel market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of 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.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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