Rockville , April 22, 2024 (GLOBE NEWSWIRE) -- Biodiesel has become popular as a replacement for conventional fossil fuels in power production and automotive applications. According to this updated study by Fact.MR, the global biodiesel market is estimated to reach a value of US$ 116.3 billion in 2024 and is forecasted to expand at a CAGR of 6.9% from 2024 to 2034.
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Presence of a large number of distributors and suppliers across the world has led to market fragmentation. The market presents opportunities for new players due to the demand-supply gap, which is a result of inadequate production capabilities and significant potential for R&D in choosing feedstock for product creation. Growing demand for eco-friendly fuels that guarantee complete combustion and can lower greenhouse gas (GHG) emissions is a key driver for market growth.
High compatibility of biodiesel with current diesel engines is also propelling its demand. The rise in population and the consequent increase in the number of vehicles and other industries using biodiesel are anticipated to further stimulate the demand for biodiesel.
Related Market Projections for 2034
| Bio Alcohol Market | US$ 2.67 Billion |
| Bio Lubricant Market | US$ 13 Billion |
Key Takeaways from Market Study
- The global biodiesel market is forecasted to expand at a CAGR of 6.9% through 2034.
- Global sales of biodiesel are estimated at US$ 116.3 billion in 2024.
- The market is projected to reach US$ 226.6 billion by 2034-end.
- The North American market is forecasted to expand at a CAGR of 4.6%
- through 2034.
- Canola oil feedstock is estimated to account for 22.5% market share in 2024.
- East Asia is projected to account for 24.6% share of the global market by
- 2034.
- China accounts for 56.9% share of the biodiesel market in East Asia.
- The United States accounts for 71.7% of the biodiesel market in North America.
| Report Attribute | Details |
| Value Projection (2034) | US$ 226.6 Billion |
| Growth Rate (2024-2034) | 6.9% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 25 Tables |
| No. of Figures | 132 Figures |
“Increasing adoption of biodiesel in various applications is driven by rising environmental concerns and stringent regulations. These factors are prompting a shift towards cleaner and sustainable fuel alternatives,” says a Fact.MR analyst.
Key Companies Profiled in This Report
- Bunge Ltd.
- Cargill Inc.
- Neste Oyj
- Wilmar International Ltd.
- Renewable Energy Group Inc.
- Louis Dreyfus Company
- BIOX Corporation
- Emami Group
Market Developments
Key companies in the market are always changing their plans to make their position stronger. They are doing this by working together with other market players worldwide. This helps manufacturers come up with new ideas by using shared knowledge and resources.
- In 2022, Technip Energies was awarded a contract by TotalEnergies to manufacture Sustainable Aviation Fuel (SAF) at the Grandpuits facility in France. The agreement includes EPC support for the transformation of the refinery into a platform dedicated to SAF production with no crude oil processing. This facility can generate approximately 210,000 metric tons of SAF annually.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the biodiesel market for 2018 to 2023 and forecast market statistics for 2024 to 2034.
The study divulges essential insights into the market based on feedstock (soybean oil, distillers corn oil, canola oil, yellow grease, animal fat) and application (fuel, agriculture, power generation), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
Explore More Related Studies Published by Fact.MR Research:
Bio Alcohol Market: The value of Bio Alcohol Market is projected to increase at a CAGR of around 6.4% during 2022 – 2032.
Bio Lubricant Market: The global bio lubricant market is estimated to be valued at US$ 1,654.7 million in 2024. It is accounted to reach a valuation of US$ 2,674.6 million by 2034, projected at a CAGR of 4.7% from 2024 to 2034.
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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