Westford, USA, Oct. 07, 2024 (GLOBE NEWSWIRE) -- SkyQuest predicts that the Biodiesel Market size will reach a value of $64.27 billion by 2031, growing at a CAGR of 5.25% in the forecast period 2024 to 2031. Technological progress in biodiesel production and the abundant availability of feedstocks also serves to streamline the production process and increase affordability and efficiency. The expanding public awareness of environmental issues and an urgent need for a more sustainable energy source further promote the market growth. Biodiesel R&D also benefits from locally organised public and private sector collaborations which help to bolster market growth from biodiesel applications. Health reasons and the broader international effort will also add to the increased use of biodiesel as a fuel source.
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Biodiesel Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $42.69 Billion |
| Estimated Value by 2031 | $64.27 Billion |
| Growth Rate | Poised to grow at a CAGR of 5.25% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Feedstock, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Latin America and Middle East & Africa |
| Report Highlights | Government Policies Promoting Sustainable Fuel Usage |
| Key Market Opportunities | Growing Popularity of Sustainable Alternatives |
| Key Market Drivers | Oil Price Volatility |
Browse in-depth TOC on the "Biodiesel Market: Pages – 197, Tables – 95, Figures – 76
Biodiesel is one of the most efficient solutions to reduce the environmental impact of transportation and industrial sectors. The use of biodiesel has numerous benefits as it limits greenhouse gas emissions and thus helps to avoid air pollution which is crucial to global climate change. Governmental regulations and policies also influence the global biodiesel market, particularly those accompanying a switch to more sustainable energy sources and a reduction in greenhouse gas emissions. Energy security and oil price volatility also play a role in the necessity to increase the use of more sustainable fuel sources.
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Oil Price Volatility and Bilateral Trade Fluctuations to Positively Impact the Biodiesel Market Growth
The global biodiesel market is driven by various factors, including concerns over energy security and the fluctuation of oil prices in the international market. Given that oil is a primary source of energy in many countries, the rising or uncertain prices of oil in the international market could trigger a ripple effect in other countries that rely on oil imports. Additionally, countries with unstable political environments and resource insecurity may not always have access to sufficient oil supplies. Consequently, biodiesel offers an alternative to traditional petroleum-based fuels, as the latter reduces the reliance on imported oil and improves the nation’s energy security. Moreover, the price of raw material – crude oil – is subject to extreme price volatility. Conversely, biodiesel is not affected by crude oil price fluctuations. A continuation of existing biodiesel policies combined with an increase in awareness among consumers about its benefits will help grow the global biodiesel market.
Growing Production of Feedstock to Propel Demand Growth of Biodiesel Globally
The biodiesel industry’s expansion largely depends on the development of production technologies and the level of availability of feedstocks. Technological breakthroughs, including the effective catalysts and conversion processes, have remarkably increased biodiesel generation and decreased production costs. Also, a fair share of research and development activities has been focused on the manufacturing of biodiesel using various types of feedstocks. These include vegetable oils as the most common feedstock, animal fats, waste oils, and others.
Additionally, alternative types of feedstocks, including algae and non-food biomass, have been researched and developed. As the wider range of feedstock types can be used in biodiesel manufacturing, the industry is more resilient to the demand changes for certain agricultural markets and concerns over food-for-fuel programs. When further types of feedstocks, including those labelled as non-food and waste resources, become possible to use, the biodiesel market and appeal as ecologically and economically viable expand, attracting new investments.
Government Initiatives Encouraging Biodiesel Investment to Propel Market Growth in Europe
Europe’s dominance in the biodiesel market is mainly due to the stringent environmental regulations and ambitious climate goals of all the country mandate by the European governments. Biodiesel has been frequently seen as an effective alternative to fossil fuels because it is a low-carbon fuel. Another key factor that has facilitated the growth of the biodiesel market in this region is its robust agricultural sector. The availability of raw materials has made the region self-sufficient in the production of biodiesel. Moreover, the production of biofuels has been encouraged by the various policies, incentives, and subsidies available to producers. The European Union’s policy to reduce the use of carbon has also compelled the countries to develop advanced biodiesel research and development, helping the biofuel industry in the region continue to grow.
Biodiesel Market Insights
Drivers
- Government Policies Promoting Sustainable Fuel Usage
- Oil Price Volatility
- Technology Advancement in Automotive Engineering
Restraints
- High Cost of Feedstock Production
- Higher Cost in Comparison to Non-renewal Source of Energy
- Bilateral Trade Issues Resulting in Supply Shortages
Key Players Operating in the Biodiesel Market
- Neste Corporation
- Archer Daniels Midland Company
- Cargill Incorporated
- Wilmar International Limited
- Renewable Energy Group, Inc.
- Louis Dreyfus Company
- Bunge Limited
- BIOX Corporation
- Royal Dutch Shell plc
- TotalEnergies
- BASF SE
- Evonik Industries AG
- Dow Inc.
- DuPont de Nemours Inc.
- Novozymes A/S
- Eni S.p.A.
- Sinopec Corp.
- Mitsubishi Chemical Holdings Corporation
- Chemrez Technologies, Inc.
- Crown Iron Works Company
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Key Questions Answered in Biodiesel Market Report
- What are the major driving factors of Biodiesel market?
- Which is the fastest growing region in the Biodiesel industry?
- Who are the key players in global Biodiesel market?
This report provides the following insights:
Analysis of key drivers (Government Policies Promoting Sustainable Fuel Usage and Oil Price Volatility), restraints (Higher Cost in Comparison to Non-renewal Source of Energy and Bilateral Trade Issues Resulting in Supply Shortages), opportunities (Growing Priority of Sustainability), and challenges (High Cost of Feedstock Production) influencing the growth of Biodiesel market
- Market Penetration: Comprehensive information on the product offered by the top players in the Biodiesel market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the Biodiesel market
- Market Development: Comprehensive information on emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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