Global Biodiesel Market Report and Forecast 2024-2032

Global Biodiesel Market Outlook

The global biodiesel market reached a volume of almost 44.07 billion litres in the year 2023. The biodiesel industry is further expected to grow at a CAGR of 6% between 2024 and 2032 to reach a volume of almost 74.45 billion litres by 2032.

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Eco-Friendly Regulations to Aid the Market Growth of Biodiesel

The United States is an important market in the industry, growing at a robust pace. Europe too presents itself as a significant market, especially Germany, which is expected to enhance the market growth of biodiesel in the forecast period. The market in these regions is being supported by the rising adoption of eco-friendly regulations and the prominent presence of the automotive industry. China is also emerging as a significant market for biodiesel due to a robustly growing economy and burgeoning automotive industry.

Biodiesel: Market Segmentation

Biodiesel is the diesel fuel based on vegetable oil or animal fat, constituting long-chain alkyl (ethyl, methyl, or propyl) esters. Generally, the product is developed by chemically reacting lipids, such as vegetable oil, soybean oil, or animal fat, with alcohol generating fatty acid esters as a result.

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The market is divided on the basis of feedstock into:

• Vegetable Oil
• Animal Oil
• Others

On the basis of type, the industry is divided into:

• B100
• B20
• B5
• Others

The market is segmented on the basis of application into:

• Fuel
• Power Generation
• Others

By technology, the industry is segmented into:

• Pyrolysis
• Hydro Heating
• Conventional Alcohol Transesterification
• Others

The report also covers the regional markets of the product like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Growing Demand for Energy Independence to Bolster the Market for Biodiesel

The global market for biodiesel is being driven by the growing need for energy independence and rising environmental concerns all over the world. The product is biodegradable and enables the production of renewable liquid fuel for transportation purposes, making it an ideal fuel. Other benefits include its domesticity, which helps in reducing the dependency on the imported petroleum, aiding the market growth.

Further, governments are encouraging and helping promote the use of the product by introducing policies and tax incentives on the use of the product, enhancing the market growth for biodiesel over the forecast period. Governments have taken active action in initiating regulations and policies in countries within the Asia Pacific and Latin America, creating a surge in opportunities, such as exports, feedstock development, and enhanced production.

The biodiesel industry is experiencing transformation in terms of rapid growth and development, presenting new opportunities in the forthcoming years globally. The wavering petrochemical reserves in oil rigs across the world will probably increase the biodiesel demand in the forecast period.

Key Industry Players in the Global Biodiesel Market

The report gives a detailed analysis of the following key players in the global biodiesel market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Archer Daniels Midland Company
• Louis Dreyfus Company B.V.
• Ag Processing Inc.
• RB Fuels
• Renewable Energy Group, Inc.
• Novozymes A/S
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report

Biodiesel Market Report Snapshots

Biodiesel Market Size

Biodiesel Market Growth

Biodiesel Companies