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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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.
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.
Biodiesel Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global biodiesel market attained a volume of nearly 44.07 billion litres.
The market is projected to grow at a CAGR of 6% between 2024 and 2032.
The major drivers of the market include the introduction of favourable policies and tax incentives by governments of various countries, wavering petrochemical reserves in oil rigs across the world, rising adoption of eco-friendly regulations, prominent presence of the automotive market, and the growing economy.
The growing need for energy independence and rising environmental concerns are the key trends propelling the market's growth.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The various feedstocks in the market include vegetable oil, and animal oil, among others.
The different types of biodiesels in the market are B100, B20, B5, and B2, among others.
Biodiesels find their major applications in fuel, and power generation, among others.
The various technologies in the market are pyrolysis, hydro heating, and conventional alcohol transesterification, among others.
The key players in the global biodiesel market are Archer Daniels Midland Company, Louis Dreyfus Company B.V., Ag Processing Inc., RB Fuels, Renewable Energy Group, Inc., and Novozymes A/S, among others.
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Australia
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India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
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+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124