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Biodiesel Market size is forecast to reach $50.60 billion by 2026, after growing at a CAGR of 5.3% during 2021-2026.
HYDERABAD, TELANAGANA, INDIA, September 22, 2022 /EINPresswire.com / -- Biodiesel Market size is forecast to reach $50.60 billion by 2026, after growing at a CAGR of 5.3% during 2021-2026. There are four principal methods to make biodiesel, direct use, and blending, microemulsions, thermal cracking (pyrolysis) and transesterification, which changes oil and fats into fatty acid methyl esters. Biodiesel is composed of renewable feedstocks such as vegetable oils, animal fats. Biodiesel produced from Animal Tallow tends to crystallize out at much higher temperatures than biodiesel derived from plant oils. Biodiesel is capable to reduce exhaust emissions as compared to petroleum diesel fuel. It is majorly used in Automotive, Aerospace, Industrial, Marine, and Agriculture. The key factors for the development of this market are reducing storage concerns with stability and transportation issues with the great cost of delivered fuel compared to fossil fuels, it can decrease the ecological nuisances such as global warming, the greenhouse effect, and pollution.
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This IndustryARC report on the Biodiesel market highlights the following areas -
1. Asia Pacific dominates the Biodiesel Market owing to a rapid increase in the Automotive and Aerospace sector.
2. The market drivers and restraints have been assessed to understand their impact on the forecast period.
3. The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
4. The other key areas of focus include the various applications and end-use industry in Biodiesel Market and their specific segmented revenue.
5. Due to the COVID-19 pandemic, most of the countries have gone under temporary shutdown, due to which operations of Biodiesel related industries have been negatively affected, thus hampering the growth of the market.
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1. B5 (up to 5% biodiesel) held the largest share of 48% in the Biodiesel Market in 2020. B5 and B20 are frequent blends because it signifies a decent balance of cost, emissions, cold-weather performance, materials compatibility, and competence to act as a solvent. Most biodiesel users purchase B20 or lower blends from their normal fuel suppliers or from biodiesel marketers.
2. Transportation held the largest share of 52% in the Biodiesel Market in 2020. The scarcity of petroleum supplies will mark renewable energy resources further attractive. The most practical way to encounter this growing demand is by utilizing alternative fuels.
3. The vegetable oils held the largest share of 80% of the Biodiesel market. Vegetable oils such as rapeseed oil, soybean oil, and palm oil account for the largest share in the production of biodiesel. The fuel is useful to the environment as it lowers the effect of greenhouse gas by releasing lower Volatile Organic Compound (VOC) substances as compared to fossil diesel.
The top 5 players in the Biodiesel industry are:
1. Western Dubuque Biodiesel
2. Delta American Fuel
3. Imperium Renewables
5. Deerfield Energy
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