Global Biodiesel Consumption Is Expected To Reach US$ 59 Bn ...| MENAFN.COM

Tuesday, 31 January 2023 09:55 GMT

Global Biodiesel Consumption Is Expected To Reach US$ 59 Bn By The End Of 2032


(MENAFN- Ameliorate Digital Consultancy)

biodiesel market

The global biodiesel market was valued at US$ 40 Bn in 2021. global biodiesel consumption is expected to reach US$ 59 Bn by the end of 2032. Growing demand for sustainable & eco-friendly fuel is expected to drive market growth. The market for biodiesel is projected to increase at 3.6% CAGR between 2022 and 2032. The global biodiesel market is anticipated to witness a CAGR of 3.6% between 2022 and 2032, according to an in-depth industry analysis by Persistence Market Research. Market growth is mainly attributed to the growing demand for eco-friendly alternatives to conventional fuels.

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Biodiesel is a clean-burning, renewable fuel that is made primarily from used cooking oil, vegetable oil, and animal fats. Biodiesel fuel is similar to diesel fuel, but is much better for the environment. Biodiesel is a non-polluting, environment-friendly energy source. This green transformation is seen as a leading light for the biodiesel market.

This published report for Biodiesel Market analyzes and forecasts the marketing statistics of the product/service market on a global as well as the regional level. This detailed study Biodiesel Market also offers the previous historical data along with the forecast from 2023 to 2032. The assessment of Biodiesel Market factors gives a brief overview of the impact on the demand over the forecast period. In addition to this, the report also studies the opportunities that are available in the report at the global level. An executive summary is also provided based on the industry snapshot for the period from 2022-2032.

Drivers & Constraints

Biodiesel Market introduces the building blocks of the report with the influence of market dynamics and functioning and a need to understand customer behavior. The increase and decrease in the product/service budget also play an important role in predicting the future growth of Biodiesel Market. Besides, the high deployment cost of product/service, and other restraints are also pointed out in the report. Biodiesel Market report also studies the value, volume trends and pricing history of the market so that the pattern and layout are also evaluated for the advanced study of the market over the forecast period.

Companies
  • Cargill Inc.
  • HERO BX
  • Ag Processing Inc.
  • Archer Daniels Midland
  • Marathon Petroleum Corporation
  • VERBIO
  • Renewable Energy Group Inc.
  • NOVAOL, Italy
  • ARGENT ENERGY
  • MOL Group
  • In this
  • Shell Plc

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Key Takeaways from Market Study

  • The global market for biodiesel is estimated to reach a value of US$ 59 Bn by the end of 2032.
  • The vegetable oil segment is estimated to witness a growth rate of 3.7% during the assessment period (2022-2032).
  • Fuel is estimated to remain a key application of biodiesel. The fuel segment is expected to witness a CAGR of 3.6% over the forecast period.
  • The North American region is anticipated to create an incremental dollar opportunity of US$ 2.78 Bn during the forecast period.

“In the biodiesel market, expansion, collaboration, and partnership activities have been witnessed. Key players are expanding their production capacities and partnering with other players to cater to the growing need for biodiesel across the world,” says a Persistence Market Research analyst.

Competitive Landscape

The biodiesel market is moderately fragmented with small-scale players contributing alongside major market players. Due to the sheer growing demand for environmental-friendly fuels, the market is expected to grow significantly over the coming years.

Over the last five years, the biodiesel market has grown rapidly. This is due to companies' efforts to meet rising diesel fuel demand while also expanding their global footprints. To meet the needs of different markets, companies are focusing on expanding their manufacturing facilities, both, in the domestic market and in other geographies.

Some of the major players are collaborating and partnering with others to strengthen their market position.

For Instance:

  • On Sep 16, 2021, Shell Plc. announced the expansion of a biofuel plant having the capacity to produce 820,000 tons per year at Rotterdam, The Netherlands. This production plant under sustainable aviation fuel would be the one of biggest in Europe.

Conclusion

Biodiesel is sometimes referred to as green fuel and an excellent alternative to conventional fuel. Growth of end-use industries such as automotive, marine, and others is expected to drive market demand.

Key geographies evaluated in this report are:

North America – U.S, Canada
Europe – France, Germany, Italy, Spain, and the UK, Eastern Europe, CIS
APAC – China, India, Japan, Australia, Others
Latin America – Argentina, Brazil, Others

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Major Highlights of Biodiesel Market Report:

  • Biodiesel Market analysis report offers an in-depth study of the potential market growth opportunities and challenges.
  • The report dives deeper into the market and explains the dynamic factors bolstering market growth.
  • The report deeply assesses the current, historical market size, market share, and revenue growth rates to offer accurate market projections for the forecast period.
  • The report analyzes Biodiesel Market presence across major regions of the world.
  • It determines the production & consumption capacities and demand & supply dynamics of each regional market.
  • The report further illustrates the intense competition among the key market players and highlights their effective business expansion plans and strategies.
  • It provides company overview and SWOT analysis of each of the market players.

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About PMR – Chemicals and Materials

The Chemicals and Materials division of Persistence Market Research offers distinct and pin-point analysis about chemicals and materials industry. Chemical coverage extends from commodity, bulk, specialty and petrochemicals to advanced materials, composites and nanotechnology in particular with special emphasis on 'green alternatives', recycling and renewable technology developments, supply-demand-trade assessment. Our research studies are widely referred by chemical manufacturers, research institutions, channel partners and government bodies for developing – 'The Way Forward'.

Contact us:

Persistence Market Research
Address – 305 Broadway, 7th Floor, New York City,
NY 10007 United States
U.S. Ph. – +1-646-568-7751
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