Global Biodiesel Market is anticipated to reach US$ 11.98 Bn by 2027 from US$ 7.85 Bn in 2019 at a CAGR of 7.3% during a forecast period.

Global Biodiesel Market Overview

Transesterification, a chemical process that transforms oil and fats into fatty acid methyl esters, is used to make biodiesel from renewable feedstock like vegetable oils, animal fats, and other sources. It can be used to replace petroleum diesel fuel or combined with petroleum diesel fuel in different proportions. When compared to petroleum diesel fuel, biodiesel can lower exhaust emissions. It is primarily utilized in the automotive, aviation, industrial, marine, agriculture, and mining industries. To know about the Research Methodology :- Request Free Sample Report The report has covered the market trends from 2015 to forecast the market through 2027. Where 2019 is considered a base year to forecast the market from 2021 to 2027. However, 2020’s market size is estimated on real numbers and outputs of the key players and major players across the globe.

Global Biodiesel Market Dynamics

Biodiesel, like other transportation fuels, is governed by a set of rules and regulations. The usage of biodiesel has several advantages, including abundant availability, little environmental effect owing to its clean and harmless nature, and emission regulations. Changing regulations and a growing focus on utilizing high-percentage biodiesel are also driving demand in different regions of the world. The product may be used to supplement existing engine designs in vehicles, which is expected to boost the market growth. Biodiesel consumption is expected to increase as the threat of fossil fuel depletion grows, as well as the necessity to integrate renewable energy sources in the energy mix for long-term growth. Unlike other biofuels, the product may be produced in an existing diesel manufacturing facility, which is expected to have a positive impact on the market. Additionally, the growing need to reduce carbon emissions and find an alternative for conventional fuels has made biodiesel more desirable during the forecast period. Biodiesel's growth is likely to be hindered in the forecast period due to declining agricultural land and the availability of other renewable energy sources.

Global Biodiesel Market Segmentation Analysis

By Feedstock, Vegetable oil dominated the market, accounting for 90.9 percent of total feedstock use for biodiesel synthesis. The growth of the segment is attributed to the majority of manufacturers' technological knowledge and the high oil yields given by these items. The primary feedstock for biofuel production is soybean oil, canola oil, and corn oil. However, raw material selection varies greatly from area to region based on raw material availability and cost connected with this feedstock. By Application, The automotive fuel segment dominated the global market, accounting for more than 75% of the total. The segment is projected to benefit from the rising demand for gasoline in commercial vehicles to replace crude oil. The fuel is beneficial to the environment since it emits fewer greenhouse gases than regular diesel because it has lower VOC content. Biodiesel is becoming a more economical choice as the price of petroleum-based goods fluctuates. Thus, biodiesel's share of transportation fuel is expected to increase dramatically.

Global Biodiesel Market Regional Insights

The United States is the world's largest producer of biodiesel and one of its largest consumers. Biodiesel's environmental advantages, ease of accessibility, and the government Renewable Fuels Standard Program have all contributed to the country's rising demand for biodiesel. Biodiesel is widely utilized in the transportation sector, including school and transportation bus fleets, snowplows, military vehicles, trash trucks, and postal trucks. In addition, biodiesel fueling facilities may be found in virtually every state. Brazil is the third-largest producer of biodiesel, accounting for 25% of total consumption. Consumption of biodiesel is mandatory in Brazil, thus the majority of biofuel is targeted for domestic consumption. Further, Brazil has various regulations and has implemented several initiatives to encourage the use of renewable energy shortly, which is driving demand for biodiesel in the country. China's economy is rapidly growing, resulting in increased contributions to global total carbon dioxide emissions and rising worries about air pollution. As a result, the rising global demand for biodiesel is primarily driven by concerns about energy security in China, which is propelling market growth in the country. Meanwhile, almost all of India's wasteland is found in underdeveloped and rural areas, hence large-scale biodiesel production in these areas has great potential for rural employment and the development of such places in the country, both of which boost the biodiesel market.

Global Biodiesel Market Scope: Inquire before buying

Global Biodiesel Market by Region

• North America • Asia pacific • Europe • Middle East and Africa • South America

Global Biodiesel Market Key Players

• Neste corporation • Renewable Energy group Inc • Renewable Biofuels Inc • Total • Solazyme Inc • Wilmar International Ltd • Cargill Incorporated • Louis Dreyfus Company B.V • Archer Daniels Midland Company • Royal Dutch Shell plc. • Renewable Energy Group, Inc • Repsol S.A • RB Fuels • Bangchak Corporation Public Company Limited • China Petroleum Chemical Corp (Sinopec Corporation)

Frequently Asked Questions

1. What is the projected market size growth rate of the Global Biodiesel Market? Ans- Biodiesel Market was valued at USD 7.85 billion in 2019 and is projected to reach USD 11.98 billion by 2027, growing at a CAGR of 7.3% during the forecast period. 2. What are the key driving factors for the growth of the Global Biodiesel Market? Ans- Biodiesel, like other transportation fuels, is governed by a set of rules and regulations. The usage of biodiesel has several advantages, including abundant availability, little environmental effect owing to its clean and harmless nature, and emission regulations. Changing regulations and a growing focus on utilizing high-percentage biodiesel are also driving demand in different regions of the world. 3. Which Country accounted for the largest Global Biodiesel Market share? Ans- The United States is the world's largest producer of biodiesel and one of its largest consumers. Biodiesel's environmental advantages, ease of accessibility, and the government Renewable Fuels Standard Program have all contributed to the country's rising demand for biodiesel. Biodiesel is widely utilized in the transportation sector, including school and transportation bus fleets, snowplows, military vehicles, trash trucks, and postal trucks. In addition, biodiesel fueling facilities may be found in virtually every state. 4. What makes Brazil a Lucrative Market for the Global Biodiesel Market? Ans- Brazil is the third-largest producer of biodiesel, accounting for 25% of total consumption. Consumption of biodiesel is mandatory in Brazil, thus the majority of biofuel is targeted for domestic consumption. Further, Brazil has various regulations and has implemented several initiatives to encourage the use of renewable energy shortly, which is driving demand for biodiesel in the country. 5. What are the top players operating in the Global Biodiesel Market? Ans- The major players operating in the Biodiesel market include Neste corporation, Renewable Energy Group Inc, Solazyme Inc, Renewable Biofuels Inc, Total, Wilmar International Ltd, and Cargill Incorporated.