Biodiesel Market Estimated to Inflate at a Whopping CAGR till 2027, Global Biodiesel Market Segmented by Type, Application and Region
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The Global Biodiesel Market has been growing steadily over the past couple of years. The increasing demand for energy is a dominant driver of the market. Biodiesel is the only and significant form of renewable fuel utilized across energy segments such as electricity, heat, and transportation.
Governments are initiating programs to introduce various schemes to encourage manufacturers to set up increasing numbers of biodiesel plants which can not only generate the electricity but also dispose of agricultural waste in a carbon-neutral manner tackling the growing pollution. Moreover, the massive uptake of biodiesel as an alternative fuel to power automobiles is escalating the market on the global platform.
Considering the exponential accruals, the market is garnering currently, Market Research Future (MRFR), in its recently published study report asserts that the global biodiesel market will witness significant growth by 2027, posting a phenomenal CAGR during the assessment period (2017 – 2027).
Industries such as steel-making and others are using biodiesel for in-house energy generation, reducing carbon emissions while the papermaking companies tap on biopower generation to multiply the profit.
The increasing in environmental policies can foster the growth of the market, driving the demand for the development of innovative alternative power and propulsion technology. As a result of all these commutative efforts, the biodiesel market is gaining substantial accruals, across the globe.
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Power is a significant factor for the development of infrastructure, economic growth, and welfare of a nation. The increasing awareness towards the depleting non-renewable energy sources alongside the demand for integrating the renewable energy sources have significantly contributed to the growth in the biodiesel market.
The significant surge in their demand for renewable energy and the favorable government regulations to adopt renewable sources for the energy generation is driving the biodiesel market. Additionally, Improvements in technology have helped in boosting the growth of the biodiesel market.
On the other hand, the depleting biomass-based diesel levels which are already below the insufficient level will keep threatening the market players. Nevertheless, the rapidly occurring changes in the climate and the augmenting demand for energy will support the growth of the biodiesel market in the future as well.
Global Biodiesel Market – Competitive Analysis
The highly competitive biodiesel market appears to be fragmented due to the presence of several large and small-scale players. The competition in this well-established market is expected to intensify during the review period, witnessing various product innovations. Product launch, agreement & partnership, acquisition, and expansion are key strategies traced from the analysis of recent developments of key players. The high growth prospect demonstrated by the market is expected to attract several new entrants to the market.
Key Players:
Key players leading the biodiesel market include INEOS New Planet BioEnergy, Canergy LLC, Enerkem, Amyris, Abengoa Bioenergy, and Poet-DSM Advanced Biofuels LLC.
Industry/ Innovation/ Related News
Aemetis Inc. (US), an industrial biotechnology company producing renewable chemicals and fuels using patented microbes and processes announced the completion of a two-year upgrade project undertaken by its Universal Biofuels subsidiary in Kakinada (India) biodiesel and glycerin plant.
The upgrades that took place include the installation of a pre-treatment unit to lower the process cost and waste feedstock into oil, expansion of boiler, and the implementation of environmental systems to enable full production of 50 million gallons per year (MMgy) of biodiesel while simultaneously operating the biodiesel, pre-treatment, and glycerin refining units.
The U.S. Energy Information Administration (EIA) proposed changes to biofuel reporting requirements, seeking public comments on several amendments. EIA intends to make changes within its Petroleum Supply Reporting System, including those related to data collection on biofuels.
American GreenFuels LLC (US), a leading producer of environmentally-friendly biodiesel launched a new campaign to upskill consumers about the branded biodiesel-blended heating oil known as Bioheat. The name of the campaign is “You Are What You Heat.
Crown Oil Ltd (UK), a fuels and lubricants distribution company and a biodiesel supplier introduced a new process upgrade – advanced catalyst reduction and economization (ACRE) for biodiesel manufacturers.
The ACRE process is already running successfully in multiple plants and yielding impressive results in various geographies and with numerous feedstocks. ACRE allows biodiesel processing plants to run at the lowest operating cost and highest efficiency by adding a third transesterification reaction step while also delivering an energy-efficient design for reduced cooling load and steam use.
Global Biodiesel Market – Segmentation
MRFR has segmented the report into three key dynamics
By Type : Bio-hydrogen, Methanol, and Cellulosic ethanol
By Application : Off-grid Electricity Supply and Transportation
By Region : North America, Europe, APAC, and Rest-of-the-World.
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