As per industry analysis on biodiesel by Fact.MR, a market research and competitive intelligence provider, the global market is anticipated to expand at a CAGR of 6.9% over the forecast period of 2021-2031, reaching US$ 187.6 Bn by the end of the mentioned period.
Biodiesel can be used as a substitute for petroleum diesel fuel or blended with it in some cases. When compared to petroleum diesel fuel, biodiesel is more effective at reducing exhaust emissions. Biodiesel is used in aviation because it reduces the amount of carbon dioxide released by the industry. Many commercial airlines and military defense aircraft use biodiesel as well.
Biodiesel, sometimes known as ‘green diesel’ or ‘renewable diesel,’ is a petroleum-based fuel manufactured using traditional refining procedures. Scientists are looking for more cost-effective ways to make biodiesel utilizing various feedstocks depending on their accessibility and availability.
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Various technological breakthroughs, such as third-generation biofuels derived from algae, when compared to other feedstocks, can create a diverse and vast quantity of biofuel and are also contributing to market growth.
Key Segments Covered in Biodiesel Industry Research
- Biodiesel Market by Feedstock:
- Soybean Oil
- Distillers Corn Oil
- Canola Oil
- Yellow Grease
- Animal Fat
- Biodiesel Market by Application:
- Power Generation
- Others (including Transportation and Cooking)
- Biodiesel Market by Region:
- North America
- Asia Pacific
- Latin America
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Key Takeaways from Market Study
- Global biodiesel market to reach valuation US$ 187.6 Bn by 2031.
- Demand for biodiesel fuel is projected to record around 5% CAGR from 2021 to 2031.
- Europe is expected to hold the highest share of the global biodiesel market.
The biodiesel market is extremely competitive, with worldwide firms producing technologically-advanced biodiesel-based products. Due to rising demand, leading biodiesel manufacturers are focusing on strengthening their relationships with major distributors and expanding their existing production capacity.
- In February 2022, SLD Pumps & Power (SLD) announced that it shifted to biodiesel fuel for its nationwide equipment fleet. The shift is expected to displace around 1 million litres of highly polluting mineral diesel usage each year.
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Biodiesel manufacturers are constantly concentrating on innovation and developing new production methods that will help them lower their manufacturing costs and make processing easier.
Companies are focusing their efforts on making biodiesel from sustainable feedstocks, including used cooking oil (UCO) and vegetable oil. Biodiesel suppliers are also working together with governments and automakers to increase product sales.
In order to improve their market position, market firms are expected to invest in expanding their production capacities and geographical reach.
- In 2019, in order to lessen the carbon impact in the country, MAN Truck & Bus introduced roughly 200 buses that run on biodiesel or biofuel in the city of Trondheim in Norway. Vy Buss received 105 city buses from MAN Truck & Bus, while Tide Buss received 84.
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