LONDON--(BUSINESS WIRE)--The global biodiesel market is expected to grow at a CAGR of around 5% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global biodiesel market for 2017-2021. The market is segmented based on type, which includes vegetable oil and animal fat, and application, which includes transport fuel and power generation.
Biodiesel products are used in many end-user industries such as automotive, power generation, marine, railway, agriculture, and mining. These end-users are heavily dependent on biodiesel, which make it more useful in the global market. Some of the major applications of biodiesel are fuel, power generation, industrial solvent, and lubricating agent. Biodiesel is being used to decrease the emission of greenhouse gases. The increasing use of biodiesel across these industries is expected to drive the market during the forecast period.
Technavio’s chemicals and materials research analysts categorize the global biodiesel market into the following segments by regions:
- Europe
- North America
- South America
- APAC
- ROW
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Europe: largest biodiesel market
Europe is the largest producer and consumer of biodiesel in the global market. The EU is regarded as the highest market for biodiesel because of its need in major end-user industries, including automotive, power generation, marine, railway, and agriculture. Major imports of biodiesel are from Argentina and Indonesia, which is expected to grow during the forecast period.
“Major consumer markets of biodiesel in the EU are Germany, France, Spain, and Italy. These countries are utilizing biodiesel much more than other countries in the Americas, APAC, and MEA. In Germany, the biodiesel demand is increasing because of the increase in the number of diesel vehicles, which is driving the growth of the global biodiesel market,” says Hitesh Bhatia, a lead analyst at Technavio for research on bio-chemicals and bio-materials.
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Biodiesel market in North America
In North America, the US, Mexico, and Canada are the major biodiesel markets. The major end-user industries for biodiesel in this region are automotive, mining, agriculture, power generation, marine, and railway. The market in this region is expected to grow at a moderate rate due to trade impact of the US such as tariff change and import-export regulations on its biodiesel import from countries such as Argentina, Indonesia, and Malaysia.
“The Canadian government is promoting the use of biodiesel to encourage the reduction of carbon emissions from automotive vehicles. The country is focusing on the expansion of biodiesel manufacturing plants, which is expected to increase the demand for biodiesel during the forecast period. The Mexican biodiesel market has a great growth potential, which is attributed to its intensive agriculture activity, high biodiversity, and waste biomass resources,” adds Hitesh.
Biodiesel market in South America
Argentina and Brazil are the major producers of biodiesel this region. The market for biodiesel in South America is expected to grow at a moderate rate because of the high demand for environment-friendly fuel that can reduce the emission of harmful gases into the atmosphere.
Argentina, Brazil, and Chile are the major exporters of biodiesel to various other regions, especially in Europe and North America. Countries like Germany, the US, the UK, and France import biodiesel from South American countries. The increasing use of non-food feedstock as an alternative for expensive first-generation feedstocks, including soy, rapeseed, and palm oil, is expected to propel the demand for biodiesel in the region during the forecast period.
The top vendors in the global biodiesel market highlighted in the report are:
- Archer Daniels Midland
- BIOX
- Bunge
- Cargill
- Wilmar International
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