DUBLIN--(BUSINESS WIRE)--The "Biodiesel - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Biodiesel Market to Reach US$40.2 Billion by the Year 2026
Amid the COVID-19 crisis, the global market for Biodiesel estimated at US$30.7 Billion in the year 2020, is projected to reach a revised size of US$40.2 Billion by 2026, growing at a CAGR of 4.6% over the analysis period.
The global biodiesel market is driven by the increasing need for clean and renewable fuel sources. There is rising environmental consciousness leading to a preference for environment-friendly fuel. The soaring prices of non-renewable sources of energy such as due to their limited resources are driving focus onto alternative fuels. The main factor which influences growth is the rising concern over gas emissions by fossil fuels.
Government policies favoring the promotion of sustainable projects that save energy and protect the environment are important drivers of growth in the biodiesel market. Advanced biofuels and ethanol are being promoted by the US Environment Protection Agency (EPA) through mandates and regulations.
There is a growing demand for biodiesel for use in commercial cars to reduce usage of crude oil. Fuel oil blended biodiesel fuel blends are being researched to reduce dependence on petroleum in the transportation sector. Also favoring market growth is the continuous focus on research activities aimed at developing biodiesel products that can replace crude oil.
Vegetable Oils, one of the segments analyzed in the report, is projected to grow at a 4.7% CAGR to reach US$33 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Animal Fats segment is readjusted to a revised 4.3% CAGR for the next 7-year period. Vegetable oils are easily available, renewable, biodegradable, easy to transport, and provide high heat content. Most of the companies use vegetable oils to produce biodiesel on account of its higher yield and renewability.
The U.S. Market is Estimated at $5.2 Billion in 2021, While China is Forecast to Reach $2.2 Billion by 2026
The Biodiesel market in the U.S. is estimated at US$5.2 Billion in the year 2021. The country currently accounts for a 16.2% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$2.2 Billion in the year 2026 trailing a CAGR of 5.9% through the analysis period.
Among the other noteworthy geographic markets are Canada and Europe, each forecast to grow at 4.2% and 3.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4% CAGR while Rest of European market (as defined in the study) will reach US$6 Billion by the end of the analysis period.
Europe represents the leading region in the global biodiesel market. The region's large share is due to the several government initiatives and regulations aimed at reducing greenhouse gas emissions. Biodiesel fuel consumption is on the rise in Europe on account of the government laws and programs and energy taxation regimes.
The US is among the major producers and consumers of biodiesel. Increasing use of biodiesel in the United States is mainly driven by the presence of favorable legislations. Asia-Pacific region represents a promising market for biodiesel.
Due to rapid industrialization and increase in demand for liquid fuel in power and transport sectors in emerging countries such as Indonesia, China, India, Thailand, and Malaysia, Asia Pacific will witness high growth in the coming years.
Transportation Fuel (Application) Segment to Reach $20.6 Billion by 2026
Biodiesel is increasingly playing a role as a fuel in automobiles, railways, agriculture, and maritime operations. Biodiesel has improved efficiency compared to gasoline and is useful for compression-ignition engines.
Biodiesel is used in its pure form i.e. B100 or in the form of a blend with conventional petroleum diesel. Some of the blends of biodiesel include B2, B5 and B20, referring to 2%, 5% and 20% of biodiesel content, respectively. In the global Transportation Fuel (Application) segment, USA, Canada, China and Europe will drive the 4.9% CAGR estimated for this segment. T
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of COVID-19 Outbreak on Clean Technologies
- COVID-19 Outbreak Dampens Biofuel Consumption
- Biofuel Production Unlikely to Stay on Subsistent Levels and Bounce Back Quickly
- COVID-19 Impact on the Biodiesel Market
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
- An Introduction to Biodiesel
- Characteristic Features of Biodiesel
- Biodiesel Blend
- Biodiesel Production Process
- Raw Materials Used in Biodiesel Production
- Benefits & Drawbacks of Biodiesel Consumption
- Global Market Prospects & Outlook
- Vegetable Oil: The Most Widely Used Feedstock for Biodiesel Production
- Transportation Fuel Emerges as the Leading Application Category
- Europe Leads the Biodiesel Market
- Biodiesel Production Trends: An Overview
- Global Biofuel Production Breakdown by Bioethanol and Biodiesel & HVOs for 2000 and 2020
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 152 Featured)
- Albemarle Corporation
- British Plastics Federation
- Buckman Laboratories International, Inc.
- BWA Water Additives
- Champion Technology Services, Inc.
- Chevron Oronite Company LLC
- Dow Inc.
- Ecolab, Inc.
- Kemira Oyj
- Lanxess AG
- Neste Oyj
- RB Fuels
- Renewable Energy Group, Inc.
- Suez SA
- TUBI THOR SPA
3. MARKET TRENDS & DRIVERS
- Pressing Need for Alternative/Renewable Fuels Drives Focus onto Biofuels
- Future Trends in Biofuel Industry to Impact Growth of Biodiesel Market
- Depleting Fossil Fuel Resources and Shift Towards Renewable Energy Presents Opportunities for Biodiesel Market
- Amidst Concerns over Rising Greenhouse Gas Emissions, Demand for Clean & Eco-Friendly Fuels Drives Growth in Biodiesel Market
- Growing Importance of Biodiesel as a Substitute Fuel in Automotive Industry
- Increasing Use of Biodiesel to Supplement Existing Engine Designs in Vehicles to Boost Market Growth
- Power Generation: Potential for Biodiesel as Alternative to Conventional Fossil Fuels
- China and India Lead the Global Rise in Demand for Electricity
- Need to Reduce GHG Emissions & Ensure Compliance with IMO Specifications Drives Marine Sector to Use Biofuels/Blends
- Aviation Biofuels to Widen Growth Prospects
- Technology Innovations Promise Further Opportunities for Biodiesel as Transportation Fuel
- Emergence of New Feedstocks to Propel Biodiesel Production
- Favorable Biofuel Blend Mandates & Blend Targets Offer Opportunities
- Vegetable Oils-Based Biodiesel: Easy Modification of Existing Diesel Engines Fuels Adoption
- Major Feedstock Use in Biodiesel Production by Region/Country
- Oil Price Volatility and Shift towards EVs Presents Challenges for Biodiesel Market
- Prices of Petroleum Derived Feedstock: A Critical Factor Impacting Biodiesel Demand
- Major Challenges Facing Biodiesel Market
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
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