Biodiesel Market Scope, Future Trends with Fastest Growing Regions and Countries Report 2022-2031
The report predicts the global Biodiesel Market to grow at a healthy CAGR over the forecast period from 2022-2031.
“The biodiesel market is expected to grow at a CAGR of 3.8% during the forecast period”
The biodiesel market is projected to reach USD 41.18 billion by 2031, at a CAGR of 3.8% from 2022 to 2031. Biodiesel is an environmentally friendly, non-toxic, and readily biodegradable fuel, which reduces greenhouse gas emissions. These properties have increased the demand for biodiesel in automotive, power generation, marine, railway, agriculture, and mining industries. Low cold filtration properties and an increase in water separation & fuel foaming with the use of biodiesel may act as restraints for the market.
“Vegetable oils: the dominant feedstock type segment in the biodiesel market”
The consumption of vegetable oils to produce biodiesel is projected to witness high growth during the forecast period in the biodiesel market. Soybean, palm, and rapeseed are the feedstocks used to manufacture vegetable oils. These feedstocks are majorly used for the production of biodiesel production, due to their easy availability in various countries. Furthermore, these feedstocks enable easy processing as they contain less saturated fat and thus reduce the overall manufacturing cost of vegetable oils.
“Fuel: the fastest-growing application segment of the biodiesel market”
The fuel application segment is estimated to witness the highest growth during the forecast period, due to the increasing demand for environmental-friendly fuel from the transportation industry. The use of biodiesel as a fuel has gained significant importance in recent years, as it is derived from natural sources and ensures complete burning. Furthermore, biodiesel offers fuel economy over fossil fuels.
“Asia-Pacific is estimated to be the fastest-growing market for biodiesel”
The Asia-Pacific is estimated to be the fastest-growing market for biodiesel, owing to the easy availability of the feedstock for biodiesel production. Malaysia is projected to be the fastest-growing market for biodiesel in Asia-Pacific, followed by India and Australia. Indonesia is estimated to be the largest market for biodiesel in Asia-Pacific, due to the high production and consumption of palm oil-based biodiesel and increasing government support in the country.
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Extensive primary interviews were conducted to determine and verify the market size for several segments and subsegments and information gathered through secondary research.
The break-up of primary interviews is given below:
- By Company Type – Tier 1 – 30%, Tier 2 – 43%, and Tier 3 – 27%
- By Designation – C level – 21%, Manager level – 23%, and Others – 56%
- By Region – North America – 30%, Europe – 18%, Asia-Pacific- 41%, and RoW- 11%
The companies profiled in this market research report include Archer Daniels Midland Company (U.S.), Wilmar International Limited (Malaysia), Bunge Limited (U.S.), Neste Corporation (Finland), Renewable Energy Group Inc. (U.S.), Cargill Inc. (U.S.), BIOX Corporation (Canada), and TerraVia Holdings Inc. (U.S.).
This research report categorizes the biodiesel market on the basis of feedstock type, application, and region. The report includes detailed information regarding the major factors influencing the growth of the biodiesel market such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been done to provide insights into business overviews, products & services, key strategies, expansions, agreements & joint ventures, acquisitions, new product developments, and recent developments associated with the market.
Reasons to Buy the Report
The report will help market leaders/new entrants in this market in the following ways:
- This report segments the biodiesel market comprehensively and provides the closest approximations of market sizes for the overall market and sub-segments across verticals and regions.
- The report will help stakeholders understand the pulse of the market and provide them with information on the key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders understand the major competitors and gain insights to enhance their position in the business. The competitive landscape section includes expansions, acquisitions, agreements & joint ventures, and new product developments.
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