The global biodiesel market will be driven by rising environmental issues and growing need for alternative fuels during the forecast period 2021-2026
Expert Market Research’s new report titled “Global Biodiesel Market Size, Share, Price, Trends, Growth, Report and Forecast 2021-2026”, gives an in-depth analysis of the global market. Biodiesel market, assessing the market based on its segments such as raw material, type, application, technology and major regions like North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
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Key highlights of the report include:
Market Overview (2015-2026)
• Historical market size (2020): 37 billion liters
• Forecast CAGR (2021-2026): 6%
• Forecast market size (2026): 51 billion liters
The global biodiesel market has steadily increased over the historical period, driven by a growing need for energy independence, as well as growing environmental concerns. Because the product is biodegradable and allows the creation of renewable liquid transportation fuel, it is an ideal fuel.
Industry definition and major segments
Biodiesel is diesel fuel composed of long chain alkyl esters (ethyl, methyl or propyl) derived from vegetable oil or animal fat. Typically, the product is created using a process called transesterification, by chemically reacting lipids like vegetable oil, soybean oil, or animal fat with alcohol to form fatty acid esters. . It is then used as fuel for diesel engines. Corn oil, palm oil, canola oil, soybean oil, and jatropha oil are also common biodiesel source ingredients. Due to the low manufacturing cost, considerable volumes of biodiesel are also created from used vegetable oils collected from fast food outlets, restaurants and food producers. Its market is further divided into segments such as:
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The market is split based on raw materials into:
• Vegetable oil
• Animal oil
According to type, the industry is divided into:
The market is segmented based on Application into:
• Energy production
By technology, the industry is segmented into:
• Hydraulic heating
• Conventional transesterification of alcohol
The regional biodiesel market includes:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Globally, the United States is an important market in the industry, with a rapid growth rate. Europe, especially Germany, is a prominent market likely to drive the growth of the biodiesel market throughout the forecast period. The increasing adoption of environment-friendly policies, along with the dominance of the automotive industry, is supporting the market in these regions. Due to its booming economy and developing automobile industry, China is also emerging as a major market for biodiesel.
Apart from being a perfect fuel, due to its biodegradability and ease of manufacture, its domesticity helps in reducing the reliance on imported petroleum, thus aiding the growth of the market. Additionally, governments across the globe are taking action to provide subsidies for increased biodiesel production, which has a positive impact on the market growth over the projection period. Growing demand for products from end-user industries, especially the automotive sector, is expected to drive the expansion of the market in the coming years. The depletion of petrochemical reserves in oil rigs around the world will almost certainly increase demand for products in the years to come. This has driven the researchers to search for viable alternatives and develop new growth channels for the market as a whole, during the forecast period.
With limited agricultural land, growing demand for oils and fats, and an ever-increasing population, the stiff competition in raw material requirements for manufacturing products is expected to hamper future progress. Crude oil price volatility has been a serious problem in recent years. These discrepancies have impacted the volume of biodiesel consumed, stifling global market growth.
Main market players
The major players in the global market are Archer Daniels Midland Company, Louis Dreyfus Company BV, Ag Processing Inc., RB Fuels, Renewable Energy Group, Inc., Novozymes A/S, among others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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