Biodiesel Market to Develop at CAGR of 6.9% During Forecast Period, Observes TMR Study

• Growing demand for biodiesel in the transportation industry is likely to boost the market in China, which is expected to fuel development in the Asia Pacific biodiesel industry
• Manufacturers are concentrating on fuel, since this application segment is expected to grow and acquire a larger share of the global biodiesel market in the years to come

ALBANY, N.Y., April 20, 2022 /PRNewswire/ -- The global biodiesel market value stood at US$ 90.4 Bn in 2020. The global market is expected to develop at a CAGR of 6.9% during the forecast period, from 2021 to 2031. The global biodiesel market is anticipated to attain valuation of US$ 187.6 Bn by 2031.  The market is likely to be driven by increasing use of biodiesel as a fuel in various commercial vehicles. Biodiesel is a sustainable biofuel that is biodegradable as well. Biodiesel can be made in a variety of ways, including ultrasonic techniques, batch procedures, and microwave methods, among others. Standard diesel engines mostly use biodiesel made from non-mineral sources, including animal fats. Biodiesel is a viable substitute for crude oil.

Due to its capacity to cut greenhouse gas emissions, consumers all around the world are increasingly choosing environmentally sustainable biodiesel fuel. Consumers are becoming more conscious of the escalating environmental challenges caused by traditional fossil fuels. The increase in popularity of clean and renewable energy sources is helping to propel the biodiesel market.

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Europe is likely to represent a substantial share of the global biodiesel market. Europe is the world's foremost producer of biodiesel, with France and Germany establishing themselves as regional leaders. Governments are providing tax benefits to European countries so that they can continue producing biodiesel. In addition, the United States produces the most biodiesel in North America, owing to huge volumes of production of soybean oil, which has been dominating the market. Vegetable oil, on the other hand, has become the primary biodiesel manufacturing option in the U.S. Different countries in North America use their own rules and regulations regarding biodiesel production, consumption, and import tax breaks.

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Key Findings of Market Report

• Biodiesel is a clean-burning fuel and a renewable option. It is commonly used in a number of industries, including railway, automotive, mining, and maritime. Demand for biodiesel is being driven by need to incorporate renewable energy sources. In automotive applications, biodiesel is predicted to gain popularity as a substitute for traditional fossil fuels.
• Biodiesel releases less greenhouse gases as well as pollutants into the atmosphere, and also less hazardous carbon-based emissions. It can be utilized in most diesel engines. The global biodiesel market is being driven by growing concerns about greenhouse gas emissions caused by the usage of fossil fuels.
• Biodiesel is the most widely used fuel in the industry. The global market is projected to benefit from the rising demand for gasoline in commercial vehicles to replace crude oil. Biodiesel is good for the environment, since it emits less greenhouse gases than standard diesel as it has lower VOC content.
• In 2020, the soybean oil category led the global biodiesel market in terms of feedstock type. This is mostly due to rising demand for soybean oil in biodiesel, which is used in a variety of applications such as power production, fuel, and agriculture.

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Global Biodiesel Market: Growth Drivers

• Based on feedstock type, the canola oil category accounts for a sizable share of the global biodiesel market. Salad dressings made with canola oil come in a variety of flavors. It is also sold as a salad oil at local supermarkets. It can also be utilized in the kitchen as a cooking oil. Margarines with canola oil are also available in supermarkets and are utilized by bakeries.
• Due to the shifting pricing of petroleum-based products, biodiesel is becoming a cheaper choice. In the near future, biodiesel's use in fuel applications is predicted to rise.

Global Biodiesel Market: Key Competitors

• Archer Daniels Midland Company
• Royal Dutch Shell plc.
• Wilmar International Limited
• TerraVia Holdings, Inc.
• Louis Dreyfus Company B.V.
• Cargill, Inc.

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Global Biodiesel Market: Segmentation

Feedstock Type

• Soybean Oil
• Distillers Corn Oil
• Canola Oil
• Yellow Grease
• Animal Fat

Application

• Fuel
• Agriculture
• Power Generation
• Others

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