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Biodiesel Market To Reach USD 64.69 Billion By Year 2030

Biodiesel Market Size Was Valued at USD 34.69 Billion in 2022 and is Projected to Reach USD 64.69 Billion by 2030, Growing at a CAGR of 8.10% From 2023-2030.

29-01-2024
Swati Kalagate
Energy
Pristine Intelligence

Market Overview:

Biodiesel Market Size Was Valued at USD 34.69 Billion in 2022 and is Projected to Reach USD 64.69 Billion by 2030, Growing at a CAGR of 8.10% From 2023-2030.

Biodiesel is a renewable fuel derived from organic sources, typically vegetable oils or animal fats, through a process called transesterification. Widely utilized as a cleaner alternative to traditional diesel, biodiesel can be seamlessly blended with petrodiesel or used as a standalone fuel for diesel engines, contributing to reduced greenhouse gas emissions. Its applications span various sectors, including transportation and industrial machinery. Biodiesel offers benefits such as lower carbon dioxide emissions, increased lubricity, and a decreased dependence on fossil fuels. The global biodiesel market has seen significant growth due to the push for sustainable energy sources, government incentives, and environmental concerns. As the world seeks greener energy solutions, biodiesel plays a crucial role in fostering a more sustainable and eco-friendly future.

Top Key Players Covered in The Biodiesel Market:

    • Argent Energy (USA)
    • New England Biofuels (USA)
    • Archer Daniels Midland (USA)
    • Bunge Limited (USA)
    • POET Biorefineries (USA)
    • Diester Industries (Canada)
    • EVO Group (Netherlands)
    • Louis Dreyfus Company (Netherlands)
    • Neste Corporation (Finland)
    • Sojitz Corporation (Japan)
    • Fuji Oil Group (Japan)
    • Wilmar International (Singapore)
    • Emerald BioFuels (Singapore)
    • Biopetrol Industries (Brazil)
    • Petrobras (Brazil), and Other Major Players

Market Dynamics and Factors:  

Continuous research and development in biodiesel production technologies have yielded significant strides in enhancing efficiency and slashing production costs. These technological advancements play a pivotal role in positioning biodiesel as a compelling and competitive option within the energy market. Ongoing innovations span various aspects of the biodiesel production process, from feedstock cultivation to conversion methods, enabling more streamlined and economically feasible production. Improved catalysts, innovative reactor designs, and optimized extraction techniques contribute to higher yields and energy efficiency, bolstering the overall sustainability of biodiesel. Moreover, advancements in feedstock selection and pretreatment processes have diversified the range of viable raw materials, making biodiesel production more versatile and adaptable to different agricultural landscapes. As technological breakthroughs continue to reshape the biodiesel industry, the resultant increased efficiency and cost-effectiveness amplify its appeal as a sustainable and economically viable alternative in the broader energy landscape.

Companies have a strategic opportunity to invest in expanding biodiesel production capacity, aligning with the escalating demand for sustainable fuels. With a global push towards cleaner energy sources, expanding biodiesel production offers a promising avenue for meeting market demands and fostering environmental responsibility. Increasing production capacity not only addresses the growing appetite for eco-friendly alternatives but also positions companies favorably in the evolving energy landscape. This expansion aligns with both economic and ecological imperatives, presenting a win-win scenario as businesses contribute to the shift towards sustainable practices while tapping into a burgeoning market for biodiesel.

The Biodiesel Market Report Highlight:

    • By Feedstock type, the dominance of the vegetable oils segment in the biodiesel market may be influenced by factors such as the availability and cost-effectiveness of vegetable oils, as well as the regulatory environment promoting the use of biodiesel. Additionally, consumer preferences for biofuels derived from plant-based sources could contribute to the prominence of vegetable oils in biodiesel production.
    • By Application type, many countries and regions have implemented renewable fuel standards and regulations that require a certain percentage of biofuels, including biodiesel, to be blended with traditional fuels. This has led to increased adoption of biodiesel in the transportation sector to meet these regulatory requirements. There is a growing awareness and demand among consumers for environmentally sustainable transportation options. Biodiesel, being a renewable fuel, aligns with this trend and can be a choice for environmentally conscious consumers and businesses.
    • By Region, North America and Europe have emerged as dominant regions in the biodiesel market, primarily due to substantial investments in renewable energy sources and ongoing technological advancements within these regions. The availability of necessary feedstock has also played a pivotal role in driving market growth. Governments in both North America and Europe have actively supported initiatives to reduce carbon emissions by offering tax rebates specifically for biofuels. These combined factors have contributed significantly to the expansion and development of the biodiesel market in these regions.

Key Industry Development:

In July 2023, Exxon Mobil Corporation (NYSE: XOM) today announced it had entered into a definitive agreement to acquire Denbury Inc., an experienced developer of carbon capture, utilization, and storage (CCS) solutions and enhanced oil recovery. The acquisition is an all-stock transaction valued at $4.9 billion, or $89.45 per share based on ExxonMobil’s closing price on July 12, 2023. Under the terms of the agreement, Denbury shareholders will receive 0.84 shares of ExxonMobil for each Denbury share.

In October 2023, Be8, the national leader in biodiesel, announced an exclusive product that will revolutionize the biofuels market. Be8 BeVant is a bi-distilled methyl ester, the result of a process that generates quality and performance gains, which allows the product to be added 100% or mixed with diesel oil, anticipating several of the benefits of green diesel-HVO (Hydrotreated Vegetable Oil), under more competitive commercial conditions. The company will invest R$ 80 million considering the research, development and expansion of a production line in the existing unit in Passo Fundo (RS), with a capacity of 150 million liters/year. The production start forecast is 12 months and the capacity can be quickly expanded to the Marialva (PR) unit.

The Biodiesel Market Segmentation:

By Feedstock Type

  • Animal Fats
  • Poultry
  • Tallow
  • Lard/White Grease
  • Vegetable Oil
  • Soybean
  • Rapeseed
  • Palm
  • Others
  • Others

By Application Type

  • Transportation
  • Power Generation
  • Others

For this report, Introspective Market Research has segmented the Biodiesel Market based on region:

Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)

Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)

 Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Eastern Europe
    • Russia
    • Bulgaria
    • The Czech Republic
    • Hungary
    • Poland
    • Romania
    • Rest of Eastern Europe
  • Western Europe
    • Germany
    • UK
    • France
    • Netherlands
    • Italy
    • Spain
    • Rest of Western Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Singapore
    • Australia
    • New-Zealand
    • Rest of APAC
  • Middle East & Africa
    • Turkey
    • Saudi Arabia
    • Qatar
    • UAE
    • Israel
    • South Africa
  • South America
    • Brazil
    • Argentina
    • Rest of SA
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