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Biodiesel Market Research Report 2023

Biodiesel Market Size By Feedstock (Soybean Oil, Canola Oil, Palm Oil, Used Cooking Oil, Animal Fats), Production Process (Traditional Transesterification Process, Supercritical Transesterification, Enzymatic Transesterification), Application (Transportation, Heating, Electricity Generation) & Region Global Market Analysis & Forecast Period

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Report ID: 46

Categories: Energy

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Summary TOC Segmentation Methodology

Biodiesel Market Synopsis

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, biodegradable fuel manufactured domestically from vegetable oils, animal fats, or recycled restaurant grease. Biodiesel meets both the biomass-based diesel and overall advanced biofuel requirements of the Renewable Fuel Standard.

  • Biodiesel is a renewable and alternative fuel that is made from vegetable oils, animal fats, or recycled cooking grease. It is typically used as a substitute for traditional diesel fuel in engines, such as those found in cars, trucks, and buses.
  • Biodiesel is created through a chemical process called transesterification, which involves reacting a lipid with an alcohol (such as methanol) in the presence of a catalyst (such as sodium hydroxide or potassium hydroxide) to form biodiesel and glycerol as a by-product.
  • Biodiesel has several advantages over traditional diesel fuel, including reduced greenhouse gas emissions, improved air quality, and decreased dependence on foreign oil. It also has a higher cetane rating than diesel fuel, which means it has a better combustion quality and can improve engine performance.
  • Biodiesel can be used in a variety of applications, including transportation, heating, and electricity generation. It can be blended with petroleum-based diesel fuel in different ratios, depending on the application and the desired properties of the fuel. The use of biodiesel blends can help reduce greenhouse gas emissions, improve air quality, and increase energy security.

Top Key Players Involved Are:

"Archer Daniels Midland Company (US), Bunge Limited (US), Cargill Inc. (US), Louis Dreyfus Company B.V. (Netherlands), Wilmar International Limited (Singapore), Neste Corporation (Finland), Renewable Energy Group Inc. (US), TerraVia Holdings Inc. (US), Bio-Oil (Singapore), Biox Corporation (Canada), Crimson Renewable Energy LP (US), Delta American Fuel, LLC (US), Diester Industrie S.A.S. (France), Elevance Renewable Sciences Inc. (US), FutureFuel Corp. (US), Green Energy Biofuel (US), Imperium Renewables Inc. (US), Iowa Renewable Energy, LLC (US), KFS Biodiesel GmbH & Co. KG (Germany), Münzer Bioindustrie GmbH (Austria)."

Biodiesel Market

Biodiesel Market Trend Analysis

Increasing Demand for Renewable Energy

  • The increasing demand for renewable energy is a major driver of the biodiesel market. As concerns about climate change and greenhouse gas emissions grow, there is an increasing demand for renewable energy sources, including biodiesel. Biodiesel is considered to be a cleaner and more sustainable alternative to traditional fossil fuels and can help reduce emissions and improve air quality.
  • One of the main drivers of the demand for renewable energy is the need to reduce greenhouse gas emissions. Biodiesel is a low-carbon fuel that can help reduce greenhouse gas emissions from transportation and other sectors. Biodiesel can also help reduce dependence on fossil fuels, which can enhance energy security and reduce the risk of price volatility.
  • Furthermore, the demand for renewable energy is also being driven by consumer preferences and corporate sustainability goals. Many consumers and companies are looking for ways to reduce their carbon footprint and promote sustainability, and are choosing products and services that align with their values. The use of biodiesel can help companies and individuals meet their sustainability goals and reduce their environmental impact.

Overall, the increasing demand for renewable energy is a key driver of the biodiesel market and is expected to continue to drive growth in the industry in the forecast period.

Government Policies & Initiatives For Promoting Biodiesel

Nowadays, globally every government is bringing steps forward to promote biodiesel because it is an environment-friendly alternative to fuels. For this government is coming up with various policies such as RFS (Renewable Fuel Standards), tax credits & incentives, grants & loans, import tariffs & trade policies.

  • The RFS is a policy that requires a certain number of renewable fuels, including biodiesel, to be blended into transportation fuels. This policy creates a guaranteed market for biodiesel producers and can help drive demand for the fuel
  • Governments can offer tax credits and other incentives to encourage the production and use of biodiesel. By which the trade of biodiesel will boost.
  • Governments can provide grants and loans to support research and development in the biodiesel industry, as well as to support the construction of new biodiesel plants.
  • Import tariffs and trade policies can be used to protect domestic biodiesel producers from foreign competition. Because of this the import & export of biodiesel can be increased on a larger scale. Which will increase the worldwide economy.

As concerns about climate change and energy security continue to grow, government policies and initiatives are expected to play an increasingly important role in promoting the growth of the biodiesel industry.

Segmentation Analysis Of The Biodiesel Market

Biodiesel Market Segments Cover The Feedstock, Production Process & Application.  By Feedstock, Cooking Oil Is Anticipated To Dominate The Market Over The Forecast Period.

  • Vegetable oils are one of the most commonly used feedstocks for biodiesel production, as they are readily available and have a high energy content.
  • The process of producing biodiesel from vegetable oil involves a chemical reaction called transesterification, which converts the vegetable oil into a fuel that can be used in diesel engines. This process involves reacting the vegetable oil with an alcohol, typically methanol or ethanol, and a catalyst, such as sodium hydroxide or potassium hydroxide.
  • Some of the most commonly used vegetable oils for biodiesel production include soybean oil, canola oil, palm oil, and rapeseed oil. However, there is growing interest in the use of non-food feedstocks, such as algae and waste oils, as a source of biodiesel to reduce the environmental impact and promote sustainability.

Regional Analysis of The Biodiesel Market

Europe Is Expected To Dominate The Market Over The Forecast Period

  • Europe dominates the global biodiesel market. However, Europe is one of the largest markets for biodiesel, both in terms of production and consumption.
  • In Europe, biodiesel is primarily produced from vegetable oils, such as rapeseed oil and soybean oil, as well as waste cooking oil.
  • Germany, France, Spain, and Italy are the largest producers of biodiesel in Europe, while the Netherlands and Spain are the largest consumers. The EU is also a major exporter of biodiesel to other regions around the world, particularly to Asia and North America.

Covid 19 Impact On Biodiesel Market

  • The pandemic has disrupted supply chains for many industries, including the biodiesel industry. Restrictions on travel and transportation have made it more difficult to transport feedstocks and finished biodiesel products, leading to disruptions in the supply chain.
  • The pandemic has led to a decrease in demand for transportation fuels, including biodiesel. With many people working from home and travel restrictions in place, there has been a significant reduction in the use of transportation fuels.
  • The pandemic has led to significant price volatility in the biodiesel market. As demand for transportation fuels has decreased, prices for biodiesel and other fuels have fluctuated.

Production volume of biodiesel in India

                                                                                                                                                                                              Source: Statista

In the year 2020 to 2022, the production volume of biodiesel in India was 200, 180 & 185 million litres for years 2020, 2021 & 2022 respectively. This graph shows that the pandemic has huge impact on the production volume of biodiesel in India.

Top Key Players Covered In The Biodiesel Market

  • Archer Daniels Midland Company (US)
  • Bunge Limited (US)
  • Cargill Inc. (US)
  • Louis Dreyfus Company B.V. (Netherlands)
  • Wilmar International Limited (Singapore)
  • Neste Corporation (Finland)
  • Renewable Energy Group Inc. (US)
  • TerraVia Holdings Inc. (US)
  • Bio-Oil (Singapore)
  • Biox Corporation (Canada)
  • Crimson Renewable Energy LP (US)
  • Delta American Fuel, LLC (US)
  • Diester Industrie S.A.S. (France)
  • Elevance Renewable Sciences Inc. (US)
  • FutureFuel Corp. (US)
  • Green Energy Biofuel (US)
  • Imperium Renewables Inc. (US)
  • Iowa Renewable Energy, LLC (US)
  • KFS Biodiesel GmbH & Co. KG (Germany)
  • Münzer Bioindustrie GmbH (Austria) and Other Major Players.

Key Industry Developments In The Biodiesel Market

In April 2023, Neste and Q8 collaborate to make Neste MY Renewable Diesel available in the Danish market. The goal of the collaboration between Q8 and Neste is to enable the heavy transport sector throughout Denmark to reduce emissions. Neste MY Renewable Diesel is made available at stations on routes with very heavy transport around Denmark.

In October 2020, Louis Dreyfus Company announced that it had completed the acquisition of an oilseeds processing plant in Argentina, which will increase the company's production capacity for soybean oil, a common feedstock for biodiesel production.

Global Biodiesel Market

Base Year:

2022

Forecast Period:

2023-2030

Historical Data:

2016 to 2021

Market Size in 2022:

USD 33300 Mn.

Forecast Period 2023-30 CAGR:

5%

Market Size in 2030:

USD 49400 Mn.

Segments Covered:

By Feedstock

  • Soybean Oil
  • Canola Oil
  • Palm Oil
  • Used Cooking Oil
  • Animal Fats

By Production Process

  • Traditional Transesterification Process
  • Supercritical Transesterification
  • Enzymatic Transesterification

By Application

  • Transportation
  • Heating
  • Electricity Generation

By Region

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
  • Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
  • South America (Brazil, Argentina, Rest of SA)

Frequently Asked Questions

What would be the forecast period in the Biodiesel Market research report?

The forecast period in the Biodiesel Market research report is 2022-2030.

Who are the key players in Biodiesel Market?

Archer Daniels Midland Company (US), Bunge Limited (US), Cargill Inc. (US), Louis Dreyfus Company B.V. (Netherlands), Wilmar International Limited (Singapore), Neste Corporation (Finland), Renewable Energy Group Inc. (US), TerraVia Holdings Inc. (US), Bio-Oil (Singapore), Biox Corporation (Canada), Crimson Renewable Energy LP (US), Delta American Fuel, LLC (US), Diester Industrie S.A.S. (France), Elevance Renewable Sciences Inc. (US), FutureFuel Corp. (US), Green Energy Biofuel (US), Imperium Renewables Inc. (US), Iowa Renewable Energy, LLC (US), KFS Biodiesel GmbH & Co. KG (Germany), Münzer Bioindustrie GmbH (Austria) and other major key players.

What are the segments of the Biodiesel Market?

The Biodiesel Market is segmented into Feedstock, Production Process, Application and region. By Feedstock, the market is categorized into Soybean Oil, Canola Oil, Palm Oil, Used Cooking Oil, and Animal Fats. By Production Process, the market is categorized into Traditional Transesterification Process, Supercritical Transesterification, and Enzymatic Transesterification. By Application, the market is categorized into Transportation, Heating And Electricity Generation. By region, it is analyzed across North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain, etc.), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).

What is the Biodiesel Market?

Biodiesel is a renewable, biodegradable fuel manufactured domestically from vegetable oils, animal fats, or recycled restaurant grease. Biodiesel meets both the biomass-based diesel and overall advanced biofuel requirements of the Renewable Fuel Standard.

How big is the Biodiesel Market?

The Global Biodiesel Market size was valued at USD 33300 Million in 2023 and is projected to reach USD 49400 Million by 2030, growing at a CAGR of 5% from 2023 to 2030.

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