Energy security concerns, environmental regulations, and development in renewable fuel standards are the factors that drive the growth of the biodiesel market.
Wilmington, Delaware, April 05, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Biodiesel Market by Feedstock (Recycled Cooking Oil, Animal Fats, Cashew Nutshell Liquid (CNSL), Distillation Residues, Fatty Acids, Palm Oil Mill Effluent (POME), Spent Bleaching Earth Oil (SBEO), and Others) and Application (Automotive, Aviation, Marine, Power Generation, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the “biodiesel market” was valued at $50.9 billion in 2022, and is estimated to reach $70.9 billion by 2032, growing at a CAGR of 3.4% from 2023 to 2032.
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Prime Determinants of biodiesel market growth
The global biodiesel market has experienced growth due to several factors such as the rise in energy security concerns, environmental regulation, and developments in renewable fuel standards. However, engine and fuel efficiency, and initial infrastructure costs hinder the market growth to some extent. Moreover, a surge in government support and incentives offers remunerative opportunities for expanding the Biodiesel market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2021 | $50.9 billion |
| Market Size in 2031 | $70.9 billion |
| CAGR | 3.4% |
| No. of Pages in Report | 290 |
| Segments Covered | Feedstock, Application, and Region. |
| Regions Scope | North America, Europe, Asia-Pacific, and LAMEA |
| Country Scope | U.S., Canada; Mexico; Germany; UK; France; Italy; Spain; China; Japan; India; South Korea; Australia; Brazil; Saudi Arabia; South Africa. |
| Drivers | Energy security concerns Environmental Regulations Development in renewable fuel standards |
| Opportunity | Government support and incentives |
| Restraints | Engine and fuel efficiency Initial infrastructure cost |
The cashew nutshell liquid(CNSL) segment is expected to grow faster throughout the forecast period.
By feedstock, the recycled cooking oil segment held the highest market share in 2022, accounting for more than two-fifths of the biodiesel market revenue, and is estimated to maintain its leadership status throughout the forecast period. The biodiesel market has a high demand for recycled cooking oil in biodiesel production driven by its environmental benefits, waste reduction, and its role in promoting sustainable and renewable energy sources.
However, the cashew nutshell liquid (CNSL) segment is projected to manifest the highest CAGR of 4.6% from 2023 to 2032. CNSL is a cost-effective and environmentally friendly alternative fuel source for biodiesel production. Its various extraction techniques make it accessible and feasible. This symbiotic relationship between the energy industry and the cashew nut sector contributes to environmental sustainability and economic efficiency, thereby enhancing the Biodiesel market.
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The automotive segment is expected to lead the trail by 2032
By application, the automotive segment held the highest market share in 2022, accounting for more than two-fifths of the biodiesel market revenue, and is estimated to dominate during the forecast period. Automotive engine manufacturers are incorporating biodiesel blends into their engines due to their higher cetane number, which enhances ignition quality and combustion efficiency. Technological advancements, such as biodiesel-compatible fuel injection systems, have made biodiesel more cost-effective and competitive with traditional fuels. These modifications address concerns related to engine performance and durability.
However, the others segment which consists of military applications and heating is projected to manifest the highest CAGR of 4.4% from 2023 to 2032. Biodiesel is gaining interest in military applications, residential heating, and industrial heating due to its efficiency and environmental benefits. It emits fewer pollutants, reducing air pollution and climate change. Biodiesel is also used in residential heating systems, providing cleaner indoor air quality and reducing environmental impact. It is also used in industrial applications for process heat and steam generation. Biodiesel is compatible with existing heating systems, making it a practical and accessible option for residential heating.
The Europe region dominated the market in 2022
By region, the Europe segment held the highest market share in 2022, accounting for nearly half of the biodiesel market revenue, and is estimated to dominate during the forecast period. The presence of stringent regulations, government incentives, robust infrastructure, public acceptance, a strong agricultural sector, and active international trade are major factors that help Europe as a dominating region in this biodiesel industry. These factors create a favorable environment for biodiesel production, consumption, and trade within the region.
However, Asia-Pacific region is projected to grow at a CAGR of 4.1% during the forecast period. It is mostly due to the presence of a large number of developing countries and government mandates concerning blending fuels in India, China, Indonesia, and other countries that have a positive impact on the market.
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Leading Market Players: –
- Cargill Incorporated
- Eni S.p.A.
- Bunge
- Kolmar
- Ital Bi Oil S.R.L.
- Bp Oil International Ltd.
- Tamoil Italia S.P.A.
- Italiana Petroli S.P.A.
- Esso Italiana S.R.L.
- Masol Continental Biofuel Srl
- Saras S.P.A.
The report provides a detailed analysis of these key players in the biodiesel market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Originally published at https://www.einpresswire.com/article/701415075/biodiesel-market-to-reach-70-9-billion-globally-by-2032-at-3-4-cagr-allied-market-research
