Biodiesel Market, By Feedstock Type (Vegetable Oils (Soybean, Rapeseed, Palm), Animal Fats (Lard/White Grease, Poultry, Tallow), Brown Grease/ Trap Grease), Blend (B100, B20, B10, B5), Production Technology (Pyrolysis, Trans-esterification, Others (Dilution, Micro-Emulsification)), Application (Fuel, Power Generation), and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America). The global Biodiesel market size was estimated at USD 38.62 billion in 2023 and is projected to reach USD 65.3 billion in 2030 at a CAGR of 7.8% during the forecast period 2024-2030.
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Competitive Landscape
· Archer Daniels Midland Company (ADM)
· Wilmar International Limited
· Bunge Limited
· Neste Corporation
· Renewable Energy Group Inc.
· Cargill Inc.
· Louis Dreyfus Company
· Biox Corporation
· Münzer Bioindustrie GmbH
· Terravia Holdings Inc.
· Emami Group
· Shirke Energy
· AG Processing, Inc.
· Ecodiesel Colombia S.A.
· Futurefuel Group and More
Biodiesel, a renewable and clean-burning alternative to diesel, is increasingly recognized for its potential to replace conventional fossil fuels in power generation and automotive applications. It is produced through the transesterification of raw materials such as vegetable oils, animal fats, and recycled cooking grease. This process chemically transforms these raw materials into biodiesel, releasing glycerol as a byproduct.
The resulting fuel can be used in existing diesel engines without requiring modifications, making it a versatile and attractive option for various industries, including automotive, marine, railway, mining, and power generation. The biodiesel market is characterized by a high degree of fragmentation, with numerous suppliers and dealers contributing to its dynamic landscape.
Europe to Dominate the Market
· Europe's dominance in the biodiesel market is driven by stringent environmental regulations, ambitious climate goals, and robust government support, including policies, incentives, and subsidies. The region's well-established agricultural sector provides ample feedstock for biodiesel production, particularly from vegetable oils like rapeseed, soybean, and sunflower.
· Asia-Pacific is also expected to see significant growth, with countries like Thailand, Malaysia, and Indonesia increasing production due to rising diesel-powered automobile demand and palm oil availability. Government initiatives to promote green fuels further support market growth in these regions.
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Key Findings
· On the basis of Feedstock type, Vegetable oils, including rapeseed oil, soybean oil, and palm oil, are the primary feedstocks for biodiesel production, making up the largest share of inputs. The choice of feedstock in a given country typically depends on the local availability of crops. For example, rapeseed oil is the most prevalent feedstock in Europe, while soybean oil is widely used in the United States and Argentina. In Southeast Asia, particularly in Malaysia and Indonesia, coconut oil and palm oil are the dominant feedstocks for biodiesel production.
· On the basis of Blend, the blend segment of the biodiesel market is categorized into B100, B20, B10, and B5. Over the forecast period, the B5 segment is anticipated to grow at the fastest CAGR of 9.8%. The B5 blend dominates the biodiesel market due to its optimal performance, low emissions, fuel efficiency, and cost-effectiveness compared to other blends.
· On the basis of Application, in 2023, the fuel application segment dominated the biodiesel market due to its rising use in marine, automotive, railway, and agriculture industries. Biodiesel's superior lubricity, at a ratio of 50:1 compared to conventional diesel, reduces engine wear and extends component lifespan, making it a preferred fuel option. Its renewable nature and lower emissions profile align with global sustainability goals, further driving its adoption. Additionally, advancements in production technologies and government incentives promoting biofuels have bolstered its application, solidifying its role in the transition to cleaner energy sources.
· The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Europe's dominance in the biodiesel market can be attributed to the stringent environmental regulations and ambitious climate goals set by European governments. Biodiesel, being a low-carbon alternative to fossil fuels, aligns well with these objectives, leading to its widespread adoption.
Recent Developments:
In November 2022, Technip Energies received a contract from TotalEnergies to produce Sustainable Aviation Fuel (SAF) at the Grandpuits platform in France. The contract includes EPC assistance for converting the refinery into a zero-crude platform focused on SAF, with a production capacity of approximately 210,000 metric tons per year.
In October 2022, Fluor Corporation secured a reimbursable front-end engineering and detailed engineering, procurement, and construction (EPC) services contract from Imperial to support the development of a state-of-the-art renewable diesel complex at the Strathcona refinery near Canada.
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