Biodiesel Market Will Accomplish Outstanding USD 54.8 billion Figure By 2024

Global Biodiesel Market is expected to reach USD 54.8 billion by 2025. Biodiesel is a renewable fuel made from biomass similar to conventional or fossil diesel. It may be produced from waste cooking oil, vegetable oil, tallow, and animal fats/oil. The process of converting these oils into biodiesel is termed as transesterification. The Biodiesel Market is estimated to grow at a significant CAGR of 7.3% over the forecast period as the scope and its applications are rising enormously across the globe. Biodiesel Market is segmented based on feedstock type, application, and region.

Animal fats, vegetable oils, and others are the feedstock types that could be explored in Biodiesel in the forecast period. Animal fats comprise poultry, lard, and tallow. Vegetable oils include palm, soybean, and rapeseed. On the other hand, other sector comprises of trap grease/brown grease. Vegetable oils sector accounted for the substantial market share of Biodiesel and is estimated to lead the overall market in the coming years. This may be because of its high demand across several industries as it is easy to process and have a low saturated fat. In addition, it is easily available and has a low manufacturing cost are another factors leading the sector.

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The market may be categorized based on applications like solvent and cement manufacturing, fuel, power generation, and others. Fuel sector accounted for the substantial market share of Biodiesel and is estimated to continue its dominance in the coming years. This may be because; the fuel reduces the wear and tear of the engine and guarantees complete fuel combustion.

Globally, Europe accounted for the substantial market share of Biodiesel and is estimated to lead the overall market in the coming years. Germany and France are the major consumers of Biodiesel in the region. Instead, North America and the Asia Pacific are also estimated to have a positive influence on the future growth. North America is the second largest region with significant market share. However, Asia Pacific is estimated to grow at fastest pace with the highest CAGR in the foremost period. The developing countries like India and China are the major consumers of Biodiesel in this region.

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The key players of Biodiesel Market are TerraVia Holdings Inc., Archer Daniels Midland Company, BIOX Corporation, Wilmar International Limited, Cargill Inc., Bunge Limited, Renewable Energy Group Inc., and Neste Corporation. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As companies all over the world have to believe that alliance with a market would permit them proportional market existence and authority to declare the leadership position.

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