Biodiesel market is expected to grow from US$ 57.5 Bn in 2022 to US$ 88 Bn by 2028 at a CAGR of 7.5% between 2022 and 2028.
Biodiesel is a renewable fuel produced from renewable sources such as vegetable oils, animal fats, and recycled cooking oil. It works seamlessly with existing diesel engines and diesel vehicles. It is mainly used as a blend with petroleum diesel fuel in diesel vehicles. Biodiesel is known to increase the cetane number of the fuel and increase fuel lubricity. It is utilized as an alternative biofuel in existing diesel engines without the need for engine modification.
MARKET DYNAMICS
The biodiesel market has witnessed significant growth owing to factor such as a rise in demand from automotive and power generation industry. Furthermore, the awareness regarding sustainable products among consumers is creating lucrative opportunity for biodiesel market. The power and automotive industries are the major consumers of biodiesel. The agriculture industry is also one of the prominent users of biodiesel. Biodiesel is good for the environment especially for farmers, who need clean soil, water and air for their crops. Moreover, the primary trend followed in the biodiesel market is the increasing demand for sustainable energy.
MARKET SCOPE
The "Global Biodiesel Market Analysis to 2028" is a specialized and in-depth study of the biodiesel market with a special focus on the global market trend analysis. The report aims to provide an overview of biodiesel industry with detailed market segmentation by blend, feedstock type, and application. The global market expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading market player and offers key trends and opportunities in the biodiesel industry.
Strategic Insights
MARKET SEGMENTATION
The global biodiesel market is segmented on the basis of blend, feedstock type, and application. Based on blend the market is segmented as B100, B20, B5, and Others. Based on feedstock type the market is segregated into vegetable oils, animal fats, and others. Based on application the market is segmented as fuel, power generation, and others.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global biodiesel market based on various segments. It also provides market size and forecast estimates from year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The biodiesel market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trend and opportunities prevailing in the region.
From the regional perspective, the Europe region dominates the biodiesel market. The dominance of Europe region in the biodiesel market is majorly due to the presence of large number of biodiesel manufacturers as well as high adoption rate of biodiesel. Some of the key biodiesel manufacturers in the region include Western Dubuque Biodiesel; Delta American Fuel; Imperium Renewables; DuPont; and Deerfield Energy. These suppliers witness constant demand from end use industry. The below figure showcases the revenue growth trend in the North American biodiesel market:
Source: The Insight Partners Analysis
The report analyzes factors affecting biodiesel market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive Porter's five forces analysis highlighting the factors affecting the biodiesel market in these regions.
IMPACT OF COVID-19 PANDEMIC
Due to the COVID-19 pandemic, many industries, such as chemical & materials and automotive, faced unprecedented challenges due to disruptions in the global supply chain that adversely affected the manufacturing, delivery schedules, and sales of various goods. The market size for biodiesel decreased due to a decline in the growth of several industrial sectors. Many production sites were either partially or fully closed to combat the spread of SARS-CoV-2. The COVID-19 pandemic also caused fluctuations in the prices of biodiesel due to huge gap in supply and demand.
However, since 2021, the power and automotive industry has been strongly growing and the growth trend is foreseen to continue over the years. This would propel the consumption of biodiesel, thereby likely to bolster the market during the forecast period.
MARKET PLAYERS
The reports cover key developments in the biodiesel market organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market players from biodiesel market are anticipated to lucrative growth opportunities in the future with the rising demand for market. Below mentioned is the list of few companies engaged in the biodiesel market.
The report also includes the profiles of key biodiesel market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of last 3 years, key development in past five years.
- Western Dubuque Biodiesel
- Delta American Fuel
- Imperium Renewables
- DuPont
- Deerfield Energy
- Crimson Renewable Energy
- China Biodiesel International Holding
- Diversified Energy Corporation
- American Energy Producer
- ACCIONA Energy, LLC
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.