Global Biodiesel Market Size to Reach USD 75.57 Billion in 2030 | Emergen Research
Increasing need for emission reduction and environmental protection is the key factor driving biodiesel market revenue growth
Vancouver, Sept. 11, 2023 (GLOBE NEWSWIRE) — The global biodiesel market size reached USD 32.05 Billion in 2021 and is expected to register a revenue CAGR of 9.9% during the forecast period, according to latest analysis by Emergen Research. Growing demand for biodiesel from the automotive industry is the key factor driving revenue growth of the market.
The need for eco-friendly fuel alternatives is growing, and biodiesel is currently gaining popularity. This is owing to the increased international volatility of crude oil prices as well as the negative environmental effects of fossil fuels.
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In 2022, there will be a 2.76 billion gallon demand for biodiesel. More than a quarter of all soybean oil used in the U.S. is used to meet domestic biodiesel demand. Along with roughly 60,000 jobs, the biodiesel industry had a USD 12 billion economic impacts on the U.S. The amount of biomass-based diesel that must be blended into transportation fuels is determined annually by the federal Renewable Fuel Standard. For 2022, theEnvironmental Protection Agency (EPA) has proposed record-breaking total volumes, which will result in significant revenue growth.
The biodiesel industry was established by American soybean farmers, who have also benefited from its expansion. This is due to the fact that demand for biodiesel drives up the price of and demand for American soybean oil by 13%, which benefits soybean producers. More soybean meal is required to meet the increased demand for soybean oil brought on by biodiesel. This helps animal agriculture, the consumer of soybeans in the U.S., by bringing down the cost of soybean meal by as much as USD 42 per ton.
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Scope of Research
|Market size in 2021||USD 32.05 Billion|
|Revenue forecast to 2030||USD 75.57 Billion|
|Base year for estimation||2021|
|Quantitative units||Revenue in USD Billion and CAGR in % from 2022 to 2030|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Production process, feedstock, application, and region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Country scope||U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, U.A.E., South Africa, Turkey, and Rest of MEA|
|Key companies profiled||Ag Processing Inc., The Archer-Daniels-Midland Company (ADM), Bunge Limited, Cargill, Incorporated, FutureFuel Corporation, Manuelita, Rb Fuels, Wilmar International Ltd, Neste Oyj, and Shell plc|
|Customization scope||10 hours of free customization and expert consultation|
Major Companies and Competitive Landscape
The global biodiesel market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major companies are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective therapeutic drugs. Some major players included in the global biodiesel market report are:
- Ag Processing Inc.
- The Archer-Daniels-Midland Company (ADM)
- Bunge Limited
- Cargill, Incorporated
- FutureFuel Corporation
- Rb Fuels
- Wilmar International Ltd
- Neste Oyj
- Shell plc
- On 17 November 2022, Neste, the world’s leading manufacturer of renewable diesel and sustainable aviation fuel derived from waste and leftover raw materials, agreed to buy Crimson Renewable Energy Holdings LLC’s Used Cooking Oil (UCO) collection and aggregation business and related assets in the United States. Shares in SeQuential Environmental Services LLC and Pure LLC, as well as a UCO processing plant in Salem, Oregon, are included in the purchase. The deal is subject to typical closing conditions as well as regulatory approval.
- On 1 November 2022, Shell Eastern Petroleum, which is a subsidiary of the oil giant Shell, acquired the Asia-based waste oil recycling firm EcoOils in order to boost its biofuel production. Through the agreement, the company will fully take control of EcoOils’ Malaysian subsidiaries and own a 90% stake in those in Indonesia. This acquisition provides Shell’s biofuel operations with safe access to a recognized, innovative feedstock that may be used to achieve that objective.
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Some Key Highlights From the Report
- The alcohol trans-esterification segment accounted for a significant revenue share in 2021. Oil triglycerides (fats) are used as feedstocks in the transesterification process to produce practical biodiesel. Transesterified biodiesel, which has a substantially lower viscosity than petroleum diesel, can replace in diesel engines. The industrial biodiesel synthesis method utilized worldwide is the alcoholysis (transesterification) of triglycerides, the main component of vegetable oils and animal fats.
- The vegetable oil segment accounted for a significant revenue share in 2021. It is sub-segmented into canola oil, soybean oil, palm oil, corn oil, and others. This category holds a sizable market share due to a number of factors, including increased usage of vegetable oil as renewable source for biodiesel production, high oil yield, reduced greenhouse gas emissions, and lower percentage of saturated fat, which lowers production costs. The majority of biodiesel products are made from vegetable oils, although the origin of those oils varies greatly depending on the region. For instance, rapeseed oil is a popular feedstock in many European countries while soybean oil is most frequently used to make biodiesel in the U.S.
- The fuel segment revenue is expected to register rapid growth rate over the forecast period. It is further sub-segmented into automotive, marine, and others. Biodiesel raises the cetane number of gasoline and improves fuel lubricity. When the cetane number is higher, the engine starts faster and has less ignition delay. Diesel engines rely on fuel lubricity to prevent moving parts from prematurely wearing down. The use of biodiesel as a vehicle fuel enhances air quality, the environment, and energy security while also benefiting safety. The U.S. became a net supplier of petroleum in 2020, with exports exceeding imports. However, daily imports of 7.86 million barrels continued to be essential in maintaining the equilibrium of the domestic and global markets. Approximately 30% of the nation’s total energy usage and 70% of its petroleum use are attributed to the transportation sector.
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Emergen Research has segmented the global biodiesel market on the basis of production process, feedstock, application, and region:
- Production Process Outlook (Revenue, USD Billion; 2019-2030)
- Alcohol Trans-Esterification
- Feedstock Outlook (Revenue, USD Billion; 2019-2030)
- Vegetable Oil
- Canola Oil
- Soybean Oil
- Palm Oil
- Corn Oil
- Animal Fats
- White Grease
- Used Cooking Oil
- Vegetable Oil
- Application Outlook (Revenue, USD Billion; 2019-2030)
- Power Generation
- Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
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