14-Sep-2020 | Zion Market Research
As per the researchers at Zion Market Research, the valuation of the global biodiesel market in 2019 was at about USD 33.46 billion and is projected to attain a worth of around USD 46.11 billion by 2026, expanding at approx. 4.9% CAGR during the forecast period. A few of the prominent players active in the global biodiesel market consist of Delta American Fuel, Western Dubuque Biodiesel, DuPont, Imperium Renewables, Crimson Renewable Energy, Deerfield Energy, Diversified Energy Corporation, China Biodiesel International Holding, Blue Marble Energy Corp., XL Renewables, ACCIONA Energy, LLC, Green Earth Fuels of Houston, and American Energy Producer, among others.
Rising Demand For Renewable And Clean Fuel Resources To Drive Global Market Growth
The major growth factors contributing to the growth of the global biodiesel market consist of the mounting energy demand from across the world along with the rising requirement for renewable & clean fuel resources. In addition, the flourishing automotive industry is also projected to play a positive role in the market expansion during the coming period. Also, the rising environmental awareness and customer mindfulness about the advantages of biodiesel have resulted in its extensive use around the world. Furthermore, the limited accessibility and increasing cost of non-renewable energy resources like diesel, Liquified Petroleum Gas (LPG), and petrol have further encouraged the use of biodiesel, thus driving the market growth. Several technological developments like the advent of third-generation biofuels obtained from algae, which can generate different and high amount of biofuel in comparison to other feedstocks, are also generating new growth avenues for the global biodiesel market.
Based On Application, Fuel Segment Expected To Witness Highest Rate Of Growth In Market
Based on application, the fuel segment of the global biodiesel market is anticipated to register the highest share, on account of the growing use of biodiesel fuel in automotive, marine, agriculture, and railway industries. Also, it has a greater lubricity (50:1) compared to conventional petroleum diesel that is further anticipated to boost its use as fuel and eventually propelling the market growth.
Asia Pacific Anticipated To Register Substantial Growth In Market During The Forecast Period
The global biodiesel market is anticipated to be governed by Asia Pacific and Europe, as it has considerable growth avenues in countries such as India, China, and UK, because of the ever-increasing prices of diesel and huge count of diesel vehicles. In the years to come, the cultivation of algae as a new feedstock resource is also projected for product manufacturing. Also, a major part of the market is accounted by the fuels utilized for transportation. In addition, the European region is a notable product manufacturer with nations like Germany and France being the top manufacturers.
Browse the full “Global Biodiesel Market - By Application (Power Generation, Fuel, And Others); By Production Technology (Trans-Esterification, Pyrolysis, And Others); By Feedstock Type (Animal Fats, Vegetable Oils, And Others); By Blend (B5, B10, B20, And B100); And By Region- Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026.” Report at https://www.zionmarketresearch.com/report/biodiesel-market
The global biodiesel market is segmented as follows:
By Production Technology
By Feedstock type
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