Biodiesel Market Extensive Growth Opportunities To Be Witnessed By 2030

[Latest Market Trends]

Global Biodiesel Market Overview:

Biodiesel Market share is projected to be worth USD 64.27 billion, registering a CAGR of 5.25%% during the forecast period (2022 - 2030).

The global biodiesel market is garnering significant traction. Biodiesel uses helps economies to achieve their renewable energy targets. Energy is an important aspect of the economic growth and welfare of nations. The presence and development of advanced infrastructure are essential for the sustained growth of an economy.

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Report Attribute/Metric	Details
CAGR	7.31% CAGR (2022-2030)
Base Year	2021
Forecast Period	2022-2030
Historical Data	2019 & 2020
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Application, Type
Geographies Covered	North America, Europe, Asia-Pacific, and Rest of the World (RoW)

Drivers –

Increasing awareness regarding depleting non renewable energy sources and the need to integrate renewable energy sources

Opportunities

Biodiesel being the only form of renewable fuel

favorable government regulations

Restraints

The growth of the biodiesel fuel market is increasing rapidly but some factors restrict the growth of the biodiesel market in the global market.

Restriction in the existing distribution channels, retail, and development adversely affects the growth of the biodiesel market in the global market.

Also, the low quantity of biodiesel production is another factor that hinders the growth of the biodiesel market in the global market.

Moreover, there is a lack of awareness regarding the biodiesel market in various under-developed countries.

 

COVID-19 Impacts

The biodiesel market revenues remained reassuringly robust amid the COVID-19 crises. Resultantly, the market has become more dynamic and constantly changing than in the pre-pandemic era. Simultaneously, the ability to respond to market changes became more important than ever in post-pandemic periods. 

Lockdowns implemented to control the virus spread fostered many trends, including industrial automation & robotics, networked machines, and analytics. Therefore, the biodiesel market kept growing, witnessing the rising adoption during the pandemic era. The biodiesel market kept growing during the pandemic era witnessing the rising adoption of biopower solutions and equipment.

Segmentation

The market is segmented into types, fuel types, applications, and regions. The type segment is sub-segmented into cellulosic, biohydrogen, methanol, and others. The fuel type segment is sub-segmented into ethanol and biodiesel fuel. The application segment is sub-segmented into transportation, off-grid electricity supply, and others. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and the-rest-of-the-world. 

Regional Analysis

North America accounts for the largest market in terms of biodiesel market value. Increasing government policies and strict rules to promote environmental conservation is a key driving force behind the growing biodiesel market. Besides, increasing environmental concerns and the implementation of government policies boost the region's biodiesel market shares. 

Increasing investment in infrastructural development defines the growing market landscape. Moreover, the increasing use of biodiesel in various power generation and industrial applications substantiate the biodiesel market growth. Spurring rise in manufacturing sectors and vast technological upgrades, alongside the strong presence of key players in the region, fosters market revenues. 

Competitive Analysis

The biodiesel market experiences strategic approaches, such as mergers & acquisitions, collaborations, expansions, and product launches. Key market players invest substantially to drive their research and development activities and expansion plans. 

Key players involved in the market are INEOS New Planet BioEnergy, Canergy LLC, Abengoa bioenergy, Archer Daniels Midland Company, Wilmar International Limited, Bunge Limited, Neste Corporation, Emami Group, Munzer Bioindustrie, BIOX Corporation, Cargill Inc., Louis Dreyfus Company, Renewable Energy Group Inc., Amyris, and Poet-DSM Advanced Biofuels LLC, among others.