Biodiesel market is expected to reach at US$ 88 Bn by 2028; registering at a CAGR of 7.5% between 2022 and 2028, according to a new research study conducted by The Insight Partners.
Rapid growth in renewable energy sector to reduce the emission is expected to drive market growth.
Biodiesel Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: by Blend (B100, B20, B5, and Others), Feedstock Type (Vegetable Oils, Animal Fats, and Others), Application (Fuel, Power Generation, and Others), and Geography (North America, Europe, Asia Pacific, and South and Central America)
Biodiesel Market Scope and Size by 2031
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Renewable energy is the fastest growing energy source as a substitute to conventional energy source. As the renewable energy sector expands, high-capacity long-lasting energy storage is essential to its success. In 2020, renewables generated more electricity than fossil fuels for the first time in the UK. In addition, there are also various investments in renewables being made by many companies. In October 2021, CWP, an independent renewable energy developer in Southeast Europe and Australia, and Mercuria Energy Trading joined forces to develop and build CWP's renewable energy portfolio in Southeast Europe.
Biodiesel is a domestically produced, clean-burning, renewable substitute for petroleum diesel. It is the essential fuel utilized for power generation in many industries. The use of biodiesel as a vehicle fuel increases energy security, improves air quality, and provides safety benefits. Biodiesel is non-toxic in nature as it is free from aromatics and sulfur compounds. Furthermore, a growing preference for replacing fossil fuels, which are associated with higher greenhouse gas emissions, with biofuel, which is renewable and biodegradable, is influencing demand growth in many countries. Biodiesel emits low greenhouse gases and air pollutants, reduces toxic carbon emissions and is suitable for use in most diesel engines. Biodiesel reduces the greenhouse gas emissions by almost 50% as compared to petroleum diesel. The production of biodiesel in developed as well as developing countries have increased in past few years to meet the demand at domestic level and to reduce the dependency on foreign oil reserves. The several initiatives taken by government of various countries to promote the renewable energy sources also plays major role in driving the demand for biodiesel. These factors indicates that the rapid growth in the renewable energy sector will provide more opportunities for the growth of the biodiesel market in the near future.
Western Dubuque Biodiesel; Delta American Fuel; Imperium Renewables; DuPont; and Deerfield Energy are among the key biodiesel market players profiled during the study. Several other major companies were studied and analyzed during this research study to get a holistic view of the biodiesel market and its ecosystem.
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