Global Biodiesel market overview 2024, Forecast To 2033
29 Feb, 2024
The biodiesel market has exhibited strong growth in recent years, with its size escalating from$54.95 billion in 2023 to$58.36 billion in 2024, indicating a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to rising crude oil prices, environmental regulations, volatility in fossil fuel supply, energy security concerns, consumer awareness and preferences, and transportation sector demand. Looking ahead, the market is poised for robust expansion, projected to reach$74.14 billion in 2028, with a CAGR of 6.2%. This growth is driven by factors such as the global expansion of biodiesel production, focus on sustainable aviation fuels, biodiesel blending mandates, advancements in biodiesel distribution, and expansion of sustainable agriculture. Major trends in the forecast period include technological integration in biodiesel production, advancements in feedstock technology, collaborations and partnerships, investment in biodiesel infrastructure, and biodiesel quality standards and certification.
Global Biodiesel Market Key Driver
An increase in demand for biofuels is expected to propel the growth of the biodiesel market. Biofuels are a cleaner-burning substitute generated from renewable resources, including fresh and used vegetable oils and animal fats. The rising environmental concerns and increasing demand for the adoption of renewable and sustainable energy sources favor the need for biofuel. Biodiesel is a biofuel that helps reduce the carbon footprint of transportation and other industries. For instance, in November 2021, according to a report published by the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, biodiesel consumption was 47,867 million liters in 2022, an increase from 43,855 million liters in 2020. Moreover, biodiesel consumption is expected to reach 51,424 million liters in 2026. Therefore, an increase in biofuel demand is driving the biodiesel market's growth. The 2023 market size for biodiesel reflects the escalating demand for renewable energy sources, with forecasts for 2024 and 2028 indicating sustained growth driven by the global transition towards cleaner energy alternatives.
Get A Free Sample Of The Global Biodiesel Market ReportGlobal Biodiesel Market Segments
The global biodiesel market covered in this report is segmented –
1) By Feedstock: Vegetable Oil, Animal Fats
2) By Production Process: Alcohol Trans Esterification, Hydro-Heating
3) By Application: Fuel, Power Generation, Agriculture
By Geography: The regions covered in the biodiesel market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Western Europe was the largest region in the biodiesel market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the biodiesel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Biodiesel Industry Players
Archer-Daniels-Midland Company, Cargill Incorporated, Renewable Energy Group Inc., Wilmar International Limited, Bunge Limited, Neste Corporation, BIOX Corporation, Munzer Bioindustrie GmbH, Emami Agrotech Limited, Louis Dreyfus Company B.V., TerraVia Holdings Inc., REG Life Sciences LLC, Crimson Renewable Energy L.P., Green Energy Biofuel LLC, FutureFuel Corp., Delta American Fuel LLC, HERO BX LLC, Western Dubuque Biodiesel LLC, Iowa Renewable Energy LLC, Flint Hills Resources LLC, World Energy Alternatives LLC, Lake Erie Biofuels LLC, Pacific Biodiesel Technologies LLC, SeQuential LLC, White Mountain Biodiesel LLC, Blue Sun Biodiesel LLC, Community Fuels Inc., Newport Biodiesel LLC, Piedmont Biofuels Industrial LLC, Verbio Vereinigte BioEnergie AG
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Biodiesel Market Overview
Biodiesel is a sustainable, biodegradable fuel produced domestically from vegetable oils, animal fats, or used restaurant grease. Biodiesel is used as a source of power for automobiles, home appliances and others.
Biodiesel Global Market Report 2023 provides data on the global biodiesel market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The biodiesel market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.