San
Francisco 10 May 2019 According
to a report by Grand View Research, Inc., global biodiesel market is
projected to value USD 54.8 billion by 2025. Growing requirement for
environment friendly biofuels to mitigate harmful greenhouse gas emissions from
automobiles is anticipated to propel demand for biodiesel.
Increasing use of bio diesel
to run automobiles attributed to its ability to support existing engine designs
can fuel growth of market. Favorable initiatives taken by governments across
various nations to curb VOC emissions can stimulate market growth over next few
years. Growing adoption of renewable resources of energy owing to lack of
fossil fuels is likely to foster growth of market during the forecast period
(2014 to 2025).
The biodiesel market can be
segregated on the basis of feedstock, application, and region. Based on
feedstock, the market can be categorized into vegetable oils and animal fats.
In 2016, vegetable oils dominated the market and accounted for 90.9% market
share. Technology knowhow by majority of manufacturers and high oil yields
offered by these products can augment growth of market. Canola oil, soybean
oil, and corn oil are likely to be major feedstock used for production of
biofuel.
On the contrary, animal fat
based biodiesels is likely to grow at CAGR of 7.4% from 2017 to 2025. Growth of
animal slaughtering globally coupled with low cost over vegetable oils are
predicted to have positive impact on feedstock segment growth.
Access
Research Report of Biodiesel
Market@ www.grandviewresearch.com/industry-analysis/biodiesel-market
Based on application, the
market can be classified into fuel, power generation, and others. In 2016, fuel
segment dominated the market and accounted for 75% market share. High demand
for bio based fuels over crude oil in commercial cars can augment growth of
segment. In addition, biodiesel is likely to be beneficial to environment as it
can reduce the effect of greenhouse gas by emitting low VOC contents as
compared to traditional diesel.
Similarly, marine segment is
predicted to grow at CAGR of 8.4% from 2017 to 2025 as it is expected to be
biodegradable, free of aromatics & sulfur, and anti-toxic. Furthermore, growth
of agriculture sector coupled with high mechanization of sector can drive
product demand in agricultural applications during the forecast period.
Moreover, power generation
segment is likely to grow at CAGR of 4.6% from 2017 to 2025. Growing adoption
of renewable sources of energy to generate power as to reduce greenhouse gas
emission among various governments globally can fuel market growth.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/renewable-energy
Regional segmentation includes
Europe, North America, Asia Pacific, Central & South America, and Middle
East & Africa. In Central & South America, the market is expected to
grow fast over the forecast period. It is estimated to grow at CAGR of 11% from
2017 to 2025. Favorable initiatives taken by government of Brazil, Argentina,
and Colombia to promote biodiesel sector and curb fossil fuel imports can
augment market growth in the region.
Similarly, Asia Pacific is
expected to witness significant growth over the forecast period. In India, the
market is predicted to grow fast over the forecast period owing to rising
demand for diesel driven vehicles in the region. Initiatives taken by local
government to boost use of green fuel and reduce pollution is likely to propel
growth of market during the forecast period. In China, there are expected to be
25 bio refineries and majority of them are likely to use UCO as raw material to
manufacture biodiesel. Increasing use of biodiesel by agriculture and fishing
sector can surge demand. This, in turn can augment growth of market in the
region.
Europe dominated the market
and accounted for largest market share in past few years attributed to early
adoption of product in the region. In addition, favorable initiatives taken by
local governments to curb carbon emissions by using bio-based products can
stimulate market growth.
Some of the leading companies
offering biodiesel are Wilmar International Limited; FutureFuel Corporation;
Renewable Biofuels, Inc.; Bunge Limited; and Louis Dreyfus Company. Technology
know-how and capital investment are likely to be key parameters for market
players to establish their business. In addition, most companies are expected
to get involved in mergers and acquisitions to meet rising product demand.
Access
Press Release of Biodiesel Market@ www.grandviewresearch.com/press-release/global-biodiesel-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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