The biodiesel market is projected growth to USD 64.27 billion by 2030. The market has registered a CAGR of 5.25% during the forecast period of 2030. As per the market research report, the market will be valued at 40 billion USD in 2021.
The demand for biodiesel is increasing in the local and global markets because of multiple factors. The growing factor determining the hike in market share is growing awareness.
Now people are more knowledgeable about the depletion of non-renewable energy sources. There are so many other energy sources that fuel the market, increasing population and environmental factors the market.
Also, the world demands green and clean energy sources. The demand for biodiesel is constantly hiking in the global market in the forecast period. The government has made stringent rules, regulations, and policies to make the world greener and cleaner. The biodiesel energy sources have great potential and value in the market, pushing the market towards growth.
The growth of the biodiesel market is increasingly popular, but there is some restraint factor that pushes the market's own. Those restraints are retail, Restriction in the existing distribution channels, development of advanced technology, etc. The low quantity of biodiesel production and lack of knowledge also hinder market growth. The demand for biodiesel can be fueled by increasing people's awareness regarding the global warming issues and much more.
Key Players:
· INEOS New Planet BioEnergy
· Canergy LLC
· Abengoa bioenergy
· Archer Daniels Midland Company
· Wilmar International Limited
· Bunge Limited
· Neste Corporation
· Emami Group
· Continental Refining Company
· BIOX Corporation
Market Segmentation
The biodiesel market is segmented into fuel type, application, and region. The market is classified into ethanol fuel and biodiesel fuel based on fuel type.
Based on the type, the global market has been divided into cellulosic, biohydrogen, and methanol.
The biodiesel market is classified into the transportation and off-grid electricity supply based on the application. The market has been classified into South America, the Middle East, and the African region. After that, the market is also segregated into the North American region, European region, Asia-Pacific region, and the rest of the world.
Regional Analysis of the market:
The Renewable fuels market is classified into the market regions like South America, the Middle East, the European region, the African region, the North American region, the Asia-Pacific region, and the rest of the world. The North American region holds the largest market shar among all the regions.
The region owns the highest market share because of the increasing government policies and strict rules and regulations regarding environmental issues. After North America, the European region holds the second-largest share. The reason behind this growth in market share is implementing all the government policies and regulations. The third-largest market share holding region is Asia pacific and then South America, the middle east, and Africa.
Industry News:
The Nestle corporation has recently invested a huge amount in research and development that provides the upper edge over competitors. The global market holds the highest market share, which results in higher revenues and profits. As per the research, India's biodiesel market demands 0.17 million tonnes because of the extreme disruption in the market during covid.
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