Biodiesel Market: Global Industry Analysis and Forecast (2021-2027) Trends, Statistics, Dynamics, Segmentation by Feedstock, Application, and Region.

Biodiesel Market reached a value of US$ 7.42 Bn. in 2020. Vegetable Oils is one of the dominating segment of the Global Biodiesel Market.
Biodiesel Market Overview:
Biodiesel is composed of renewable feedstocks such as vegetable oils and animal fats. It is oxygenated, non-toxic, sulfur-free, biodegradable, and eco-friendly. Biodiesel is a renewable energy resource, which is reproduced, reused, and regrown. It is primarily utilized in several industries, such as automotive, aviation, industrial, marine, agriculture, and mining industries.

Biodiesel is produced by a process of altering the chemical properties of the oil by using methanol, known as ‘transesterification’. It is commonly used as a diesel blending component at levels of 20% by volume. Biodiesel degrades more rapidly than diesel fuel, which minimizes the environmental consequences of biofuel spills.



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2020 is considered as a base year to forecast the market from 2021 to 2027. 2020’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years' trends are considered while forecasting the market through 2027. 2020 is a year of exception and analyzed especially with the impact of lockdown by region.
Global Biodiesel Market Dynamics:
Growing demand for biodiesel across the globe is driving the Biodiesel Market growth during the forecast period. Biodiesel is obtained from vegetable oil and animal fats feedstock, which are easily available. The usage of biodiesel has several advantages, such as abundant availability, Lower health risk, reduced emissions of carcinogenic substances, Lower emissions of contaminants such as carbon monoxide and particulate matter, No sulfur dioxide (SO2) emissions, and low toxicity, in comparison with diesel fuel.

These factors are driving the biodiesel market growth across the globe.

Increasing demand for biodiesel as automobile fuel, as their several benefits, such as environment-friendly characteristic of biodiesel, mitigate greenhouse gas emission. In addition, biodiesel is as an alternative fuel to petroleum-derived fuels, which are major concerns about carbon emissions and global warming. The resulting biodiesel product demand is expected to propel industry growth during the forecast period.

Biodiesel is expected to use as a substitute for existing engine designs in vehicles, resulting in boost the market growth. Biodiesel consumption is expected to increase during the forecast period, as the threat of fossil fuel depletion grows, along with the necessity to integrate renewable energy sources in the energy mix for long-term growth. In addition, the growing need of reducing carbon emissions and finding an alternative for conventional fuels has made biodiesel more desirable during the forecast period.

Growing demand for the key raw materials such as soybean, palm, and corn are expected to hamper feedstock availability, which is expected to restrain the biodiesel market growth. Nonetheless, increasing R&D investments to using innovative feedstock raw materials, such as algae, animal fat and UCO is expected to boost the biodiesel market growth during the forecast period.

Leading Biodiesel Producers worldwide in 2019:


Global Biodiesel Market Segment Analysis:
Based on the Feedstock, the Biodiesel Market is segmented into Vegetable oils and animal fats. In 2020, the Vegetable Oils feedstock segment has emerged as the dominant raw material segment with a revenue share of over 87%. The Vegetable oil is further segmented into Soybean oil, Palm oil, Castor oil, and Sunflower. The growth of the segment is attributed to the use of raw materials by major manufacturers and the high oil yields given by these items. The fuel is beneficial to the environment as it lowers the effect of greenhouse gas by releasing lower Volatile Organic Compound substances as compared to fossil fuels. However, raw material selection varies from region to region, based on raw material availability and cost connected with this feedstock.



Based on the Application, the Biodiesel Market is segmented into Fuel, Power Generation, and Others. The Fuel application segment held the largest market share, accounting for 73% in 2020. The segment is expected to benefit from the growing demand for gasoline in commercial vehicles to replace crude oil. Biodiesel as fuel is helpful to the environment, as it emits lower greenhouse gases than conventional diesel fuel. It is mainly utilized in the Automotive, Aviation, Industrial, Marine, Mining, and Agriculture industries. Resulting, biodiesel's share of transportation fuel is expected to increase significantly, which is expected to boost the biodiesel market growth for this segment.
Global Biodiesel Market Regional Insights:
Asia Pacific region held the largest market share accounted for 36.2% in 2020, and is expected to grow at a CAGR of 5.27% during the forecast period. Indonesia dominated the market in this region. The environmental advantages of biodiesel, ease of accessibility, and the government Renewable Fuels Standard Program have all attributed to the region's growing demand for biodiesel, which is boosting the biodiesel market growth for this region.



North America region is expected to witness significant growth at a CAGR of 5.48% during the forecast period. The early product adoption and high R&D investments have a positive impact on biodiesel market growth in this region. Soybean was the major feedstock in North America accounting for over 45% of the overall product. Biodiesel is extensively utilized in the transportation sector, snowplows, military vehicles, trash trucks, and postal trucks. The wide range of applications is expected to propel the demand for the product, resulting in the growth of the biodiesel market in the North America regionThe objective of the report is to present a comprehensive analysis of the Biodiesel Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Biodiesel Market dynamic, structure by analyzing the market segments and projecting the Biodiesel Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Biodiesel Market make the report investor’s guide.
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Global Biodiesel Market


Report Coverage
Details


Base Year:
2020
Forecast Period:
2021-2027


Historical Data:
2016 to 2020
Market Size in 2020:
US $ 7.42 Bn.


Forecast Period 2021 to 2027 CAGR:
7.25%
Market Size in 2027:
US $ 12.11 Bn.


 Segments Covered:
by Product
•Vegetable Oils
o Soybean oil
o Palm oil
o Castor oil
o Sunflower
• Animal Fats


by Application
• Fuel
o Automotive
o Marine
o Agriculture
o Others
• Power Generation
• Others



Global Biodiesel Market by Region
• North America
• Europe
• Asia Pacific
• South America
• The Middle East and Africa
Global Biodiesel Market Key Players
• Neste corporation
• Renewable Energy group Inc
• Renewable Biofuels Inc
• Total
• Solazyme Inc
• Wilmar International Ltd
• Cargill Incorporated
• Louis Dreyfus Company B.V
• Archer Daniels Midland Company
• Royal Dutch Shell plc.
• Renewable Energy Group, Inc
• Repsol S.A
• RB Fuels
• Bangchak Corporation Public Company Limited
• China Petroleum & Chemical Corp (Sinopec Corporation)
Frequently Asked Questions:
1] What segments are covered in the Biodiesel Market report?
Ans. The segments covered in the Biodiesel Market report are based on Feedstock and Application.

2] Which region is expected to hold the highest share in the Biodiesel Market?
Ans. The Asia Pacific region is expected to hold the highest share in the Biodiesel Market.

3] What is the market size of the Biodiesel Market by 2027?
Ans. The market size of the Biodiesel Market by 2027 is US $ 12.11 Bn.

4] What is the forecast period for the Biodiesel Market?
Ans. The Forecast period for the Biodiesel Market is 2020-2027.

5] What was the market size of the Biodiesel Market in 2020?
Ans. The market size of the Biodiesel Market in 2020 was US $ 7.42 Bn.