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Global Market Insights and Future Trends : Biodiesel Market
The biodiesel market is expected to grow from USD billion in 2017 to USD billion by 2023, at a CAGR of XX from 2018 to 2023.
The growth in the global biodiesel market can be attributed to the proactive implementation of biofuel policies in various nations including US, Argentina, Brazil and Indonesia. The regulations regarding the formulation of fuel in these regions are expected to increase the share of biodiesel, thereby increasing the demand.
Global Biodiesel Market Insights
The biodiesel market has been segmented based on feedstock used for products such as vegetable oils, animal fats, biomass, and others (brown grease/ trap grease); and verticals such as automotive, aviation, industrial, marine, residential & commercial heating, power generation, and agriculture.
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Asia Pacific and Europe marketplace has a big possibility in countries like India, UK, and China, because of the ever-growing diesel costs and tremendous quantity of diesel cars. With the growing existing feedstock efficiency, the marketplace will probably have a pattern shift within the forecast span. In the upcoming years, the growth of algae as new feedstock assets is likewise predicted for product production. Fuels used for transportation nonetheless makes up for a prime bite of proportion of the marketplace. The Europe region is a noteworthy product producer with nations which includes France and Germany being the pinnacle producers.
The Top key players:
· Archer Daniels Midland Company (US)
· Wilmar International Limited (Malaysia)
· Bunge Limited (U.S.), Neste Corporation (Finland)
· Renewable Energy Group Inc. (U.S.)
· Cargill Inc. (U.S.)
· BIOX Corporation (Canada)
· TerraVia Holdings Inc. (U.S.)
· Raw Material Suppliers
· Biodiesel Manufacturing Companies
· Traders, distributors, and retailers
· Commercial R&D Organisations
· Government Agencies and Trade Associations
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Key Findings of Biodiesel Market:
· Rising concerns about greenhouse gas emissions is resulting in the use of renewable and clean source of energy. Hence, biodiesel fuels are rapidly replacing conventional fossil fuels across the globe.
· The governments across various countries are also implementing laws and legislation to reduce dependency on oil and increase the use of renewable energy resources, thereby fostering the industry of biodiesel.
· The California Air Resource Board (CARB) certified a biodiesel added substance that will make B20 blends, the cleanest and diesel fuel with the least emanations profile within the US. The added substance decreases each quantifiable directed outflow in biodiesel, counting nitrogen oxides, when mixed with California's special diesel definition called CARB diesel.
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