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Biodiesel Market Reports Size, Growth, Analysis and Forecast to 2030
Biodiesel Market stood at 25 Million Tonnes in 2020 and is forecast to reach 48.02 Million Tonnes by 2030, growing at a healthy CAGR of 6.75% until 2030.
Biodiesel is a type of fuel made from bio-based resources such as vegetable oil and animal fat. It is renewable in nature with lesser carbon footprint. It can be used in existing diesel engines without modification. Biodiesel is produced via transesterification whereby glycerin is separated from animal fat or vegetable oil leaving behind methyl esters and glycerin. Its major application areas are fuel and power generation. It is blended with diesel and then used in vehicles. Governments globally have set various blending targets to lower the dependence on oil imports and to reduce greenhouse gas emissions. Various automotive companies are incentivizing the usage of biofuel by giving extended warranty. Indian government has set targets of 5% blending by 2022 and United States department of defense has ordered that most of its road fleet would use blended fuels.
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