Biodiesel Market Growth CAGR of 10.9%, Restraints, Mergers And Forecast (2022-2032)

NEW CITY, N.Y. - Nov. 1, 2022 - PRLog -- The global biodiesel industry was valued at USD 32,156 million in 2021. This market is expected to grow at a 10.9% CAGR between 2022-2032.

Biodiesel, a renewable and clean-burning diesel alternative, can be used without modification to existing diesel engines. It is made up of a variety of agricultural feedstock and recycled cooking oil. The market is expected to grow because of the growing demand for biodiesel in power generation and automotive applications. The market is highly fragmented due to many suppliers and dealers.

Drivers

Potential to lower emissions

Biodiesel can be used simply, is biodegradable, and is non-toxic. It is also free from aromatics and sulfur compounds. It can be used in all diesel engines and emits fewer greenhouse gases and other pollutants. Biodiesel is growing because of increasing concerns about greenhouse gas emissions from fossil fuels. Biodiesel can reduce greenhouse gas emissions by as much as 50% compared to petroleum diesel. It also has a low level of toxic and carcinogenic aromatic carbon. According to U.S. EPA data, the U.S. consumed about 2 billion gallons of biodiesel in 2015. This resulted in reduced carbon emissions of at least 18.2 million metric tons. Biodiesel is produced in several countries. It can be used in any diesel engine without modifications or even modifications. Biodiesel has become an affordable alternative to petroleum-based products due to fluctuating prices.

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Key Market Segments:

By Feedstock:

• Vegetable Oil
  • Soybean Oil
  • Canola Oil
  • Corn Oil
  • Palm Oil
  • Other Vegetable Oils
• Animal Fats
  • Poultry
  • White Grease
  • Tallow
  • Other Animal Fats

By Application:

• Fuel
• Marine
• Automotive
• Power Generation
• Agriculture
• Other Applications

Key Market Players:

• Ag Processing, Inc.
• Archer Daniels Midland Company (ADM)
• Cargill, Inc.
• Eco diesel Colombia S.A.
• Manuelita S.A.
• Renewable Biofuels Inc.
• Wilmar International Ltd.
• Bunge Ltd.
• Other Key Players

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