Global Renewable Diesel Market (by Production, Consumption, Feedstock, & Region): (2022-2027)

DELHI, India - Oct. 7, 2023 - PRLog -- Renewable diesel is a hydrocarbon that is chemically comparable to petroleum diesel and can be delivered in petroleum pipelines and sold at retail stations with or without blending with petroleum diesel.

Renewable diesel's increasing environmental friendliness, renewability, and biodegradability would be the primary factor driving market expansion in the years ahead. In addition, the renewable diesel industry is expected to expand as fuel refiners seek alternate development avenues in a low-carbon society. The global renewable diesel market by production is estimated to reach 3.70 billion gallons per year by 2023, growing at a CAGR of 19.12% during the forecast period. The global consumption of renewable diesel is predicted to rise to 3.69 billion gallons by 2023, growing at a CAGR of 16.90% during the projected years.

Analysis of Key Players:

The global renewable diesel market is moderately consolidated. The key players in the global renewable diesel market are:

• Chevron Corporation (Renewable Energy Group)
• Neste
• PBF Energy Inc.
• Valero Energy Corporation
• Phillips 66
• Aemetis, Inc.
• GEVO, Inc.
• Marathon Petroleum Corporation
• Global Clean Energy Holdings, Inc.
• World Energy
• Ryze Renewables
• Shell plc

Renewable diesel production capacity is currently increasing rapidly, not just in the US but around the world. In 2022, Diamond Green Diesel LLC has a production capacity of 982 million gallons per year whereas, the renewable energy group has a production capacity of 100 million gallons per year. In the US renewable diesel market, Neste held the highest market share, followed by DGD.

The COVID-19 Analysis:

The global renewable diesel market has experienced positive growth during the pandemic. In 2020, fuel use declines in heavy-duty commercial vehicles were less severe, offsetting declines in light-duty passenger use of diesel and providing relative stability to the distillate market as compared to the light-duty fuels market which was fully impacted by lockdown measures. Renewable diesel demand further increased in the following year as the road transport sector rebounded. In the post-COVID era, factors such as government support for the consumption of renewable diesel by providing subsidiaries and growing demand for eco-friendly fuels that reduce greenhouse gas emissions are anticipated to drive market growth.

For more Information:

https://www.konceptanalytics.com/report/energy-utilities/global-renewable-diesel-market-by-production-consumption-feedstock-region-insights-and-forecast-with-potential-impact-of-covid-19-2022-2027

Koncept Analytics

Vikas Gupta

(Business Development Manager)

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