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Biodiesel Market to Grow at a CAGR of 6.75% by 2030

According to ChemAnalyst report, “Global Biodiesel Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, global biodiesel market has shown promising growth in the past five years and is anticipated to achieve a CAGR of 6.75% during the forecast period. Lesser greenhouse gas emissions associated with biodiesel along with its biodegradable nature and the growing need for replacing fossil fuel with renewable fuel is projected to drive the demand of biodiesel for the forecast period. Moreover, increasing population and subsequent urbanization is also a propelling factor supporting demand growth of biodiesel during the forecast period. Additionally, government support for replacement of fossil fuels with biofuels which have lesser greenhouse emissions is another factor fueling demand growth for biodiesel. Lower performance as compared to fossil fuel and corrosion related problems are expected to hinder demand growth during the forecast period.

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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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Biodiesel is basically processed vegetable oil or animal fat. It has applications in automotive and power generation as fuel. Stronger government support for replacement of fossil fuels with biofuel is propelling the demand of biodiesel. Due to the abundance of raw material and increasing demand from both the automotive and power generation segment, it is expected that the cost of biodiesel might come down during the forecast period. This is also another factor supporting demand rise for biodiesel and its usage in automotive and power generation. Growing demand for electric vehicles might also act as a constraint for demand growth during the forecast period.

Biodiesel are related to vegetable oil and animal fat. Hence, the price is directly linked to the fluctuations in the prices of vegetable oil and animal fat. In the first half of FY20 sudden outbreak of novel coronavirus followed by fall in in the demand of automotive rendered a major downfall in the global biodiesel, hence the prices remained low for biodiesel during the coronavirus pandemic. Demand has picked up in the recent quarters and is projected to grow due to increasing demand from Asia Pacific and North America.

Regionally, Europe dominates the Global biodiesel market and holds the largest market share in FY20. Asia’s biodiesel market is anticipated to grow in the economies like China due to increasing demand of automotive and power generation.

According to ChemAnalyst report, Global Biodiesel Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating global biodiesel market are Australian Renewable Fuels Limited, Arizona Biodiesel, Amereco Biofuels Corp., Cosan, Coskata, Sapphire Energy, Renewable Energy Group, Ag Environmental Products, Louis Dreyfus Corp.

“Being linked to the automotive industry, the global biodiesel industry has shown a robust growth alongside growing population and changing consumer preference towards environment friendly materials. Regionwise, Europe holds the major share of global biodiesel demand due to early adoption and greater government support for replacement of fossil fuel with biofuel. In Asia Pacific, China serves as the key growth region with sufficiently installed capacities for biodiesel.  With new competitors emerging across the Asia Pacific biodiesel market, players anticipate that there will be sufficient supply demand gaps in future. At this, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.

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