biodiesel market

1. The biodiesel market is anticipated to be USD 144.8 billion by 2027, registering a CAGR of 4.21% from 2022 to 2027. Biodiesel is an extract from plants and animals; used as fuel in diesel engines and is made via transesterification. Though the usage of biodiesel has spread to multiple industries, the extensive usage of biodiesel has been found in the automobile and trucking industries. Biodiesel does not harm the environment and is completely safe to use. The other advantages associated with biodiesel, such as the renewable energy source and user friendly, accelerate the adoption of biodiesel across various industries. The adoption of biodiesel is high among the OECD countries. Besides, biodiesel has a significant favorable impact on the U.S. economy, and biodiesel production is believed to be reflected in job opportunities, GDP growth, and increased tax revenue. Biodiesel Market Drivers: Growing demand and increasing biodiesel consumption are major factors accelerating the growth of the worldwide biodiesel market. The U.S., Brazil, Indonesia, China, and Thailand are among the countries that consume the highest amount of biodiesel worldwide. In 2019, the U.S. consumed 118.25 barrels of biodiesel every day. The usage of biodiesel has grown significantly owing to the increased usage of biodiesel in the automotive and power generation industries. In addition, growing concern around environmental health is anticipated to have a favorable impact on the biodiesel market growth. Biodiesel is believed to reduce particulate matter by 47%, hydrocarbon emissions by up to 67%, and less smoke. Particulate matter presents in the form of liquid droplets and can lead to significant health issues when inhaled by people. Furthermore, biodiesel is compatible with the environment and releases limited greenhouse gas emissions when used in vehicles; such advantages associated with biodiesel are increasing the adoption and usage of biodiesel and driving the market growth. For instance, India used 165 million liters of biodiesel in 2021, which is expected to increase to 180 million liters in 2022. Browse for full report @ https://www.marketdataforecast.com/market-reports/biodiesel- market Biodiesel Market Restraints: High costs associated with biodiesel production are key factors restraining market growth. Furthermore, fluctuations associated with petroleum prices and supply issues associated with crude oil are further anticipated negatively impact the global biodiesel market growth. In addition, external factors such as wars between countries and the increased influence of political events on the crude oil industry are expected to impact biodiesel market growth significantly. Ask for a sample report @ https://www.marketdataforecast.com/market-reports/biodiesel- market/request-sample Biodiesel Market Segmentation: Biodiesel Market - By Blend B100

2. B20 B10 B5 Based on the blend, the B100 segment is anticipated to showcase the fastest CAGR in the global biodiesel market during the forecast period. The usage of B100 biodiesel is growing significantly among organizations, and increasing awareness among people regarding the environmental benefits associated with B100 biodiesel is promoting the segment’s growth. In addition, the B100 biodiesel, also called pure biodiesel, gives a greater performance advantage and enhanced maintenance when used in the fleet. Biodiesel Market - By Feedstock Vegetable Oils Animal Fats Used Cooking Oil (UCO) Other Feedstock Biodiesel Market - By Application Fuel Power Generation Other Applications Based on the application, the fuel segment led the biodiesel market and captured a dominating share of 76.4% of the global market in 2021. The domination of the fuel segment is attributed to the increased demand for biodiesel from the automotive, marine, agriculture, and railway industries. In addition, diesel usage is increasing among commercial vehicles, and many started using biodiesel as a replacement for traditional diesel, knowing the advantages associated with biodiesel, such as less emission of GHG and improved efficiency, and higher lubricity. Therefore, the fuel segment is anticipated to register a healthy CAGR during the forecast period. Biodiesel Market - By Region North America Europe Asia-Pacific Latin America Middle East and Africa RECENT MARKET DEVELOPMENTS:

3. In February 2022, SLD Pumps & Power decided to use biodiesel to run their equipment fleet across the nation. This move by the company reduced their mineral diesel usage significantly. In April 2021, Continental Refining Company (CRC) further increased its investment of 20 million USD in the biodiesel project. This strategic move by the company aimed at installing a biodiesel facility at CRC. In January 2022, ExxonMobil bought a 49.9% stake in a biofuel manufacturer from Norway. Biodiesel Market Key Market Players: Archer-Daniels-Midland Company Ag Processing Inc. Avril Group Biodiesel Bilbao S.L. Cargill Inc. Emami Agrotech Ltd FutureFuel Chemical Company G-Energetic Biofuels Private Limited Louis Dreyfus Company Münzer Bioindustrie GmbH Renewable Energy Group VERBIO Vereinigte BioEnergie AG Wilmar International Limited World Energy LLC About Us: Market Data Forecast is a firm working in market research, business intelligence, and consulting. We have rich research and consulting experience for various business domains to cater to individual and corporate clients’ needs. Contact Us: Market Data Forecast Phone: +1-888-702-9626 Email:contact@marketdataforecast.com