Biodiesel Market Worth $51.47 billion by 2029
Meticulous Research®—a leading global market research company, published a research report titled, ‘Biodiesel Market by Blend (B100, B20, B10, B5), Feedstock (Vegetable Oils {Rapeseed Oil, Palm Oil}, Animal Fats {Poultry, Tallow}), Application (Fuel {Automotive, Marine, Agriculture}), and Geography - Global Forecast to 2029.’
According to this latest publication from Meticulous Research®, the biodiesel market is projected to reach $51.47 billion by 2029, at a CAGR of 3.6% from 2022–2029. The growth of this market is driven by the increase in consumption of biodiesel, the rising environmental concerns, and the increasing demand for biodiesel to replace fuels in transportation and power generation. However, performance concerns in diesel engines are expected to hinder the growth of this market to a certain extent. The government support from the North America, Latin America, Europe, and Asia-Pacific countries is expected to offer significant growth opportunities for players operating in the biodiesel market.
The global biodiesel market is segmented by blend (B100, B20, B10, and B5), feedstock (vegetable oils, animal fats, used cooking oil (UCO), and others), and application (fuel, power generation, and others). The study also evaluates industry competitors and analyzes the regional and country-level markets.
Based on blend, in 2022, the B100 segment is expected to account for the largest share of the global biodiesel market. The large market share of this segment is attributed to the benefits of the B100 blend, such as less flammable than petroleum diesel, low-pressure storage at ambient temperatures, and safer handling and transport. Furthermore, compared to the remaining biodiesel blends, B100 emits less carbon dioxide, carbon monoxide, sulfur, particulates and hydrocarbons.
Based on feedstock, the UCO segment is projected to register the highest CAGR during the forecast period. The fast growth rate of this segment is attributed to the increasing food service industry and the growing use of cooking oil in the production process of biodiesel. Furthermore, the growing awareness about environmental welfare and sustainable energy resources and the high use of UCO in China and India are expected to boost the demand for UCO in biodiesel production.
Based on the application, in 2022, the fuel segment is expected to account for the largest share of the global biodiesel market. The large market share of this segment is attributed to the increased use of fuel in automotive, agriculture, and marine industries, the rising environmental concerns, and the increasing pollution caused by automobile pollutants due to the use of petrol or diesel-based automobiles.
Biodiesel Market Worth $51.47 billion by 2029
Meticulous Research®—a leading global market research company, published a research report titled, ‘Biodiesel Market by Blend (B100, B20, B10, B5), Feedstock (Vegetable Oils {Rapeseed Oil, Palm Oil}, Animal Fats {Poultry, Tallow}), Application (Fuel {Automotive, Marine, Agriculture}), and Geography - Global Forecast to 2029.’
According to this latest publication from Meticulous Research®, the biodiesel market is projected to reach $51.47 billion by 2029, at a CAGR of 3.6% from 2022–2029. The growth of this market is driven by the increase in consumption of biodiesel, the rising environmental concerns, and the increasing demand for biodiesel to replace fuels in transportation and power generation. However, performance concerns in diesel engines are expected to hinder the growth of this market to a certain extent. The government support from the North America, Latin America, Europe, and Asia-Pacific countries is expected to offer significant growth opportunities for players operating in the biodiesel market.
The global biodiesel market is segmented by blend (B100, B20, B10, and B5), feedstock (vegetable oils, animal fats, used cooking oil (UCO), and others), and application (fuel, power generation, and others). The study also evaluates industry competitors and analyzes the regional and country-level markets.
Based on blend, in 2022, the B100 segment is expected to account for the largest share of the global biodiesel market. The large market share of this segment is attributed to the benefits of the B100 blend, such as less flammable than petroleum diesel, low-pressure storage at ambient temperatures, and safer handling and transport. Furthermore, compared to the remaining biodiesel blends, B100 emits less carbon dioxide, carbon monoxide, sulfur, particulates and hydrocarbons.
Based on feedstock, the UCO segment is projected to register the highest CAGR during the forecast period. The fast growth rate of this segment is attributed to the increasing food service industry and the growing use of cooking oil in the production process of biodiesel. Furthermore, the growing awareness about environmental welfare and sustainable energy resources and the high use of UCO in China and India are expected to boost the demand for UCO in biodiesel production.
Based on the application, in 2022, the fuel segment is expected to account for the largest share of the global biodiesel market. The large market share of this segment is attributed to the increased use of fuel in automotive, agriculture, and marine industries, the rising environmental concerns, and the increasing pollution caused by automobile pollutants due to the use of petrol or diesel-based automobiles.
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