Biodiesel is a renewable feedstock manufactured from transesterification. It is used as a replacement fuel for petrol or diesel and mixed in equal proportion in vehicles. Biodiesel can reduce carbon emissions and finds use in marine, agriculture, mining, aviation, automotive, and industrial. The global biodiesel market report by Market Research Future (MRFR) assesses the various variables affecting the market such as drivers, challenges, opportunities, and trends for making astute projections for the period of 2021 to 2028 (forecast period). It covers the undertaking of renewable projects, government initiatives, and the COVID-19 outbreak in its assessment.
The global biodiesel market is predicted to display an astounding growth rate over the forecast period. It is primarily driven by the awareness of depletion levels of non-renewable energy sources. Efforts taken by various countries for alleviating the effects of greenhouse gas emissions and opportunities in regions of Colombia, Argentina, and India can bode well for the market. Surge in the demand for renewable energy and improvements in technology for generation of biodiesel can favor the market. The use of vegetable oil derived from corn, canola, and soybean are likely to push the production of biofuels and in turn the biodiesel market.
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The COVID-19 pandemic has severely impacted the global market growth. The resulting lockdowns has led to closure of units and facilities in the industrial sector coupled with the decline in demand of electricity. But the integration of biodiesel as a fuel source after the rollback of pandemic measures can lead to an uptick in the global biodiesel market.
High demand for corn, palm, and soybean can hamper market growth.
The biodiesel market has been segmented on the basis of application into off grid electricity supply and transportation. The transportation segment is expected to accrue huge revenues for the market owing to demand for alternative fuel and rollout of electric vehicles. Utilization of biodiesel for reducing effects of greenhouse gas emissions as well as entry of electric vehicle manufacturers can drive the segment growth.
On the basis of type, the market has been segmented into methanol, biohydrogen, and cellulosic ethanol.
North America is expected to dominate the biodiesel market mainly due to the favorable government regulations. The integration of biofuels in industries for generating in-house power is expected to increase in the North American region providing the market with scope for further growth. In addition, the renewable fuel standards (RFS) which requires the blending of a proportion of renewable fuel in transportation fuel can drive the demand for biodiesel.
Europe and Asia Pacific are other major regions for the biodiesel market due to boost in the manufacturing sector in these regions. Europe can drive a majority of the demand owing to the focus of governments in the region for replacing carbon based products with bio-based products. India and China are expected to contribute to the APAC market owing to the demand for diesel-driven vehicles rises. Establishment of biorefineries and initiatives by governments for reducing dependence on crude oil can drive the demand for biodiesel.
Abengoa Bioenergy, Amyris, INEOS New Planet BioEnergy, Poet-DSM Advanced Biofuels LLC, Canergy LLC, and Enerkem are key players of the global biodiesel market.
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