North America Renewable Diesel Market worth $49.1 billion by 2044 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 3, 2023 /PRNewswire/ -- The report "North America Renewable Diesel Market by feedstock (Waste oils, Vegetable oils), and Country (United States, Canada, Mexico) - Forecast to 2044", size is projected to grow from USD 12.9 billion in 2022 to USD 49.1 billion by 2044, at a CAGR of 7.1%.
The main forces behind the growth of the Renewable diesel market are increasing focus on reducing carbon emissions, tax credits by governments and investments in renewable energy.
Limited availability of renewable diesel is a major market restraint. Enhancing supply chain of renewable diesel is a major opportunity in the Renewable diesel market. The biggest difficulties or challenge is insufficient availability of feedstocks.
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By Feedstock, Waste oils segment accounted for the largest share.
The renewable diesel market is segmented based on feedstock into waste oil and vegetable oil. Tallow, used cooking oil, fish oil, lard, and poultry are considered under the waste oil segment. The vegetable oil segment includes corn oil, canola oil/rapeseed, soyabean oil, sunflower oil, and palm oil. Tallow is made by rendering suet, which is cow or sheep fat, often the fat that surrounds the animal's organs. As tallow is derived from animal by products, which have little or no use in the food industry, it is preferred over vegetable oil. The vegetable oil segment includes corn oil, canola oil/rapeseed, soyabean oil, sunflower oil, and palm oil.
By Feedstock, Vegetable oils segment projected to register the highest CAGR during the forecast period.
The renewable diesel market is segmented based on feedstock into waste oil and vegetable oil. The vegetable oil segment includes corn oil, canola oil, soyabean oil, sunflower oil, and palm oil. In the production of eathanol corn oil is used. The economic pressure and the political favour for converting agricultural excess into renewable fuel is increasing. The environmental protection agency has approved the canola oil to be utilized as a feedstock for renewable diesel and sustainable aviation fuel, potentially giving a new alternative to soyabeans at a time when vegetable oil costs surging globally.
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The major players are Neste OYJ (Finland), Chevron Renewable Energy Group (U.S.), PBF Energy Inc. (U.S.), Valero Energy Corporation (U.S.), Gevo, Inc. (U.S.) and others are covered in the Renewable diesel market. Expansion, mergers, joint ventures, and the development of novel products are the primary strategies employed by the leading players to build the Renewable diesel market.
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