Global Industry Analysts Predicts The World Biodiesel Market to Reach $40.2 Billion by 2026

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Feb 18, 2022, 11:00 ET

SAN FRANCISCO, Feb. 18, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Biodiesel - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 20; Released: February 2022
Executive Pool: 2634
Companies: 152 - Players covered include Albemarle Corporation; British Plastics Federation; Buckman Laboratories International, Inc.; BWA Water Additives; Champion Technology Services, Inc.; Chevron Oronite Company LLC; Dow Inc.; Ecolab, Inc.; Kemira Oyj; Lanxess AG; MilliporeSigma; Neste Oyj; Nouryon; RB Fuels; Renewable Energy Group, Inc.; Suez SA; TUBI THOR SPA and Others.
Coverage: All major geographies and key segments
Segments: Feedstock (Vegetable Oils, Animal Fats, Other Feedstocks); Application (Transportation Fuel, Power Generation, Other Applications)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

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ABSTRACT-

Global Biodiesel Market to Reach US$40.2 Billion by the Year 2026
Biodiesel is non-toxic, biodegradable, and free from sulfur and aromatic compounds. Biodiesel can be used in all diesel engines, is known to release lower air pollutants and greenhouse gases, and also reduces toxic carbon-dioxide emissions. Biodiesel is made from renewable feedstock such as animal fats, and vegetable oils. The global biodiesel market is driven by the increasing need for clean and renewable fuel sources. There is rising environmental consciousness leading to a preference for environment-friendly fuel. The soaring prices of non-renewable sources of energy such as due to their limited resources are driving focus onto alternative fuels. The main factor which influences growth is the rising concern over gas emissions by fossil fuels. Government policies favoring the promotion of sustainable projects that save energy and protect the environment are important drivers of growth in the biodiesel market. Advanced biofuels and ethanol are being promoted by the US Environment Protection Agency (EPA) through mandates and regulations. There is a growing demand for biodiesel for use in commercial cars to reduce usage of crude oil. Fuel oil blended biodiesel fuel blends are being researched to reduce dependence on petroleum in the transportation sector. Also favoring market growth is the continuous focus on research activities aimed at developing biodiesel products that can replace crude oil.

Amid the COVID-19 crisis, the global market for Biodiesel estimated at US$33.3 Billion in the year 2022, is projected to reach a revised size of US$40.2 Billion by 2026, growing at a CAGR of 4.6% over the analysis period. Vegetable Oils, one of the segments analyzed in the report, is projected to grow at a 4.7% CAGR to reach US$33 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Animal Fats segment is readjusted to a revised 4.3% CAGR for the next 7-year period. Vegetable oils are easily available, renewable, biodegradable, easy to transport, and provide high heat content. Most of the companies use vegetable oils to produce biodiesel on account of its higher yield and renewability.

The U.S. Market is Estimated at $5.4 Billion in 2022, While China is Forecast to Reach $2.2 Billion by 2026
The Biodiesel market in the U.S. is estimated at US$5.4 Billion in the year 2022. The country currently accounts for a 16.2% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$2.2 Billion in the year 2026 trailing a CAGR of 5.9% through the analysis period. Among the other noteworthy geographic markets are Canada and Europe, each forecast to grow at 4.2% and 3.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4% CAGR while Rest of European market (as defined in the study) will reach US$6 Billion by the end of the analysis period. Europe represents the leading region in the global biodiesel market. The region's large share is due to the several government initiatives and regulations aimed at reducing greenhouse gas emissions. Biodiesel fuel consumption is on the rise in Europe on account of the government laws and programs and energy taxation regimes. The US is among the major producers and consumers of biodiesel. Increasing use of biodiesel in the United States is mainly driven by the presence of favorable legislations. Asia-Pacific region represents a promising market for biodiesel. Due to rapid industrialization and increase in demand for liquid fuel in power and transport sectors in emerging countries such as Indonesia, China, India, Thailand, and Malaysia, Asia Pacific will witness high growth in the coming years.

Transportation Fuel (Application) Segment to Reach $20.6 Billion by 2026
Biodiesel is increasingly playing a role as a fuel in automobiles, railways, agriculture, and maritime operations. Biodiesel has improved efficiency compared to gasoline and is useful for compression-ignition engines. Biodiesel is used in its pure form i.e. B100 or in the form of a blend with conventional petroleum diesel. Some of the blends of biodiesel include B2, B5 and B20, referring to 2%, 5% and 20% of biodiesel content, respectively. In the global Transportation Fuel (Application) segment, USA, Canada, China and Europe will drive the 4.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$10.1 Billion will reach a projected size of US$13.8 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.9 Billion by the year 2026, while Latin America will expand at a 5.9% CAGR through the analysis period. More

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