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Biodiesel Market Overview:
The Biodiesel Market size is estimated to reach $50.2 billion by 2030, growing at a CAGR of 7.7% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Biodiesel Market – By Blend (B5 [up to 5% biodiesel], B20 [6% to 20% biodiesel], B100 [pure biodiesel]), By Feedstock (Vegetable Oils, Animal Fats, Short Chain Alcohols and Others), By Application (Transportation, Energy Generation, Lubricants, Generators and Others), By End-Use Industry (Automotive, Electrical and Electronics, Agriculture, Marine, Aerospace, Energy and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”
The shift towards a circular economy encourages waste-to-biodiesel initiatives and the growing demand for sustainable transportation fuels supports the Biodiesel industry during the forecast period.
Asia Pacific Dominated the Market in 2023:
Asia Pacific accounted for the largest share of 36% of the Biodiesel Market in 2023. Increasing demand for renewable energy sources has prompted governments to implement favorable policies and incentives for biofuel production. Additionally, rising concerns about environmental sustainability and energy security encourage investments in biofuel technologies. The region’s agricultural abundance offers ample feedstock availability, further supporting biofuel initiatives. Moreover, advancements in production processes and technologies are enhancing the efficiency and competitiveness of biofuels, making them a viable alternative to traditional fossil fuels.
Biodiesel Market: Key Takeaways
Increased Investments in Renewable Energy Infrastructure Strengthen Market Growth:
The increasing investments in renewable energy infrastructure are significantly enhancing the biofuel market. In the United States, clean energy investments are projected to exceed USD 300 billion in 2024, which is 1.6 times the investment level of 2020, as per the International Energy Agency. This shift reflects a growing priority among governments and private sectors for sustainable energy sources. The development of biofuel facilities is accelerating, promoting innovations that improve production efficiency and environmental sustainability. Moreover, the rising demand for cleaner transportation fuels is fueling further investments. This trend not only strengthens the biofuel supply chain but also aligns with global objectives to reduce carbon emissions and foster sustainable energy solutions.
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Growing Awareness of Energy Security Drives the Adoption of Domestic Biofuel Sources:
The growing awareness of energy security is significantly influencing the adoption of domestic biofuel sources. As consumers and businesses increasingly recognize the importance of energy independence, they are turning to renewable alternatives that can be sourced locally. This shift is driven by a desire to reduce reliance on imported fuels, enhance sustainability, and mitigate the environmental impact of traditional energy sources. Additionally, government incentives and initiatives promoting renewable energy are fostering innovation and investment in domestic biofuel production, further supporting this transition. Ultimately, these factors are creating a robust market for biofuels as a reliable and sustainable energy solution.
Scope of the Report:
Recent Developments:
- In August 2024, Trafigura Group has acquired Greenergy's European and Canadian supply businesses, enhancing its position in the biodiesel market. This acquisition aims to leverage Trafigura's financial strength and supply-chain expertise to accelerate Greenergy's growth and support the transition to a lower-carbon future.
- In September 2023, Aemetis, Inc. has successfully expanded its India biodiesel plant's capacity to 60 million gallons ahead of schedule, aligning with increasing demand from government-owned Oil Marketing Companies. This expansion supports India's 5% biodiesel blend target, aimed at reducing crude oil imports, improving air quality, and creating domestic demand for agricultural feedstocks.
Biodiesel Market: Competitive Landscape
Key companies profiled in the Biodiesel Market are Archer Daniels Midland Company, Bangchak Corporation Public Company Limited, Wilmar International Ltd, DuPont, Deerfield Energy, Crimson Renewable Energy, China Biodiesel International Holding, Diversified Energy Corporation, XL Renewables, Blue Marble Energy Corp and Others.
About IndustryARC™:
IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.
IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.
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IndustryARC
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