Biodiesel is poised for remarkable growth, driven by increasing environmental concerns and the urgent need to reduce dependence on fossil fuels. According to Kings Research, the market was valued at USD 56.72 billion in 2023 and is projected to more than double, reaching USD 116.05 billion by 2031. This represents a compound annual growth rate (CAGR) of 9.55% from 2024 to 2031.
Market Dynamics and Drivers
The biodiesel market is experiencing robust expansion due to several key factors. Foremost among these is the growing awareness and implementation of policies aimed at environmental sustainability. Governments across the globe are increasingly supporting the transition to renewable energy sources, with biodiesel emerging as a viable and eco-friendly alternative to traditional fossil fuels.
Top 10 Companies in Biodiesel Market –
- Ag Processing Inc.
- Ecodiesel Colombia S.A.
- Greenergy International Ltd.
- Chevron
- Neste
- Bunge
- Wilmar International Ltd.
- Valero
- FincoEnergies
- Crown Iron Works
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Biodiesel Market Largest Region: Europe
- North America brought approximately USD 16.59 billion in sales. The region's strong position in the global biodiesel market is a result of increased consumer demand for renewable fuels, technological improvements, and regulatory requirements.
- Europe captured the largest market share of 42.27% in 2023. This dominance is mainly fuelled by numerous factors such as the implementation of robust regulatory frameworks, strong government support, and a well-established infrastructure.
Biodiesel Industry Future Outlook
The future of the biodiesel market looks promising, with continued advancements in production technologies and feedstock optimization. Innovations in the production process are expected to lower costs and improve the efficiency of biodiesel, making it more competitive with conventional diesel. Additionally, the development of next-generation feedstocks, such as algae and waste oils, holds significant potential to further boost the sustainability and supply of biodiesel.
Major Industry Updates: -
Lakeview RNG, a subsidiary fully owned by NEXT Renewable Fuels, successfully finalized the acquisition of assets associated with the Red Rock Biofuels initiative in Lake County, Oregon. Lakeview RNG launched a strategic revitalization plan with the objective of completing construction on certain sections of the facility while also implementing upgrades to others.
Biodiesel Market Segmentation: -
Biodiesel Market can be segmented by source and application. In terms of source, the market is dominated by vegetable oils and animal fats. Vegetable oils are expected to maintain their lead, contributing significantly to the market's revenue, which is projected to reach USD 103.27 billion by 2031.
By application, the market is divided into fuel, power generation, and others. Biodiesel's primary use remains as a fuel for transportation and heating, but its role in power generation is also gaining traction due to its cleaner burning properties and sustainability.
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