Growing carbon dioxide emissions from fossil fuel, increasing energy demand, and impact of climate change have made it a high-urgency matter to search for low-carbon emission energy resources. Biodiesel has been increasingly explored as a possible alternative source of fuel. It signifies a key target for the future energy market, and can play an important role in maintaining energy security. Biodiesel is primarily considered as a potentially cheap and low-carbon energy source.
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Demand for renewable energy is growing enormously, which is expected to drive the market steadily through the forecast period of 2021-2031. East Asia, Europe, and Latin America are major markets for biodiesel. Being a moderately fragmented market, manufacturers are highly focused on innovation and developing new production methods. In its latest revised report, Persistence Market Research says that the global biodiesel market is estimated to expand at a steady CAGR of 3% over the next ten years.
Key Takeaways of from Market Study
- Biodiesel is a safe and non-polluting source of energy, and is recognized as an alternative energy source to diminishing reserves.
- Rising concerns regarding carbon emissions and increasing oil prices are fueling demand for biodiesel.
- Biodiesel is much more economical than petrol and diesel, since recycling feedstock such as vegetable oil or animal oil is much cheaper than fossil fuel.
- Feedstock for biodiesel production are vegetable oils, animal fats, and used cooking oil. Among these, vegetable oil accounted for the largest revenue share in 2020, as this oil contains low amounts of saturated fats, which helps in reducing manufacturing costs and facilitates easy processing.
- Consumption of biodiesel, especially in European and Latin America countries such as Germany, France, and Brazil, among others, is expected to increase at an above-average rate during the forecast period. Accordingly, in order to cater to this increasing demand, huge investments in the research & development of biodiesel, along with acquisitions, mergers, and strategic collaborations, are the key business strategies being undertaken by companies in this space.
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Competitive Landscape
The global biodiesel market has been identified as a moderately fragmented spade, with the organized sector occupying a major section of the overall share. Some of the leading players included in the report are Cargill Incorporated, Inc, Wilmar International Ltd, Louis Dreyfus Company, Neste, Archer Daniels Midland Company, Royal Dutch Shell plc China Petroleum & Chemical Corporation, RB Fuels, and Renewable Energy Group, Inc. Large number of producers across the globe are anticipated to create an intensely competitive environment at the global level.
Global Biodiesel: Conclusion
The biodiesel industry is gaining substantial attention as an alternative fuel to petroleum-derived fuels due to major concerns regarding carbon emissions and global warming that have been elevated due to fossil fuels. Sales of biodiesel are estimated to rise over the coming years, owing to increasing demand for environment-friendly fuels across regions.
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