Biodiesel Market 2022
the biodiesel market reveals that global sales are expected to reach US$ 41.33 Bn in 2022. and Expected to Reach US$ 59 Bn by the end of 2032.
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Biodiesel is a clean-burning, renewable fuel that is made primarily from used cooking oil, vegetable oil, and animal fats. Biodiesel fuel is similar to diesel fuel, but is much better for the environment. Biodiesel is a non-polluting, environment-friendly energy source. This green transformation is seen as a leading light for the biodiesel market.
Biodiesel is consumed as a fuel in different end-use industries and is the preferred choice as compared to conventional fuels as it is a renewable & more eco-friendly substitute. Biodiesel improves energy security and air quality of the environment, as well as provides safety benefits. Furthermore, when compared to petro diesel, biodiesel reduces carcinogenic compound emissions by up to 85% and helps in keeping the environment clean.
Based on feedstock, the most common and easily available feedstock is vegetable oil and a majority of biodiesel is manufactured using vegetable oil, followed by animal oil and used cooking oil. Over the coming years, used cooking oil is expected to see lucrative growth opportunities as key players are focusing on collecting used oil from restaurants, hotels, and other places and converting it into biodiesel.
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Key Takeaways from Market Study
- The global market for biodiesel is estimated to reach a value of US$ 59 Bn by the end of 2032.
- The vegetable oil segment is estimated to witness a growth rate of 3.7% during the assessment period (2022-2032).
- Fuel is estimated to remain a key application of biodiesel. The fuel segment is expected to witness a CAGR of 3.6% over the forecast period.
- The North American region is anticipated to create an incremental dollar opportunity of US$ 2.78 Bn during the forecast period.
“In the biodiesel market, expansion, collaboration, and partnership activities have been witnessed. Key players are expanding their production capacities and partnering with other players to cater to the growing need for biodiesel across the world,” says a Persistence Market Research analyst.
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