With the growing demand for environmentally friendly fuels, the biodiesel market is expected to go great guns shortly, as stated by Persistence Market Research in its latest market study entitled “Biodiesel Market”.
Biodiesel Market Categorization
The global biodiesel market, by the production process, spans hydro-heating and alcohol trans-esterification. By feedstock, it’s vegetable oil (corn oil soybean oil, canola oil, palm oil, Jatropha Curcas, and likewise), animal oil (white grease, tallow, poultry fat, and yellow grease), and UCO. By application, it’s fuel (marine, industrial, and automobile), power generation, and agriculture. Persistence Market Research has mentioned these developments with insights in its latest market study entitled “Biodiesel Market”.
Europe holds the largest market share. Germany, in the first quarter of 2021, did export close to 930K tons of biodiesel. The Netherlands, Belgium, and Poland hold the distinction of being the primary consumers of German biodiesel. Also, the government of Germany, in May 2021, did enact a new-fangled biofuel law, as per which the obligated oil companies would be bound to increase usage of bioethanol, biodiesel, and biomethane in transportation for reducing carbon emissions. In the US, federal, state, and local government agencies with various fleets of snowplows, transit, and school buses, garbage trucks, military vehicles, and mail trucks make use of biodiesel blends – B20, in particular. Almost every state of the US has fuelling stations selling biodiesel blends of B20 or even higher.
However, the Asia-Pacific is expected to grow at the highest rate in the biodiesel market. Countries like Vietnam, Indonesia, India, and China are into the promotion of the usage of biodiesel for reducing GHG emissions. Indonesia has turned out to be the very first nation to make a B30 blend of palm-based fuel mandatory. The government herein had allocated 9.59 Mn kiloliters of FAME (Fatty Acid Methyl Ester) for the B30 mandate in the year 2020. In December 2021, an LOI (Letter of Intent) was received by LRE Petroleum from the Indian Oil Corporation for setting up a biodiesel production plant in an Indian state. Persistence Market Research has entailed these facts with future perspectives in its latest market study entitled “Biodiesel Market”.
Persistence Market Research has profiled the key participants in the biodiesel market as Royal Dutch Shell plc, Neste, Archer Daniels Midland Company, Bunge Ltd., Louis Dreyfus Company B.V., Wilmar International Ltd., Repsol S.A., China Petroleum & Chemical Corp (Sinopec Corporation), Cargill Inc., RB Fuels, and Renewable Energy Group, Inc.
Persistence Market Research has also mentioned the recent developments on this count. For instance – SLD Pumps & Power, in February 2022, announced that it had switched to the usage of biodiesel fuel for powering the equipment fleet nationwide. It’s expected that this alteration would curtail consumption of close to 1 Mn liters of the highly polluting mineral diesel every year. Continental Refining Company (CRC), in April 2021, did invest an extra US$ 20 Mn in the biodiesel project. Another piece of the announcement was that the company had further planned to invest US$ 20 Mn extra for acquiring and installing soybean crushing, blending facility, and biodiesel refining at the existing CRC oil refinery located at Somerset, Kentucky.
The global biodiesel market is slated to witness a bio-based transformation in the next 10 years – Persistence Market Research.