(Entertainment-NewsWire.com, August 10, 2021 ) Biodiesel is a diesel fuel surrogate used in diesel engines. The feedstock is obtained from various feedstocks, including vegetable oils such as rapeseed oil, soybean oil and waste & residues. The multiple advantages of using biodiesel include its biodegradability, reduced dependency on conventional fuels, and reduced greenhouse gas emissions. The government policies and tax rebates to support the adoption of biodiesel also add to the growth of the biodiesel market globally. According to Renub Research, the Global Biodiesel Market is projected to reach US$ 50.1 Billion by 2027.
Also, the feedstock used in a particular country relies on the accessibility of crops in that country. For instance, rapeseed oil is presently the most prevalent feedstock used in biodiesel production, followed by soybean oil. Rapeseed oil is usually used in many European countries for biodiesel production, whereas soybean oil is used in the U.S. and Argentina. Furthermore, biodiesel is mixed with diesel to create a blend. This blend comprises pure biodiesel, also referred to as B100, blended with petroleum diesel at varying concentrations. The blends existing in the global biodiesel market are B100, B20, B5, B2 and Others.
In recent years, biodiesel is widely used with diesel engines in many sectors such as industrial fuels, transportation fuels, and the chemical industry. Transportation fuel biodiesel acts as the significant application segment to substitute for automotive fuels to reduce harmful emissions. The increasing demand for clean energy has also fuelled the growth of the global biodiesel market. As per our estimation, the Global Biodiesel Market Size was US$ 34.7 Billion in 2020.
However, the devastating COVID-19 pandemic has had a substantial impression on the global economy at diverse stages, and the influence is also seen on biodiesel demand. With the ongoing crisis caused by the COVID pandemic, manufacturing activities and logistic operations have seen a dip in the biodiesel market. However, demand is anticipated to stabilize once the pandemic situation subsides and recovery of economic activities begins. Notwithstanding, automobiles and agriculture, the significant biodiesel end-users, experienced a downturn in 2020. Furthermore, the market was hit by supply chain disruptions, raw material supply, and government shortages. However, the long-term outlook remains stable, and Renub Research expects the Global Biodiesel Industry to increase with a CAGR of 5.39% during 2020-2027.
Regionally, the global biodiesel market has been segmented into North America, Europe, Asia Pacific and Middle East & Africa. Environmental advantages of biodiesel, easy accessibility, and the federal Renewable Fuels Standard Program have majorly added to the burgeoning demand for biodiesel. Moreover, Brazil, located in the Middle East & Africa, has a mandatory consumption of biodiesel. Most biofuel is intended for domestic consumption. Also, Brazil has different policies and has introduced several programs to encourage the use of renewable energy in the foreseeable future, which is spurring the demand for biodiesel in the country.
Key players operating in the Global Biodiesel Market are Associated British Foods Plc, Chr. Hansen Holding A/S, Koninklijke DSM N.V., Kerry Group and Novozymes. In the coming years, biodiesel is the future fuel of the transportation industry, being environment-friendly swiftly paving market growth globally.
Renub Research latest report titled “Biodiesel Market, Global Forecast by Blend (B100, B20, B5, B2 and Others), Feed Stock Type (Rapeseed Oil Based Feed Stock, Soya bean Oil based Feed Stock, Waste and Residues based feed stock and Others), Application (Industrial Fuels, Transportation Fuels, Chemical Industry and Others), Regions (North America, Europe, Asia Pacific and ROW), Company (Associated British Foods Plc, Chr. Hansen Holding A/S, Koninklijke DSM N.V., Kerry Group and Novozymes)” provides a detailed analysis of Global Biodiesel Industry.
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