Biodiesels Market to Perceive Substantial Growth | 2026
Being
a clean-burning and renewable fuel, biodiesel is utilized on a large
scale in many of the industries comprising mining, power generation,
automotive, railway, marine and so on. Biodiesel is also assisting
various countries to diminish the dependency on foreign oil reserves
as it is being produced domestically and utilized in a diesel engine
with very little or no modification.
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A
few of the leading players that are presently active in the world
biodiesel market are Mitsui, Archer Daniels Midland Company, Cargill,
Louis Dreyfus, Solvay SA, TerraVia Holdings, Royal Dutch Shell plc.,
Bunge Limited, Ineos Group, and Wilmar International Limited. In a
bid to remain competitive in the market, biodiesel manufacturers ar
emphasizing on promoting awareness about the various benefits of
biofuels, and are also making foray into technology partnerships so
as to produce technically superior products.
As
per the new study by Transparency Market Research (TMR), the world
market for biodiesel is likely to experience substantial growth,
thereby registering a healthy growth rate of around 6.9% CAGR between
the year 2017 and 2026. By the end of 2026 end, the world market for
biodiesel is projected to bring in US$ 64,497.4 million revenue.
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Europe
is Estimated to Continue with its Dominance Over the Period of
Forecast
The
world market for biodiesel has been regionally segmented into the
geographies of South America, North America, Asia Pacific, Middle
East and Africa, and Europe. Of all of these regions, Europe is
anticipated to account for a large chunk of the international market
for biodiesel over the period of the forecast. France and Germany are
the biggest producers of biodiesel in the region of Europe. Europe
also consumes more of diesel and biodiesel than petrol. In the
meanwhile, the supply and demand for biodiesel are gradually soaring
at the same level. The current regime of energy taxation in Europe
also supports biodiesel over ethanol. Furthermore, the Netherlands
comes with the largest surplus in the world market for biodiesel as
compared to the other countries in Europe. Some of the major
applications of biodiesel in Europe comprise power generation, fuel,
lubricating agent, and industrial solvent.
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Increased
Concerns About Greenhouse Emissions to Fuel Market Growth
Rising
concerns about greenhouse gas emissions is resulting in the use of
renewable and clean source of energy. Hence, biodiesel fuels are
rapidly replacing conventional fossil fuels across the globe. The
government in many different countries is also backing eco-friendly
alternatives such as biodiesel. In addition to that, biodiesel is the
only fuel that can be used across many different energy segments such
as electricity, transportation, heat, transportation, hence, this is
also one of the factors contributing towards the soaring demand for
biodiesel. Reducing foreign oil dependency and saving billions spent
on usage of foreign oil is also encouraging production of biodiesel
locally. Meanwhile, energy security is also amongst one of the main
drivers of the biodiesel market. The governments across various
countries are also implementing laws and legislation so as to reduce
dependency on oil and increase the use of renewable energy resources,
thereby fostering the industry of biodiesel.
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