Biodiesel Global Market Report 2024

Biodiesel Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on biodiesel market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for biodiesel? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The biodiesel market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

• 1) By Feedstock: Vegetable Oil; Animal Fats
• 2) By Production Process: Alcohol Trans Esterification; Hydro-Heating
• 3) By Application: Fuel; Power Generation; Agriculture
• Companies Mentioned: Archer-Daniels-Midland Company; Cargill Incorporated; Renewable Energy Group Inc.; Wilmar International Limited; Bunge Limited
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Biodiesel is an environmentally friendly and biodegradable fuel derived from domestic sources, including vegetable oils, animal fats, and recycled restaurant grease. It serves as a sustainable power source for automobiles, household appliances, and other applications.

The primary feedstocks utilized in biodiesel production are vegetable oils and animal fats. Vegetable oils encompass both edible and non-edible oils extracted from a variety of fruits, seeds, grains, and nuts. Biodiesel is produced through transesterification and hydro-heating processes. Its versatile applications include use as fuel, power generation, and in the agricultural sector.

The biodiesel market research report is one of a series of new reports from The Business Research Company that provides biodiesel market statistics, including biodiesel industry global market size, regional shares, competitors with a biodiesel market share, detailed biodiesel market segments, market trends and opportunities, and any further data you may need to thrive in the biodiesel industry. This biodiesel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The biodiesel market size has grown strongly in recent years. It will grow from $54.95 billion in 2023 to $58.36 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth observed in the historical period can be attributed to several key factors. Firstly, there was an impact from rising crude oil prices, influencing the exploration and adoption of alternative energy sources. Environmental regulations played a significant role in shaping the energy landscape, driving interest in cleaner and sustainable options. Volatility in the supply of fossil fuels, coupled with concerns about energy security, prompted a shift towards more reliable and diverse energy sources. Consumer awareness and preferences for environmentally friendly solutions also contributed to the growth of alternative energy. Additionally, the demand for alternative energy sources in the transportation sector further fueled the expansion during the historic period.

The biodiesel market size is expected to see strong growth in the next few years. It will grow to $74.14 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. Anticipated growth in the forecast period is driven by the global expansion of biodiesel production, heightened attention to sustainable aviation fuels, regulatory biodiesel blending mandates, ongoing advancements in biodiesel distribution infrastructure, and the continual expansion of sustainable agriculture practices. Key trends expected in this period include the integration of advanced technologies in biodiesel production processes, continuous progress in feedstock technology, strategic collaborations and partnerships within the industry, increased investment in biodiesel infrastructure development, and a focus on adhering to biodiesel quality standards and certification processes. These trends underscore the industry's commitment to innovation, sustainability, and meeting regulatory requirements.

The biodiesel market anticipates substantial growth driven by an escalating demand for biofuels. Biofuels, derived from renewable sources like fresh and used vegetable oils, along with animal fats, offer a cleaner-burning alternative. The mounting environmental concerns and a growing push for renewable and sustainable energy sources underscore the significance of biofuels. Biodiesel, a key player in this landscape, contributes to carbon footprint reduction in transportation and various industries. The International Energy Agency's November 2021 report reveals a surge in biodiesel consumption, reaching 47,867 million liters in 2022, up from 43,855 million liters in 2020. The projection indicates a further increase to 51,424 million liters by 2026, substantiating the market's growth amid heightened biofuel demand.

The biodiesel market is poised for growth fueled by an escalating energy demand. Energy demand, reflecting the total energy requirements within defined geographical areas over specific periods, draws attention to the vital role of biodiesel in balancing energy needs with environmental sustainability. As a renewable and cleaner-burning substitute for conventional fossil fuels, biodiesel emerges as a pivotal contributor to curbing greenhouse gas emissions and lessening the environmental impact of transportation. ExxonMobil's August 2023 report projects a substantial surge in global energy demand, expected to reach approximately 660 quadrillion Btu by 2050, marking a 15% increase compared to 2021. This surge in energy demand propels the biodiesel market forward, emphasizing its role in diversifying the energy mix and reducing reliance on traditional fuels.

In the biodiesel market, technological advancements emerge as a pivotal trend, with major players in the biofuel sector directing their focus toward pioneering solutions. Notably, in January 2022, Crown Iron Works, a prominent US-based supplier specializing in oilseed extraction technology, refining plants, and equipment, introduced Advanced Catalyst Reduction and Economization (ACRE). ACRE represents a significant process upgrade aimed at refining biodiesel processing technology. Leveraging a third transesterification reactor to extend residence time and achieve stoichiometric reactions, ACRE maximizes the potential for catalyst reuse. Beyond catalyst reduction, ACRE incorporates energy-efficient features, resulting in cost savings for biodiesel producers on steam and electricity. This innovation, exemplified by ACRE, underscores the ongoing development of new biodiesel processing technologies, promising enhanced efficiency and reduced costs.

Within the biodiesel market, major companies strategically pursue partnerships to fortify their positions. A strategic partnership involves a structured affiliation between commercial enterprises, often formalized through business agreements or contracts. Illustratively, in July 2023, Indian Oil Corporation Limited, a prominent India-based oil and gas company, entered into a strategic partnership with Praj Industries Limited, a leading Indian process and project engineering company. This collaboration is geared toward the production of various biofuels, encompassing Sustainable Aviation Fuel (SAF), Ethanol, Compressed Bio-Gas (CBG), Biodiesel, and Bio-bitumen. The strategic synergy between these entities signifies a concerted effort to contribute significantly to the biofuel sector and strengthen their market foothold.

In June 2022, Chevron, a major US-based energy corporation, executed a strategic acquisition of Renewable Energy Group, a prominent biodiesel production company, for an undisclosed amount. This acquisition strategically positions Chevron to offer affordable, low-carbon solutions, leveraging existing fleets and infrastructure. The collaboration empowers both organizations with enhanced expertise, assets, and customer connections, propelling Chevron to the forefront of renewable fuels within the United States. This strategic move aligns with the industry's trajectory toward sustainable and renewable fuel solutions, showcasing a commitment to market leadership and innovation.

Major companies operating in the biodiesel market report are Archer-Daniels-Midland Company, Cargill Incorporated, Renewable Energy Group Inc., Wilmar International Limited, Bunge Limited, Neste Corporation, BIOX Corporation, Munzer Bioindustrie GmbH, Emami Agrotech Limited, Louis Dreyfus Company B.V., TerraVia Holdings Inc., REG Life Sciences LLC, Crimson Renewable Energy L.P., Green Energy Biofuel LLC, FutureFuel Corp., Delta American Fuel LLC, HERO BX LLC, Western Dubuque Biodiesel LLC, Iowa Renewable Energy LLC, Flint Hills Resources LLC, World Energy Alternatives LLC, Lake Erie Biofuels LLC, Pacific Biodiesel Technologies LLC, SeQuential LLC, White Mountain Biodiesel LLC, Blue Sun Biodiesel LLC, Community Fuels Inc., Newport Biodiesel LLC, Piedmont Biofuels Industrial LLC, and Verbio Vereinigte BioEnergie AG

Western Europe was the largest region in the biodiesel market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the biodiesel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the biodiesel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The biodiesel market consists of sales of biodiesel produced from canola oil, soybean oil, palm oil, and corn oil. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.