biodiesel market share

The global biodiesel market size is expected to increase significantly in the coming years. Biodiesel is basically obtained from animal fats, edible oils, yellow grease, and vegetable oils by a process called transesterification, which converts fats and oils into chemicals. These chemicals derived from all-natural sources act as a direct alternative to fossil fuels and conventional fuels. But the main advantage they provide is to lower greenhouse gas emissions, which according to recent estimates goes far beyond 6 billion metric tons of carbon dioxide.

Shifting focus toward energy independence and rising environmental concerns are primarily driving the biodiesel market demand worldwide. Apart from its key features to reduce greenhouse gas emissions, biodiesel is biodegradable and also a renewable liquid fuel for greener transportation. Being essentially produced domestically and having all aspects of conventional fuels, it reduces reliance on imported oil. In addition, biodiesel producers enjoy some favoring government policies and tax incentives to further boost global Biodiesel Market growth in the coming years.

Presently, the global biodiesel market is in a period of rapid growth and development, creating new opportunities for players in the coming years. The product offers a cetane rating and superior lubrication properties compared to low sulfur diesel fuels which are anticipated to drive product demand. As petrochemical reserves in oil rigs around the world keep depleting, it will wide open the doors for alternative fuel sources like biodiesel. As per recent estimates, the World oil reserves are expected to last until 2050, thus creating concerns among researchers across the world to look for the right alternatives, thereby accelerating the biodiesel market trends during 2020-2026.

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Where the shortage of animal and plant-based raw materials to produce biodiesel has posed several challenges for the manufacturers, the ongoing R&Ds are showing up with some positive results. for instance, algae are the newest source for deriving biodiesel. Several such advancements in the manufacturing techniques and search of alternative raw materials should positively boost biodiesel market outlook during 2020-2026.

Based on the application, the biodiesel market can be separated into two main groups, mainly transportation and power generation. The product can be easily used with existing fuel engines, infrastructure, and vehicles, essentially unchanged. Moreover, it can be used, stored, pumped and burned similar petroleum-based diesel fuel with no modifications required. The transportation segment accounts for a majority of the biodiesel market share with the European region being a topmost product manufacturer, led by countries such as France and Germany.

The Asia-Pacific and European regions are anticipated to offer great opportunities for the biodiesel market, especially in countries such as India, the United Kingdom, and China, with ever-increasing diesel prices and huge numbers of diesel vehicles. As the efficiency of existing raw materials increases, the market is expected to display some sharp growth patterns in the mentioned countries. 

Author Name : Report Hive Research