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The latest report by IMARC, titled “ Biodiesel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” the global biodiesel market reached a value of US$ 40.6 Billion in 2021. Biodiesel is a renewable energy source that is a viable substitute for petroleum diesel fuel. It is obtained from vegetable oil, methanol as well as animal and recycled cooking fats. These raw materials are converted into a mixture of the fatty acids that makes the oil through a transesterification reaction. Biodiesel allows farmers to grow the fuel they need for farm machinery as it reduces the carbon footprint of agriculture. In recent years, the leading biofuel manufacturers are introducing advanced technologies that are used for the production of biofuels through biogas, pyrolysis and gasification.
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Biodiesel is regarded as a safe, non-toxic, biodegradable and energy efficient material. This helps in mitigating greenhouse gas emissions, and hence is being increasingly utilized nowadays across industries. For instance, biodiesel is extensively used in the automotive industry as it is an excellent lubricator which helps diesel engines to last longer. Besides this, governments of various countries are undertaking research and development (R&D) activities to commercially develop second-generation biofuels to provide energy security and meet the increasing energy needs across the globe. Moreover, biofuels have gained importance in aviation and marine transportation in recent years, with strong policy support and innovation for reducing production costs. For instance, Scandinavian Airlines System (SAS), a Sweden-based airline holding company, aims to replace jet fuel that was used for domestic flights with biofuel by 2030. It also signed an agreement with the Sweden-based fuel company, Preem, to supply renewable aviation fuels to SAS from waste materials, like forestry residues. Looking forward, the market value is projected to reach US$ 52.7 Billion by 2027, registering a CAGR of 4.4% during 2022-2027.
Looking forward, the market value is projected to reach a strong growth during the forecast period (2022-2027).
Market Summary:
Breakup by Feedstock:
• Vegetable Oils
• Animal Fats
• Others
Breakup by Application:
• Fuel
• Power Generation
• Others
Breakup by Type:
• B100
• B20
• B10
• B5
Breakup by Production Technology:
• Conventional Alcohol Trans-esterification
• Pyrolysis
• Hydro Heating
Breakup by Region:
• Asia Pacific
• North America
• Europe
• Latin America
• Middle East and Africa
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Competitive Landscape with Key Players:
Wilmar International Limited
Renewable Energy Group Inc.
Bunge Limited
Cargill
Incorporated
Neste Oyj
Louis Dreyfus Company B.V.
Biox Corporation
Diester Industrie
Biomass Technology Group (BTG) BV
DuPont
POET
Verbio Vereinigte BioEnergie AG
China Clean Energy Inc.
CropEnergies AG
• INEOS AG
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