Report Description Report Description and Highlights

Global Biodiesel Market Trends :

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).