According to Fact.MR, a market research and competitive intelligence provider, the global biodiesel market is expected to be worth US$ 96.22 billion in 2021.
Transesterification, a chemical process that converts oil and fats into fatty acid methyl esters, is used in the production of biodiesel from renewable feedstock such as vegetable oils, animal fats, and other sources. It is then used as a fuel in diesel engines. Some of the most common biodiesel raw materials are corn oil, palm oil, canola oil, soybean oil, and jatropha oil.
Due to low production costs, considerable volumes of biodiesel are also created from waste vegetable oil collected from fast food outlets, restaurants, and food manufacturers. Growing crops expressly for biofuel has enormous promise, but current transesterification technology uses waste vegetable oil, which is abundant and requires significantly less processing to convert to biodiesel.
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Key Segments Covered in Biodiesel Industry Research
Biodiesel Market by Feedstock:
- Soybean Oil
- Distillers Corn Oil
- Canola Oil
- Yellow Grease
- Animal Fat
Biodiesel Market by Application:
- Power Generation
- Others (including Transportation and Cooking)
Biodiesel Market by Region:
- North America
- Asia Pacific
- Latin America
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COVID-19 impact on Biodiesel Demand
The COVID-19 pandemic hampered the biodiesel market. The COVID-19 pandemic had a significant impact on the world economy at various points, and the effects can also be observed in biodiesel demand. During the pandemic, major end users of biomass-based diesel, such as automobiles and agriculture, saw a drop in demand. Supplies chain interruptions, a shortage of raw material supply, and the government all had an impact on the market.
New advancements that are now taking place to boost performance qualities will add another good quality to the biodiesel’s characteristics. Government regulations and tax rebates to encourage the use of biomass-based diesel will further contribute to the market growth over the forecast period.
Consumers all across the world are becoming more conscious of the escalating environmental challenges caused by traditional fossil fuels. The increased popularity of renewable and clean energy sources is helping to propel the biodiesel business forward.
Major Biodiesel Market Players
- TerraVia Holdings
- Archer Daniels Midland Company
- Wilmar International Limited
- Bunge Limited
- Louis Dreyfus
- Royal Dutch Shell Plc.
- Ineos Group
- Mitsui Chemicals
- Solvay SA
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The biodiesel market is extremely competitive, with worldwide firms producing technologically-advanced biodiesel-based products. Due to rising demand, leading biodiesel manufacturers are focusing on strengthening their relationships with major distributors and expanding their existing production capacity.
- In February 2022, SLD Pumps & Power (SLD) announced that it shifted to biodiesel fuel for its nationwide equipment fleet. The shift is expected to displace around 1 million litres of highly polluting mineral diesel usage each year.