Biodiesel Market Size, Share, Growth Analysis, By Feedstock(Vegetable Oils, Animal Fats), By Application(Fuel, Power Generation) - Industry Forecast 2024-2031

Globally, the Asia Pacific region dominated the biodiesel market with a holding of 40% of the overall market. The Asia Pacific region is witnessing rapid growth due to the increasing industrialization and considerable escalation in fuel demand in the transport and power sectors in emerging countries such as Indonesia, China, Thailand, India, and Malaysia. According to a report of ERIA, the total demand of the ASEAN and East Asian Countries will reach nearly 37 million tons by 2035. In addition, the presence of progressive technology, expertise, encouraged exploration, and production capacities are likely to be another major factor to drive the market’s growth during the forecast period.

Moreover, the North American region is expected to have a significant growth at a CAGR of 5.48% during the forecast period. High investments on research & developments and early product adoption is likely to have a positive impact on the biodiesel market in the region. According to Environmental Impact Assessment (EIA), the United States imported about 9.10 million barrels per day of petroleum from around 90 countries across the world in 2019. Petroleum includes refined petroleum, crude oil, hydrocarbon gas liquid products such as gasoline and diesel fuel and biofuels. However, the demand-supply owing to insufficient production capacities and widespread possibility for R&D in the selection of feedstock for the product manufacturing is anticipated to open opportunities for fresh industry players.