
Report ID: SQMIG10D2025
Report ID:
SQMIG10D2025 |
Region:
Global |
Published Date: December, 2024
Pages:
242
|
Tables:
64 |
Figures:
75
Biodiesel Market Drivers
Government Policies and Incentives
Governments around the world are implementing policies to encourage the use of renewable energy sources, such as biodiesel. For example, the US Environmental Protection Agency (EPA) noted that the Renewable Fuel Standard (RFS) requires increased biodiesel production. The RFS aims for 2.43 billion gallons of biomass-based fuel in 2022, demonstrating the commitment to biodiesel as a vital renewable energy source.
Rising Environmental Concerns
Increasing knowledge of climate change and its consequences is driving the transition to cleaner fuels. According to an International Energy Agency (IEA) report, biofuels, including biodiesel, accounted for around 4% of worldwide transport fuel demand in 2020, with growth expected as countries work to reduce greenhouse gas emissions. The growing emphasis on decreasing carbon footprints feeds the need for biodiesel.
Biodiesel Market Restraints
Feedstock Availability and Cost
The cost and availability of feedstock, such as vegetable oils and animal fats, have a significant impact on biodiesel prices. Fluctuations in agricultural output or competition from food production might raise prices, making biodiesel less viable. Furthermore, fluctuations associated with petroleum prices and supply issues associated with crude oil are further anticipated to negatively impact the global biodiesel market growth.
Infrastructure and Distribution Limitations
Blending, storing, and distributing biodiesel necessitates the use of infrastructure. The lack of extensive infrastructure in certain places impedes biodiesel adoption, restricting its growth potential. The expansion of biodiesel feedstock cultivation raises concerns about land use change and potential deforestation. These environmental and sustainability concerns pose restraints on market growth, prompting the industry to address and mitigate the ecological impact associated with biodiesel production.
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Report ID: SQMIG10D2025