Global Biodiesel Market

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

Report ID: SQMIG10D2025 | Region: Global | Published Date: February, 2024
Pages: 242 | Tables: 64 | Figures: 75

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FAQs

Biodiesel Market size was valued at USD 40 billion in 2019 and is poised to grow from USD 42.69 billion in 2023 to USD 64.27 billion by 2031, growing at a CAGR of 5.25% in the forecast period (2024-2031).

The global biodiesel market is fairly concentrated, with a few big and medium-sized players accounting for a large portion of market revenue. Major players are implementing numerous tactics, including acquisitions, strategic agreements and contracts, and mergers. For instance, in 2021, Continental Refining Company, Kentucky to invest additional USD 20 million in a biodiesel project. They announced that it is moving forward with plans to invest USD 20 million to acquire and install a soybean crushing, biodiesel refining and blending facility at the current CRC oil refinery in Somerset, Kentucky. 'Neste Corporation', 'Archer Daniels Midland Company', 'Cargill Incorporated', 'Wilmar International Limited', 'Renewable Energy Group, Inc.', 'Louis Dreyfus Company', 'Bunge Limited', 'BIOX Corporation', 'Royal Dutch Shell plc', 'TotalEnergies', 'BASF SE', 'Evonik Industries AG', 'Dow Inc.', 'DuPont de Nemours, Inc.', 'Novozymes A/S', 'Eni S.p.A.', 'Sinopec Corp.', 'Mitsubishi Chemical Holdings Corporation', 'Chemrez Technologies, Inc.', 'Crown Iron Works Company'

The rising concerns regarding greenhouse gas emissions due to the use of fossil fuels is creating a paved way for the growth of the global biodiesel market. It lowers the emission of greenhouse gasses up to 50% as compared to petroleum diesel and has low toxic and carcinogenic aromatic carbon content. Due to this, manufacturers of biodiesel from several countries have prevented their dependence on foreign oil reserves, as it can be domestically produced and can be consumed in any diesel engine with little or no alterations to the engine or fuel system.

Raising crude oil prices is driving countries and manufacturers to switch towards biodiesel. Vegetable oils are playing a major role in the production of biodiesel and have many benefits as compared to crude oil such as lower cost, reduces emissions of GHG. As a result, the demand for biodiesel is increasing continuously across the globe.

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.

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