Globally, depleting petrochemical resources in oil rigs has increased substantial focus and concern towards alternative fuels and renewable sources of energy such as biodiesel. Monopoly of imported petroleum amalgamated with uncontrollable factors of crude oil pricing are some factors arising concerns and drifts towards biodiesel market. As per a newly compiled business intelligence report by IndustryARC, global biodiesel market size is estimated to be $33,102 million as of 2018. As quoted by the analyst “‘Low carbon economy’ has emerged as a mega-trend globally to curb the surfacing ecological turmoil. With renewables gaining traction as an alternative fuel, biodiesel market is gaining profound traction from various sectors including automotive, industrial, aviation, marine, residential and commercial heating, and power generation.” Emerging as an authoritative commodity to be utilized in minimizing greenhouse gas emission, a prime source of CO2 release, the biodiesel market is expected to grow at a CAGR of 7.30% during the forecast period 2019-2025.
European Union targets to obligate 10% of the transport fuel to originate from renewable sources:
Europe guided with strict EU regulations is reckoned to be the leading region mandating the use of biodiesels in various sectors such as the Aviation and Energy. In 2018, Europe led the global biodiesel demand with 38% share in its pocket owing to top importers of biodiesel lodging in the European region. Top 5 global importers of biodiesel are the Netherlands, Belgium, Spain, Germany and France. All these European economies imported 8,872,378 tons of biodiesel in 2018. With immense import quantity, Europe is also implementing biofuels in its Aviation sector. With substantial area of arable lands sanctioned for biodiesel production, Europe has 120 plants in with production capacity of 6,100,000 tons of biodiesel per year.
Sustainable development scenario require renewables to rise from 3.5% in 2018 to 19% by 2040 in global transportation:
With global economies investing into R&D to escape the dependency on expensive fossil fuels for automotive and curb exhaust emission, global biofuels production in transport increased by 6% in 2018. Therefore, in terms of application, automotive is the fastest growing segment, progressing with an application CAGR of 8.55% going through 2025. As per the International Energy Agency, to align with sustainable development scenario, implementation of renewables need to rise from 3.5% in 2018 to 19% by 2040 in global transportation.
Biodiesel Market Growth Drivers and Trends:
to Sideline Monopoly of Petroleum-
Global epidemic of draining petrochemical resources in oil rigs is the foremost element motivating the biodiesel market growth. Instable oil prices have the competence to be the basis of turbulence in economies that can cause adverse economic effects. Biodiesels being an indigenous production and an alternative fuel that can eliminate the reliance on imported petroleum.
R&D Towards Ecological Production-
Researchers at Shoolini University’s School of Biotechnology, India are examining biodiesel originated from a microalgae species, Chlorella pyrenoidosa by developing dairy wastewater as naturally acquired raw material for the algae. This can lead towards development of an economic and ecological means of biodiesel production.
In May 2019, Argentina insisted the U.S. to pace up their review process of anti-dumping duties it presently enforced on biodiesel imports from Argentina, a top exporter of biodiesel. If the tariffs are alleviated or eased, the indigenous vendors in the U.S. can suffer, whereas the Argentines can revive their export portfolio. As of now, the South American biodiesel giant has been hit by trade sanctions for accusations of imbalanced competition.
Biodiesel Market Competitive Landscape:
Some of the key players operating in the global biodiesel market are Archer Daniels Midland Company, Wilmar International Limited, Bunge Limited, Neste Corporation, Renewable Energy Group Inc., Louis Dreyfus Company, Cargill Inc., BIOX Corporation, Munzer Bioindustrie, TerraVia Holdings Inc. Western Dubuque Biodiesel, and XL Renewables.
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A. Biofuel Market
B. Biofuel Additives Market
What can you expect from the report?
The biodiesel market is prepared with the main agenda to cover the following 20 points:
1. Market Size by Product Categories & Application 11. Demand Analysis (Revenue & Volume)
2. Market trends & Relevant Market Data 12. Country level Analysis
3. Manufacturer Landscape 13. Competitor Analysis
4. Distributor Landscape 14. Market Shares Analysis
5. Pricing Analysis 15. Value Chain Analysis
6. Top 10 End user Analysis 16. Supply Chain Analysis
7. Product Benchmarking 17. Strategic Analysis
8. Product Developments 18. Current & Future Market Landscape Analysis
9. Mergers & Acquisition Analysis 19. Opportunity Analysis
10. Patent Analysis 20. Revenue and Volume Analysis
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