Biodiesel Market Size Worth $73.05 Billion by 2030 at CAGR 10.0%: Grand View Research, Inc.
SAN FRANCISCO, June 9, 2022 -- The global biodiesel market size is projected to reach USD 73.05 billion by 2030, expanding at a CAGR of 10.0% over the forecast period, according to a new report by Grand View Research, Inc. Growing demand for biodiesel as automobile fuel due to its eco-friendly properties, such as the reduced risk of GHG emissions, is expected to drive the industry growth.
Key Industry Insights & Findings from the report:
- The vegetable oil feedstock segment dominated the global market in 2021 and will expand further at a steady CAGR from 2022 to 2030.
- Asia Pacific is projected to be the fastest-growing regional market from 2022 to 2030 over the forecast period.
- The automotive application segment dominated the global market, in terms of consumption, in 2021.
- The regional market of North America is likely to display a moderate growth rate during the projected period.
- The market in the U.S. is likely to grow at a significant growth rate during the forecast period.
Get more Insights from 159-pages full market research report, "Biodiesel Market Size, Share & Trends Analysis Report By Feedstock (Vegetable Oils, Animal Fats), By Application (Fuel, Power Generation), By Region (Europe, APAC), And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Biodiesel Market Growth & Trends
The market is distinguished by the presence of numerous players, the majority of whom are based in North America and Europe. Industry participants are embracing integration strategies to reduce their reliance on raw material suppliers and strengthen their position in the global industry. In 2021, North America accounted for over USD 5,114.7 million.
Environmental support, better regulatory support, geopolitical support, customer support, and economic and agricultural support are all driving the market growth. Biodiesel made from vegetable oils is popular in a variety of industries because the saturated fat content is low, making the production process simple and lowering overall production costs. Furthermore, the feedstock required to produce vegetable oils is more readily available than greases and animal fats. The market is expected to be led by the fuel application type segment, followed by power generation. The Europe region is expected to be the product's primary market. The high product demand from the automotive sector and various government initiatives to reduce GHG emissions are expected to propel market growth.
Biodiesel Market Segmentation
Grand View Research has segmented the global biodiesel market on the basis offeedstock, application, and region:
Biodiesel Market - Feedstock Outlook (Volume, Million Liters; Revenue, USD Million, 2019 - 2030)
- Vegetable Oil
- Canola Oil
- Soybean Oil
- Palm Oil
- Corn Oil
- Animal Fats
- White Grease
Biodiesel Market - Application Outlook (Volume, Million Liters; Revenue, USD Million, 2019 - 2030)
- Power Generation
Biodiesel Market - Regional Outlook (Volume, Million Liters; Revenue, USD Million, 2019 - 2030)
- North America
- Asia Pacific
- Central and South America
- Middle East & Africa
List of Key Players of Biodiesel Market
- FutureFuel Corp.
- Ecodiesel Colombia S.A.
- Manuelita S.A.
- TerraVia Holdings, Inc.
- Renewable Biofuels, Inc.
- Ag Processing, Inc.
- Archer Daniels Midland Company (ADM)
- Wilmar International Ltd.
- Bunge Ltd.
- Cargill, Inc
- Louis Dreyfus Company
Check out more related studies published by Grand View Research:
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- Waste To Diesel Market - The global waste to diesel market is expected to reach USD 942.78 million by 2025, according to a new report by Grand View Research, Inc. Increasing technologies for the conversion of waste owing to stringent environmental regulations has been a major factor driving industry growth. Also, growing demand for biodiesel in industrial machinery sector has led to rising demand for market growth.
- Biofuels Market - The global biofuels market size is expected to reach USD 231.2 billion by 2027, expanding at a revenue-based CAGR of 6.9%, according to a new report by Grand View Research, Inc. Rising environmental concerns and increase in various government policies by countries around the world to form regulations for the blending of biofuel has turned to be the key driver in broadening the market for biofuels.
Browse through Grand View Research's Renewable Energy Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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