Biodiesel Market to Reach at a CAGR of 4.0% by 2021

Biodiesel Market by Feedstock Type (Vegetable Oils (Soybean, Rapeseed, Palm), Animal Fats (Lard/White Grease, Poultry, Tallow), Brown Grease/ Trap Grease), Application (Fuel, Power Generation), and Region - Global Forecast to 2021


Northbrook, IL -- (SBWIRE) -- 12/12/2018 -- According to the new market research report "Biodiesel Market by Feedstock Type (Vegetable Oils (Soybean, Rapeseed, Palm), Animal Fats (Lard/White Grease, Poultry, Tallow), Brown Grease/ Trap Grease), Application (Fuel, Power Generation), and Region - Global Forecast to 2021" The biodiesel market was USD 32.87 Billion in 2015, and is projected to reach USD 41.18 Billion by 2021, at a CAGR of 3.8%, during 2016 to 2021. The biodiesel market is driven by the increasing demand for biodiesel as a fuel in the automotive, marine, railway, and power generation industries.

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The vegetable oils segment is estimated to lead the biodiesel market

Vegetable oils obtained from the feedstock, such as soybean, palm, and rapeseed are used to produce biodiesel. Biodiesel obtained from vegetable oils is preferred across various industries, as it contains less saturated fat that makes it easy to process, thus reducing the overall manufacturing cost. Furthermore, the feedstock required to manufacture vegetable oils is more easily available as compared to animal fats and greases.

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The fuel application segment is estimated to lead the biodiesel market

Fuel is estimated to be the leading segment of the biodiesel market, followed by power generation. Biodiesel is preferred as a fuel, as it reduces wear and tear of the engine and ensures complete fuel combustion. Additionally, biodiesel offers better fuel economy over fossil fuels.

The biodiesel market has been segmented on the basis of feedstock used for products such as vegetable oils, animal fats and others (brown grease/ trap grease); and applications such as fuel, power generation, and others (solvent and cement manufacturing). Amongst the feedstock types, vegetable oils accounted for the majority share of the overall biodiesel market and are expected to continue to do so throughout the forecast period. Vegetable oils are widely used for producing biodiesel as they contain less saturated fat, thus reducing the processing cost. In addition to this vegetable oils are easily available in comparison to animal fats and greases.

The biodiesel market in APAC is expected to grow at the highest CAGR during the forecast period. APAC is the fastest-growing market for biodiesels. While the biodiesel initiatives in Asia-Pacific started, the market in the region has picked up in a very short span of time. The biodiesel production in Asia-Pacific is projected to grow from 6.26 million liters in 2016 to 7.18 million liters by 2018. The Asia-Pacific biodiesel market presents tremendous potential due to the abundant availability of feedstocks such as palm oil (Malaysia, Indonesia, and the Philippines) and waste oil and animal fat (China and Japan).

The rising demand for biodiesel from Europe is expected to be a key factor expected to drive the growth of biodiesel market in the region

Europe is estimated to be the leading market for biodiesel. Germany is estimated to the largest market, while Italy is projected to be the fastest-growing market for biodiesel during the forecast period. The increasing demand from the automotive industry and government initiatives to reduce greenhouse gas emissions is expected to drive the biodiesel market in these countries.

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The key companies profiled in the biodiesel market research report are Archer Daniels Midland Company (U.S.), Wilmar International Limited (Malaysia), Bunge Limited (U.S.), Neste Corporation (Finland), Renewable Energy Group Inc. (U.S.), Louis Dreyfus Company (Netherlands), Cargill Inc. (U.S.), BIOX Corporation (Canada), Munzer Bioindustrie (Austria), and TerraVia Holdings Inc. (U.S.).

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