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Biodiesel Market Trends

Report ID: GMI8262
Published Date: Feb 2024
Report Format: PDF

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Biodiesel Market Trends

The biodiesel industry is experiencing a surge in growth propelled by two key factors including the rising demand for sustainable energy and fluctuating oil prices. As the global awareness of environmental concerns and climate change intensifies, there is a growing emphasis on adopting cleaner and more sustainable energy sources. Biodiesel, derived from renewable resources such as vegetable oils and animal fats, serves as a viable alternative to traditional fossil fuels, significantly reducing carbon emissions. Many countries are aiming to utilise biofuel resources in coming years.

Authors: Ankit Gupta , Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

The market size of biodiesel was reached USD 35.5 billion in 2023 and is estimated to grow at a CAGR of over 7.2% up to 2032, driven by a confluence of environmental concerns, renewable energy initiatives, and a shift towards sustainable fuel alternatives.

The vegetable oil feedstock segment will grow at a CAGR of over 7% through 2032, owing to its abundant and readily available nature.

North America biodiesel market revenue to cross more than USD 26 billion by 2032, driven by the presence of a well-established agricultural sector.

Abellon Clean Energy, Ag Processing, Inc., ALTRET GREENFUELS LIMITED, Anellotech, Archer Daniels Midland Company (ADM), Bunge Ltd., Cargill, Chevron Corporation, Clariant are some of the major industry contenders.