Biodiesel Market Is Estimated to Reach $94.9 Billion by 2023

According to the report published by IndustryARC titled “Biodiesel Market: by Source (Vegetable Oil, Animal Fat, Biomass and others); by Blend (B100, B20, B5 and others); By Application (Automotive, Aviation, Industrial, Marine and others) – Forecast (2018 – 2023),” the market is estimated to reach $94.9 billion by 2023

Browse 87 Market Tables, and 35 Figures spread through 188 Pages and go through an in-depth TOC on “Biodiesel Market”

According to a recent study from IndustryARC, the Biodiesel market is forecast to reach $94.9 billion by 2023 and is estimated to grow at a CAGR of 16.82%. The growth in the Biodiesel market can be attributed to the rising environmental awareness and strong demand for Automotive, Aviation, Marine and Industrial applications. 

The market for Biodiesel is all set to exhibit robust development with a broad range of applications introduced in automotive, aviation, and agriculture industry. Biodiesel is made from feedstock, such as vegetable oils, animal fats and by using a chemical process called transesterification, which converts oil and fats into fatty acid methyl ester (FAME). Biodiesel fuels are replacing conventional fossil fuels, as they are renewable and eco-friendly and their demand is increasing with the growing concern about greenhouse gas emissions. Increasing government regulations in many countries to use eco-friendly alternatives such as biodiesel is an additional growth factor for the biodiesel market. 

America was the largest market for biodiesel globally with a revenue of $13.6 billion in 2017. In Europe, the demand for Biodiesel has grown tremendously in the automotive and agriculture sector. In 2009, International Institute for Sustainable Development, found Germany to hold a major share in entire European biodiesel production industry, due to major tax incentives, and the consumption of biodiesel in Germany grew rapidly, which is encouraging Biodiesel Companies to increase their production capacity. Various regulations and projects related to biofuel and biodiesel in the APAC region, are growing the demand for renewable sources of energy such as biodiesel, as an alternative for petrol and diesel.     

Biodiesel manufacturers have utilized mergers and acquisitions as well as product launches as a strategy and enhanced core competencies through additions to product portfolio to gain a foothold in the emerging markets.

The overall market is also presented from the perspective of different geographic regions and the key countries for this industry.  Competitive landscape for each of the product types is highlighted and market players are profiled.