The global Biodiesel Market is estimated to surpass $47 billion mark by 2023 growing at an estimated CAGR of more than 7.3% during 2018 to 2023. The key factors for the growth of this market are minimizing storage issues with stability and transportation issues with high cost of delivered fuel compared to fossil fuels; it can reduce the ecological problems such as global warming, greenhouse effect and pollution.
What is Biodiesel?
Biodiesel is made from renewable feedstock such as vegetable oils, animal fats, and others by using a chemical process called Transesterification, which converts oil and fats into fatty acid methyl esters. It is used as a replacement for petroleum diesel fuel, or can be mixed with petroleum diesel fuel with other proportion. Biodiesel is capable to reduce exhaust emission as compared to petroleum diesel fuel. It is majorly used in Automotive, Aviation, Industrial, Marine, Agriculture and Mining.
What are the major applications for Biodiesel ?
The various end users assessed include Automotive, Power generation, Residential and commercial heating, Mining, Agriculture and Aviation Industries. It is used in aviation because biodiesel can reduce the emission of carbon dioxide by the aviation industry. It is also used in different commercial flights and military defense aircrafts. Biodiesel is used in marine industry also as it is a good material as shipping fuel, being biodegradable, non-toxic and essentially free of sulphur and aromatics. Biodiesel are used as a replacement for standard heating oil (kerosene) in oil fired heating boilers for both domestic and commercial applications. Biodiesel provides an opportunity for farmers to create demand for the crops they grow through on farm use. Farmers recognize that biodiesel is a high quality product to use in their farm equipment.
Market Research and Market Trends of Biodiesel
- The California Air Resource Board (CARB) has certified a biodiesel additive that will make B20 blends, the cleanest and diesel fuel with the lowest emissions profile in the US. The additive reduces every measurable regulated emission in biodiesel, including nitrogen oxides, when blended with California's unique diesel formulation called CARB diesel.
- Plant oils are being converted into biofuel by researchers so that they become suitable for use in standard diesel engines, but a significant proportion of the fuel is burned to carry out the refining. By using a combination of three catalysts scientists in Germany have found a way to transform chemicals derived from plants into a biodiesel that meets the boiling characteristics required by the EN 590 standard set by the European Committee for Standardization and for commercial diesel sold in the EU they have been able to blend rapeseed oil methyl ester (RME) — a common raw material for making biofuels — and ethylene into a fuel with the same boiling profile as petro diesel.
Who are the Major Players in Gallium Nitride market?
The companies referred in the market research report includes Neste corporation, Renewable Energy group Inc., Solazyme Inc., Renewable Biofuels Inc. and more than 10 other companies.
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