Biodiesel Market Estimated to Inflate at a Whopping CAGR till 2027; Asserts MRFR :
Market Research Future has published a half-cooked research report on the Biodiesel Market.
Overview:
The Biodiesel Market has been growing steadily over the past couple of years. The increasing demand for energy is a dominant driver of the market. Biodiesel is the only and significant form of renewable fuel utilized across energy segments such as electricity, heat, and transportation.
Governments are initiating programs to introduce various schemes to encourage manufacturers to set up increasing numbers of biodiesel plants which can not only generate the electricity but also dispose of agricultural waste in a carbon-neutral manner tackling the growing pollution. Moreover, the massive uptake of biodiesel as an alternative fuel to power automobiles is escalating the market on the global platform.
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Considering the exponential accruals, the market is garnering currently, Market Research Future (MRFR), in its recently published study report asserts that the Biodiesel Market will witness significant growth by 2027, posting a phenomenal CAGR during the assessment period (2017 – 2027).
Industries such as steel-making and others are using biodiesel for in-house energy generation, reducing carbon emissions while the papermaking companies tap on biopower generation to multiply the profit.
The increasing in environmental policies can foster the growth of the market, driving the demand for the development of innovative alternative power and propulsion technology. As a result of all these commutative efforts, the biodiesel market share is gaining substantial accruals, across the globe.
Power is a significant factor for the development of infrastructure, economic growth, and welfare of a nation. The increasing awareness towards the depleting non-renewable energy sources alongside the demand for integrating the renewable energy sources have significantly contributed to the growth in the biodiesel market share.
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The significant surge in their demand for renewable energy and the favorable government regulations to adopt renewable sources for the energy generation is driving the biodiesel market share. Additionally, Improvements in technology have helped in boosting the growth of the biodiesel market share.
On the other hand, the depleting biomass-based diesel levels which are already below the insufficient level will keep threatening the market players. Nevertheless, the rapidly occurring changes in the climate and the augmenting demand for energy will support the growth of the biodiesel market share in the future as well.
Biodiesel Market - Segmentation
MRFR has segmented the report into three key dynamics
By Type : Bio-hydrogen, Methanol, and Cellulosic ethanol
By Application: Off-grid Electricity Supply and Transportation
By Region: North America, Europe, APAC, and Rest-of-the-World.
Biodiesel Market - Regional Analysis
The North American region dominates the Biodiesel Market owing to favorable government regulations and the integration of biofuels. The U.S. Environmental Protection Agency’s (EPA) recent announcement of renewable volume obligations (RVO) for 2020 is encouraging the market players to expand their production capacities, helping to set compliance for refiners with the Renewable Fuels Standard. These new EPA figures play a vital role in gauging future demand for the biodiesel production in the U.S.
The Europe and Asia Pacific regions account for significant market shares for biodiesel due to the boost in the manufacturing sector in these regions.
Demand for biodiesel in the APAC continues to grow, and foreign producers continue to invest in the region. Besides, the availability of cost-competitive logistics such as ample feedstock, land, and skilled workforce also attracts these investors to shift their production plants in the APAC region.
The European region is serious about the production of biodiesels. Just in the month of November 2018, Germany’s biodiesel quality management association (AGQM) has published a new leaflet on the cold properties of biodiesel, providing valuable, clear and concise information on dealing with biodiesel. It explains basic parameters, standards, and describes the influence of additives and how they work.
Biodiesel Market - Competitive Analysis
The highly competitive biodiesel market share appears to be fragmented due to the presence of several large and small-scale players. The competition in this well-established market is expected to intensify during the review period, witnessing various product innovations. Product launch, agreement partnership, acquisition, and expansion are key strategies traced from the analysis of recent developments of key players. The high growth prospect demonstrated by the market is expected to attract several new entrants to the market.
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Key Players:
Key players leading the biodiesel market share include INEOS New Planet BioEnergy, Canergy LLC, Enerkem, Amyris, Abengoa Bioenergy, and Poet-DSM Advanced Biofuels LLC.
Industry/ Innovation/ Related News
January 11, 2019 – Aemetis Inc. (US), an industrial biotechnology company producing renewable chemicals and fuels using patented microbes and processes announced the completion of a two-year upgrade project undertaken by its Universal Biofuels subsidiary in Kakinada (India) biodiesel and glycerin plant.
The upgrades that took place include the installation of a pre-treatment unit to lower the process cost and waste feedstock into oil, expansion of boiler, and the implementation of environmental systems to enable full production of 50 million gallons per year (MMgy) of biodiesel while simultaneously operating the biodiesel, pre-treatment, and glycerin refining units.
January 10, 2019 – The U.S. Energy Information Administration (EIA) proposed changes to biofuel reporting requirements, seeking public comments on several amendments. EIA intends to make changes within its Petroleum Supply Reporting System, including those related to data collection on biofuels.
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December 19, 2018 --- American GreenFuels LLC (US), a leading producer of environmentally-friendly biodiesel launched a new campaign to upskill consumers about the branded biodiesel-blended heating oil known as Bioheat. The name of the campaign is “You Are What You Heat.
December 17, 2018 --- Crown Oil Ltd (UK), a fuels and lubricants distribution company and a biodiesel supplier introduced a new process upgrade – advanced catalyst reduction and economization (ACRE) for biodiesel manufacturers.
The ACRE process is already running successfully in multiple plants and yielding impressive results in various geographies and with numerous feedstocks. ACRE allows biodiesel processing plants to run at the lowest operating cost and highest efficiency by adding a third transesterification reaction step while also delivering an energy-efficient design for reduced cooling load and steam use.
