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The global energy demand has been on the rise in recent years. The rising energy demand has seen the carbon emissions to rise with more utilization of conventional fuels and, therefore also the need for substitute fuels for energy production. The biodiesel fuel is manufactured using the domestic and animal waste acts as a replacement for the conventional fuels in various sectors of its application. The multiple advantages of using biodiesel are its biodegradability, reduced dependency on conventional fuels and, reduced greenhouse gas emissions.
The government policies and tax rebates to support the adoption of biodiesel will also fuel the growth of the biodiesel market in the given forecast period. The technological advancements taking place to improve the performance characteristics will add one more positive attribute towards the characteristics of the biodiesel. With most of the market currently concentrated in particular regions the market is set to flourish in the other regions in the coming years and thus inviting more investments and propelling its growth.
Based on the feedstock, the global biodiesel market can be segmented into vegetable oil and animal fats. The vegetable oil is further segmented into soybean, rapeseed, palm, and others. Similarly, the animal fats segment is further segmented into poultry, tallow, and lard/white grease.
Key Market Driver -
Key Market Driver – Good performance characteristics with reduced carbon emissions
Key Market Restraint -
Key Market Restraint – Insufficient availability of feedstock
The vegetable oil segment has dominated the market in recent years, and the trend is set to continue over the given forecast period. Based on its application the global biodiesel market can be segmented into transportation and power generation. The transportation segment acts as the major application segment for biodiesel to act as a substitute for automotive fuels to reduce harmful emissions.
The key market driver for the global biodiesel market is the increasing demand for clean energy, which has fuelled its growth. The reduced carbon emissions and its biodegradability are the other characteristics that have helped the market of biodiesel to rise. The technological advancements and government support in using biodiesel will also boost the growth of the global biodiesel market.
Key market restraint for the global biodiesel market is the lack of availability of the feedstock for biodiesel generation. The other factor which can hamper the growth of the biodiesel market during the given forecast period is the performance concerns of biodiesel.
Key players operating in the global biodiesel market are FutureFuel Chemical Company, Algenol, Bangchak Corporation Public Company Limited, Archer Daniels Midland Company, Bangchak Corporation Public Company Limited, Bunge, Cargill, LanzaTech, Neste, Blue Marble Energy (Acquired), American Energy Corporation, ACCIONA, XL Renewables, Inc., Green Biologics Ltd., Algenol, Chemtex, Dupont, and TMO Renewables.
The global biodiesel market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Currently, North America and Europe have been the dominating region in the market owing to the spending done on renewable energy sources and the technological advancements taking place in the region. Another factor that has driven the market in both regions has been the availability of the required feedstock. Government support to reduce the carbon emissions via tax rebates over biofuels is the other factor that has led to growth of both the regions.
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During the given forecast period The Asia Pacific region holds immense opportunities for the growth of the biodiesel market. The factor which would be adding up to the growth of the market is the increasing population and energy demand. Asia Pacific region has a good agriculture base in China and India, which would help in satisfying the requirement for the raw material of biodiesel. Also the Latin America region can emerge as one of the major exporters for the feedstock of biodiesel over the given forecast period.
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