Market Analysis
Market Research Future (MRFR) expects the global Biofuels Market to grow at a significant pace from 2016 to 2027 (forecast period).
Biodiesel is easy to use, biodegradable, and non-toxic in nature, and it is free of aromatics and sulfur compounds. It produces less greenhouse gases and air pollutants, reduces toxic carbon-based emissions, and can be used in most diesel engines. The growing concern about greenhouse gas emissions caused by the use of fossil fuels is propelling the biodiesel market forward. Biodiesel decreases greenhouse gas emissions by up to 50% compared to petroleum diesel, and it also has a low toxic and carcinogenic aromatic carbon content. According to new EPA data, the United States consumed approximately 2 billion gallons of biodiesel in 2015, resulting in a reduction of carbon emissions of at least 18.2 million metric tonnes. The production of biodiesel by numerous countries has helped them in lessening their dependence on foreign oil reserves, as it is domestically generated and can be utilized in any diesel engine with little or no modifications to the engine or the fuel system. Because of the fluctuating prices of petroleum-based products, biodiesel is becoming a more affordable alternative.
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Substituting conventional fuels with biodiesel blends is regarded as critical for social and environmental reasons; however, there are potential issues if used in vehicles. One example is the increased water separation and fuel foaming when compared to pure fossil fuels. Furthermore, blending with low-stability biodiesel can result in higher levels of injector deposits and corrosion due to the generation of low-molecular-weight acids. There have been reports of this type of damage in the field from OEMs and fuel injection equipment manufacturers. Furthermore, substantial power loss in advanced direct injection engines has been observed as a result of the use of low-quality biodiesel blends. A high-performance diesel fuel additive, also known as a flow improver, can help to prevent such issues.
COVID-19 Impact on the Global Biodiesel Market
The implementation of a series of regulations by governments around the world to deal with the COVID-19 outbreak, like a complete shutdown of manufacturing units, has been found to have an impact on the development of the global biodiesel market.
Market Segmentation
The global biodiesel market has been segmented on the basis of application and type.
Based on application, the global biodiesel market has been segmented into off-grid electricity supply and transportation.
Based on type, the global biodiesel market has been segmented into methanol, biohydrogen, and cellulosic ethanol.
Regional Analysis
Region-wise, the global biodiesel market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
Because of favorable government regulations, North America is predicted to dominate the biodiesel industry. The incorporation of biofuels is expected to increase in the North American region, creating space for further growth in the industry. Europe and the Asia Pacific are the other major regions for the biodiesel market due to the boost in the manufacturing sector in these regions.
Key Players
Notable players in the Biodiesel Market are Enerkem, Abengoa bioenergy, INEOS New Planet BioEnergy, Canergy LLC, Amyris, Poet-DSM Advanced Biofuels LLC.
Summary
The global biodiesel market is predicted to grow at a significant pace from 2016 to 2027 (forecast period). Biodiesel is the only form of renewable fuel that can be used in all energy segments, including electricity, heat, and transportation, which is one of the major factors driving the biodiesel industry's growth. The growing awareness of the depletion of non-renewable energy sources and the need to incorporate renewable energy sources has also added significantly to the growth of the biodiesel market.
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