Over the projection period of 2021–2031, the global market is expected to grow at a CAGR of 6.9 percent, reaching US$ 187.6 Bn by the end of the time period.
Diesel fuel made from petroleum can be replaced with biodiesel or, in some situations, combined with it. Biodiesel is more effective in reducing exhaust emissions than petroleum-based diesel fuel. Because it lowers the quantity of carbon dioxide released by the industry, biodiesel is utilised in aviation. Biodiesel is also used by a lot of commercial aeroplanes and military defence aircraft.
The fuel biodiesel, also referred to as "green diesel" or "renewable diesel," is made from petroleum using conventional refining techniques. Researchers are searching for more affordable methods to produce biodiesel using a variety of feedstocks depending on their availability.
When compared to other feedstocks, various technological advancements, such as third-generation biofuels made from algae, can produce a diverse and enormous amount of biofuel and are also helping the industry expand.
Key Takeaways from Market Study
• By 2031, the global biodiesel market will be worth US$ 187.6 billion.
• From 2021 to 2031, the demand for biodiesel fuel is anticipated to grow at a rate of about 5% CAGR.
• Europe is anticipated to have the largest market share for biodiesel worldwide.
Winning Strategy
Manufacturers of biodiesel are continuously focusing on innovation and creating new production techniques that will enable them to cut costs and simplify processes.
Businesses are concentrating their efforts on producing biodiesel from sustainable feedstocks, such as vegetable oil and used cooking oil (UCO). Governments and manufacturers are collaborating with biodiesel suppliers to boost product sales.
Market firms are anticipated to make investments in extending their manufacturing capabilities and geographic reach in order to strengthen their competitive position.
For instance,
• Around 200 buses powered by biofuel or biodiesel were introduced by MAN Truck & Bus in the Norwegian city of Trondheim in 2019 in an effort to reduce the nation's carbon footprint. MAN Truck & Bus provided 105 city buses to Vy Buss and 84 to Tide Buss.
Full Report https://www.factmr.com/report/biodiesel-market
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