Being aclean-burning and renewable fuel, biodiesel is utilized on a large scale inmany of the industries comprising mining, power generation, automotive,railway, marine and so on. Biodiesel is also assisting various countries todiminish the dependency on foreign oil reserves as it is being produceddomestically and utilized in a diesel engine with very little or nomodification.
Afew of the leading players that are presently active in the world biodiesel market areMitsui, Archer Daniels Midland Company, Cargill, Louis Dreyfus, Solvay SA,TerraVia Holdings, Royal Dutch Shell plc., Bunge Limited, Ineos Group, andWilmar International Limited. In a bid to remain competitive in the market,biodiesel manufacturers ar emphasizing on promoting awareness about thevarious benefits of biofuels, and are also making foray into technologypartnerships so as to produce technically superior products.
As per thenew study by Transparency Market Research (TMR), the world market for biodieselis likely to experience substantial growth, thereby registering a healthygrowth rate of around 6.9% CAGR between the year 2017 and 2026. By the end of2026 end, the world market for biodiesel is projected to bring in US$ 64,497.4million revenue.
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Europe is Estimated to Continuewith its Dominance Over the Period of Forecast
The worldmarket for biodiesel has been regionally segmented into the geographies ofSouth America, North America, Asia Pacific, Middle East and Africa, and Europe. Of all of these regions, Europe is anticipated to account for a largechunk of the international market for biodiesel over the period of theforecast. France and Germany are the biggest producers of biodiesel in theregion of Europe. Europe also consumes more of diesel and biodiesel thanpetrol. In the meanwhile, the supply and demand for biodiesel are graduallysoaring at the same level. The current regime of energy taxation in Europe alsosupports biodiesel over ethanol. Furthermore, the Netherlands comes with thelargest surplus in the world market for biodiesel as compared to the othercountries in Europe. Some of the major applications of biodiesel in Europecomprise power generation, fuel, lubricating agent, and industrial solvent.
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Increased Concerns About GreenhouseEmissions to Fuel Market Growth
Risingconcerns about greenhouse gas emissions is resulting in the use of renewableand clean source of energy. Hence, biodiesel fuels are rapidly replacingconventional fossil fuels across the globe. The government in many differentcountries is also backing eco-friendly alternatives such as biodiesel. In additionto that, biodiesel is the only fuel that can be used across many differentenergy segments such as electricity, transportation, heat, transportation,hence, this is also one of the factors contributing towards the soaring demandfor biodiesel. Reducing foreign oil dependency and saving billions spent onusage of foreign oil is also encouraging production of biodiesel locally.Meanwhile, energy security is also amongst one of the main drivers ofthe biodiesel market. The governments across various countries arealso implementing laws and legislation so as to reduce dependency on oil andincrease the use of renewable energy resources, thereby fostering the industryof biodiesel.
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