Biodiesel Market to Reach at a Strong CAGR
Biodiesel Market: Introduction
Transparency Market Research delivers key insights on the global biodiesel market. In terms of revenue, the global biodiesel market is estimated to expand at a CAGR of 6.9% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global biodiesel market.
The global biodiesel market is broadly affected by several factors including increase in usage of biodiesel in various end-use industries such as fuel, agriculture, and power generation. Rise in global demand for fuel has led to significant growth in usage of biodiesel. Increase in production and demand for fuel is expected to be the primary driver of the global biodiesel market.
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Biodiesel Market: Dynamics
Biodiesel is a biodegradable, renewable fuel that is manufactured domestically from vegetable oil or animal fat. Several methods such as common batch processes, ultrasonic methods, and microwave methods are being used to produce biodiesel. Biodiesel obtained from non-mineral sources such as animal fat is used in standard diesel engines.
Biodiesel is a clean-burning and renewable fuel. It is employed on a large scale in several industries such as automotive, marine, mining, and railway. The need to integrate renewable energy sources is driving the demand for biodiesel. Biodiesel is expected to grow in popularity as a replacement for conventional fossil fuels in automotive applications.
Biodiesel is simple to use, biodegradable, and non-toxic. It is free of aromatics and sulfur compounds. It emits lower greenhouse gases and air pollutants, reduces toxic carbon-based emissions, and can be used in most diesel engines. Increasing concern regarding greenhouse gas emissions through the use of fossil fuels is driving the biodiesel market. Biodiesel reduces the emission of greenhouse gases by up to 50% as compared to petroleum diesel; and also has low toxic and carcinogenic aromatic carbon content.
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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