The biodiesel market size was is estimated to be USD 34.1 billion, in 2016, and is projected to reach USD 41.2 billion, by 2021, at a CAGR of 3.8%, between 2016 and 2021. Increasing demand for environmentally-friendly fuels that reduce greenhouse gas emissions and ensure complete burning is an important factor driving the biodiesel market. The support of the government for biodiesel production by providing subsidies and imposing mandates indicates a continued growth of the market.
The vegetable oils segment accounted for the largest share of the market.
Feedstock obtained from vegetable oils such as rapeseed oil, soybean oil, and palm oil accounts for the largest share in the production of biodiesel. The feedstock used in a particular country depends on the availability of crops in that country. For instance, rapeseed oil is currently the most common feedstock used in biodiesel production, followed by soybean oil. Rapeseed oil is commonly used in many European countries for biodiesel production, whereas soybean oil is used in the U.S. and Argentina. Coconut oil and palm oil is used in Malaysia and Indonesia.
Fuel is projected to be the fastest-growing application of biodiesel during the forecast period.
Fuel application accounted for the largest share of in 2015, owing to the increasing consumption of biodiesel fuel in marine, automotive, railway, and agriculture industries. Biodiesel has a higher lubricity (50:1) than that of conventional petroleum diesel, which is also driving its application as fuel.
Biodiesel Market, By Application
Biodiesel is simple to use, biodegradable, and non-toxic in nature and, most importantly, 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. The increasing concern regarding greenhouse gas emissions through the use of fossil fuels is driving the growth of the biodiesel market. Biodiesel reduces emission of greenhouse gases by up to 50% as compared to petroleum diesel; and also has low toxic and carcinogenic aromatic carbon content. The U.S. consumed approximately 2 billion gallons of biodiesel in 2015, which resulted in the reduction of carbon emissions by at least 18.2 million metric tons, according to new U.S. EPA data.
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Feedstock obtained from vegetable oils such as rapeseed oil, soybean oil, and palm oil accounts for the largest share in the production of biodiesel. The feedstock used in a particular country depends on the availability of crops in that country. For instance, rapeseed oil is currently the most common feedstock used in biodiesel production, followed by soybean oil. Rapeseed oil is commonly used in many European countries for biodiesel production, whereas soybean oil is used in the U.S. and Argentina. Coconut oil and palm oil is used in Malaysia and Indonesia.
Fuel is projected to be the fastest-growing application of biodiesel during the forecast period.
Fuel application accounted for the largest share of in 2015, owing to the increasing consumption of biodiesel fuel in marine, automotive, railway, and agriculture industries. Biodiesel has a higher lubricity (50:1) than that of conventional petroleum diesel, which is also driving its application as fuel.
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- Fuel
- Power Generation
- Others(Solvents, Diluent, Coatings, Printing Inks, Adhesives)
- Automotive (On road vehicles, Off road vehicles)
- Marine
- Agriculture
- Others
Market Dynamics
Drivers
Potential to reduce emissions
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