In-Depth Analysis Of The COVID-19 Impact On The Biodiesel Market | Market Leader

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.

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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.
 
Europe is estimated to account for the largest market share during the forecast period.

Europe is the leading market of biodiesel, globally. However, Europe is projected to grow at a very low CAGR of in terms of volume. This is due to the saturation of biodiesel market in Europe. Asia-Pacific is projected to be the fastest-growing region.

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Recent Developments

• In November, Renewable Energy Group Inc. started expansion of its Ralston, IA bio-refinery worth USD 24 million. This expansion will increase the annual production capacity to 30 million gallon from 12 million gallon and will help the company to serve the increasing demand of biodiesel in the U.S.

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