Increasing adoption of biodiesel as an alternative to fossil fuels by automotive and power generation sectors, coupled with rising awareness regarding environmental concerns such as greenhouse gas emissions, are major factors driving the growth of the global biodiesel market. Transportation fuels are used to power vehicles such as cars, trucks, buses, and trains. Biodiesel can be used as a transportation fuel in all these sectors. It is non-toxic and biodegradable. Moreover, it has a high energy density and can be easily transported from one place to another. The rising usage of biodiesel to replace fossil fuels in transportation applications is a major factor driving the growth of the biodiesel market.
According to the International Energy Agency, biofuel consumption for transport is forecast to reach 186.1 billion liters in 2025, a 14% increase from 2019. Globally, biofuels are expected to reach around 5.4% of road transport energy demand in 2025, rising from 4.8% in 2019. Transport fuel demand growth and government policies regarding emissions are expected to drive the demand for biofuels globally. In turn, this drives the demand for biodiesel in the market.
Industrial fuels are used in various industries, such as power generation and heating oil. Biodiesel is used as heating oil in commercial & domestic broilers. By using B100 in power generation, generators allow for the elimination of the byproducts that result in smog, ozone, and sulfur emissions. Using these generators in residential areas around schools and hospitals reduces the poisonous emissions. The rising usage of biodiesel to replace conventional fossil fuels in automotive and power generation applications is estimated to drive the biodiesel market.
On the other hand, biodiesel is used to remove paints and adhesives, for cooking purposes, and to clean up oil spills and grease. Biodiesel is an effective solvent for oil due to its methyl ester component, which considerably lowers the viscosity of crude oil. Additionally, it has a higher buoyancy than crude oil, which later aids in its removal from oil spills. In addition, fluctuating crude oil prices are another major factor driving the growth of the global biodiesel market. Moreover, biodegradability, non-toxicity, and eco-friendly properties are further boosting demand for biodiesel in the global market.
Meticulous Research,® in its latest publication on the ‘Global Biodiesel Market,’ states that the market is expected to reach $51.47 billion by 2029, at a CAGR of 3.6% during the forecast period 2022 to 2029.
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