Biodiesel Market is projected to expand at a CAGR above 7% from 2014 to 2025
The global biodiesel market is estimated to accumulate significant dividends by 2025, according to a report on Radiant Insights, Inc. It is projected to expand at a CAGR above 7% from 2014 to 2025 (forecast period). Its growth is attributed to adoption of biodiesel as a viable alternative to other fossil fuels. Factors encouraging market growth are government support for biofuel, especially in India and Colombia, and introduction of biofuel-friendly policies. Biodiesel is an alternative fuel derived from the manufacture of vegetable oils, animal fats, and recycled grease to be used in diesel vehicles. Need to curb carbon emissions has led to governments focusing on biodiesel as a viable fuel alternative. However, the production of biodiesel is facing hurdles in the form of uncertain policies as well as volatile feedstock prices. Nevertheless, market prospects remain high, as is evident from the continued adoption of biodiesel fuel in buses. Download sample Copy of This Report...