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.

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For instance, Shanghai Zhongqi Environment Technology Co., has collaborated with IKEA and Shanghai Bus Logistics Ltd. to create biodiesel from swill cooking oil. Enterprises adopting the fuel source are eligible for future government subsidies and incentives. This would allow Shanghai to take a major leap toward becoming a developed city by 2040. Countries such as Australia and Canada are also adopting this trend and building biodiesel plants to fuel innovation in this sector.

The worldwide biodiesel market  is segmented by feedstock, application, and region. By feedstock, the market is bifurcated into animal fats and vegetable oils. The  animal fats segment is further divided into white grease, tallow, poultry, and others. The last segment is divided into corn oil, palm oil, canola oil, soybean oil, and others. Vegetable oils were preferred over their counterpart since they contain more unsaturated fatty acids than animal fats. This segment accounted for nearly 91% of the market share due to high dividends gained by these products.

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Within the vegetable oils segment, soybean had a large market share in the U.S. due to high production. This can be attributed to government initiatives taken in the U.S. to reduce its reliance on crude oil. Rapeseed was the preferred feedstock in the Europe market, accounting for nearly 50% of the volume. The animal fats segment can expand at a 7.4% CAGR from 2017 to 2025 due to growing meat production globally.

Application-wise, the market is divided into fuel, power generation, and others. The fuel segment is sub-divided into agriculture, marine, automotive, and others. Within the fuel segment, the automotive sector accounted for a 75% market share due to high demand for  biofuel in commercial cars. It is expected to exhibit a 5.1% CAGR from 2017 to 2025. However, this segment is likely to witness a decline in growth with the entry of electric cars. The marine segment is projected to exhibit an 8.4% CAGR from 2017 to 2025 due to its non-toxic nature. The power generation segment is expected to display a CAGR above 4% from 2017 to 2025 with governments finding novel ways to curb carbon emissions.

About Radiant Insights
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