The Biodiesel Market Report 2020-2030: Forecasts by Feedstock {Vegetable Oils (Canola Oil, Soybean Oil, Palm Oil, Corn Oil, Others), Animal Fats (Poultry, Tallow, White Grease, Others)}, By Application (Automotive, Marine, Power Generation, Agriculture, Others), by region and analysis of leading companies operating in this industry.

In 2019, the global market size of biodiesel was projected at USD 30 billion. Growing demand for biodiesel in the automobile and power generation applications to replace traditional fossil fuel is expected to drive development in the industry.

The key parameters for industry players to establish themselves in the industry are expected to be capital investment and technology know-how. Because of the presence of many suppliers, the market is highly fragmented. Nonetheless, in the feedstock distribution for consumer manufacturing, the demand-supply disparity due to inadequate production capacities and broad room for R&D is expected to open opportunities for new industry players.

Vegetable oil was the preferred source for biodiesel output in the United States, where soybean controlled the market owing to the region's high production volumes. The U.S. government's efforts to encourage biofuel to reduce VOC pollution and crude oil reliance are likely to drive production.

The product has the ability to support the existing automotive engine designs that are expected to have a positive impact on the demand for the product. In addition, the mandates given by governments around the world are expected to boost the growth of the fuel industry. Nevertheless, fluctuating costs for raw materials over the forecast timeframe are likely to have an effect on product pricing.

To order to drive demand for biodiesel, the growing threat of fossil fuel decline and the need to incorporate renewable energy sources in the energy mix are expected. Unlike other biofuels, the material can be produced in the current diesel manufacturing facility, which is projected to have a significant impact on the industry.

Relative to animal fat, the processing costs of biodiesel derived vegetable oils are relatively lower owing to fast manufacturing process, ample supply of raw materials and high oil yield. Biodiesel costs, however, do not vary significantly across the globe, since producers in various regions use identical feedstocks, which are readily available on the market.

Notes for Editors
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