Global Biodiesel Market to Reach USD 63.4 Billion by 2033, Fostered by Growing Need for Renewable and Clean Fuel Sources

November 21, 2024 | Chemical & Materials

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According to the latest report by IMARC Group, titled “Biodiesel Market Report by Feedstock (Vegetable Oils, Animal Fats, and Others), Application (Fuel, Power Generation, and Others), Type (B100, B20, B10, B5), Production Technology (Conventional Alcohol Trans-esterification, Pyrolysis, Hydro Heating), and Region 2025-2033”, the global biodiesel market reached a value of USD 46.1 Billion in 2024. Biodiesel is a renewable energy source that is a viable substitute for petroleum diesel fuel. It is obtained from vegetable oil, methanol as well as animal and recycled cooking fats. These raw materials are converted into a mixture of the fatty acids that makes the oil through a transesterification reaction. Biodiesel allows farmers to grow the fuel they need for farm machinery as it reduces the carbon footprint of agriculture. In recent years, the leading biofuel manufacturers are introducing advanced technologies that are used for the production of biofuels through biogas, pyrolysis and gasification.

Global Biodiesel Market Trends:

Biodiesel is regarded as a safe, non-toxic, biodegradable and energy efficient material. This helps in mitigating greenhouse gas emissions, and hence is being increasingly utilized nowadays across industries. For instance, biodiesel is extensively used in the automotive industry as it is an excellent lubricator which helps diesel engines to last longer. Besides this, governments of various countries are undertaking research and development (R&D) activities to commercially develop second-generation biofuels to provide energy security and meet the increasing energy needs across the globe. Moreover, biofuels have gained importance in aviation and marine transportation in recent years, with strong policy support and innovation for reducing production costs. For instance, Scandinavian Airlines System (SAS), a Sweden-based airline holding company, aims to replace jet fuel that was used for domestic flights with biofuel by 2030. It also signed an agreement with the Sweden-based fuel company, Preem, to supply renewable aviation fuels to SAS from waste materials, like forestry residues. Looking forward, the market value is projected to reach USD 63.4 Billion by 2033, registering a CAGR of 3.6% during 2025-2033.

Market Summary:

Based on the feedstock, the market has been segmented into vegetable oils, animal fats and others.
On the basis of the application, the market has been segregated into fuel, power generation and others.
The market has been categorized based on the type into B100, B20, B10 and B5.
On the basis of the production technology, the market has been classified as conventional alcohol trans-esterification, pyrolysis and hydro heating.
Region-wise, the market has been divided into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
The competitive landscape of the market has also been examined in the report. Some of the key players operating in the market include Archer Daniels Midland Company (ADM), Wilmar International Limited, Renewable Energy Group Inc., Bunge Limited, Cargill, Incorporated, Neste Oyj, Louis Dreyfus Company B.V., Biox Corporation, Diester Industrie, Biomass Technology Group (BTG) BV, DuPont, POET, Verbio Vereinigte BioEnergie AG, China Clean Energy, Inc., CropEnergies AG and INEOS AG.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2024
Historical Period	2019-2024
Forecast Period	2025-2033
Units	Billion USD
Segment Coverage	Feedstock, Application, Type, Production Technology, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered	Archer Daniels Midland Company (ADM), Wilmar International Limited, Renewable Energy Group Inc., Bunge Limited, Cargill, Incorporated, Neste Oyj, Louis Dreyfus Company B.V., Biox Corporation, Diester Industrie, Biomass Technology Group (BTG) BV, DuPont, POET, Verbio Vereinigte BioEnergie AG, China Clean Energy, Inc., CropEnergies AG and INEOS AG
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Biodiesel Market to Reach USD 63.4 Billion by 2033, Fostered by Growing Need for Renewable and Clean Fuel Sources

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