worldwide Biodiesel Market size was estimated at USD 56.72 billion in 2023 and is expected to increase at a compound annual growth rate (CAGR) of 9.55% from 2024 to 2031, to reach USD 116.05 billion.

Growth Trajectory:

The biodiesel market has witnessed significant growth in recent years, driven by a confluence of factors including environmental regulations, volatility in crude oil prices, and growing consumer awareness of the need for sustainable energy solutions. According to research reports, the global biodiesel market size was valued at over USD 40 billion in 2020 and is projected to expand further in the coming years.

Top 10 Companies in Biodiesel Market –

• Ag Processing Inc.
• Ecodiesel Colombia S.A.
• Greenergy International Ltd.
• Chevron
• Neste
• Bunge
• Wilmar International Ltd.
• Valero
• FincoEnergies
• Crown Iron Works

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Largest Region: Europe

• North America brought approximately USD 16.59 billion in sales. The region's strong position in the global biodiesel market is a result of increased consumer demand for renewable fuels, technological improvements, and regulatory requirements.
• Europe captured the largest market share of 42.27% in 2023. This dominance is mainly fuelled by numerous factors such as the implementation of robust regulatory frameworks, strong government support, and a well-established infrastructure.

Biodiesel Market Key Drivers:

Environmental Concerns: Biodiesel is hailed for its ability to significantly reduce greenhouse gas emissions compared to traditional diesel fuel. It produces fewer carbon emissions during combustion and is derived from renewable sources such as vegetable oils, animal fats, and recycled cooking oil.

Energy Security: As countries seek to reduce their reliance on imported fossil fuels, biodiesel offers a viable alternative that can be produced domestically, thus enhancing energy security and reducing dependency on foreign oil.

Policy Support: Governments around the world are implementing policies and incentives to promote the use of biodiesel as part of their efforts to mitigate climate change and meet renewable energy targets. Tax incentives, blending mandates, and subsidies are some of the measures adopted to stimulate market growth.

Major Industry Updates in the Biodiesel Market: -

Lakeview RNG, a subsidiary fully owned by NEXT Renewable Fuels, successfully finalized the acquisition of assets associated with the Red Rock Biofuels initiative in Lake County, Oregon. Lakeview RNG launched a strategic revitalization plan with the objective of completing construction on certain sections of the facility while also implementing upgrades to others.

Biodiesel Market Segments:

By Source

• Vegetable Oil
• Animal Fats

By Application

• Fuel
• Power Generation
• Others