Global biodiesel market is expected to witness momentous growth over the next seven years. Increasing renewable energy source demand is projected to positively influence the global market. Continuous requirement for clean and green energy is slated to enhance the global biodiesel market growth over the next seven years. Growing ecological concerns are further estimated to bolster the global market.
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Various financial grants and numerous subsidies such as tax incentives from the government are anticipated to aid the global biodiesel market growth. Favorable regulations coupled with high investments are touted to have positive impact on the global biodiesel market over the next seven years. High biodiesel usage in the agriculture industry is predicted to augment the global market growth in the near future. Shift in consumer preference for eco friendly products will further boost the global biodiesel market growth. Raw materials used in biodiesel such as mono-hydric acid are obtained from various processing stage of soya bean oil, vegetable oil and animal fat with fatty acid esters. These easily obtained raw materials reduce the overall production cost, thereby aiding the global biodiesel market. Methanol which is an end-use for biodiesel is expected have an extremely high growth over the forecast period. This trend is estimated to assist the global biodiesel market. Sodium methoxide which is also an end-use for biodiesel is highly preferred in the European region. This is further projected to bolster the regional biodiesel market over the forecast period. Volatile crude oil prices are also predicted to boost the global market growth.
Constant fluctuation in raw material prices of various vegetable oils may emerge as a major hindrance for the overall market. Constant dispute over using basic food products for fuel manufacturing may also hamper the global market growth.
North America has dominated the overall biodiesel market owing to high soya bean production in the region. Europe has also witnessed brisk growth over the last few years due to shift in consumer preference towards environment friendly products. Asia Pacific and Latin America have observed rapid growth over the past few years and are expected to further witness significant growth over the next seven years. Growing demand for public transportation in emerging countries such as India, Thailand, Malaysia, Russia and Brazil is touted to be beneficial for the market. South East Asian countries dominated the biodiesel production sector owing to abundant availability of raw materials.
Major global biodiesel industry participants include Renewable Energy Group (REGI), RBF Port Neches, ADM, Louis Dreyfus Corp and AG Environmental Products.
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