Some of the key companies in the global market for biodiesel include names such as Royal Dutch Shell Plc, TerraVia Holdings, Archer Daniels Midland Company, Wilmar International Limited, Inoes Group, and Bunge Limited among others. All the companies in the market are striving towards expanding their business and are thus indulging into product innovation, mergers and takeovers to enhance their overall market presence.
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New companies are now entering the global market and this is expected to intensify the competition in the market and thus help in the overall development of the global market in the coming years. In a recent development, Growmark Inc., an Illinois based agricultural cooperative company is now ready to offer biodiesel-blended Top Tier Diesel fuel. This new fuel was created by a consortium of OEMSs with an aim of being beneficial for owners of vehicles and equipment that run on diesel. New diesel engines use technology of high pressure common rail with lesser tolerances and more fuel pressure. This is expected to help in driving the overall growth of the market for biodiesel in the coming years of the forecast period.
Being a clean burning and renewable fuel, biodiesel is utilized on a broad scale in numerous industries including power generation, automotive, railway, marine, and mining among others. Biodiesel is also aiding several nations to cut down their dependency on foreign oil reserves as it can be manufactured domestically and used in an engine that runs on diesel with less or almost no modification. The governments across different nations are also putting forward policies that will support the production of biodiesel to cut down the carbon emission and create a positive impact on the environmental health.
The global market for biodiesel is expected to reach an overall valuation of US$64.497 bn by the end of year 2026. This growth of the global market is expected to be achieved with the help of an impressive CAGR of 6.9% over the course of the given forecast period of 2017 to 2026.
What Factors are Augmenting Uptake of Biodiesel across the Globe?
There has been a growing concern about the overall negative impact of greenhouse gases on the environment. This has been one of the leading factors for driving the use of renewable sources of energy across the globe. Thus, biodiesel fuels are now emerging to be the replacements for conventional fuels all across the globe. The governments in the several countries are also lending their support for such eco-friendly alternative for source of energy for fossil fuel and oils.
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However, there are some factors that might impede the growth of the market in the coming years of the forecast period of 2017 to 2026. One of the key restraining factor for the growth of the global market for biodiesel is the consistent fluctuating prices of the raw materials required for the production of biodiesel. In addition to this, the limited availability of the raw materials is also expected to pose some problems for the overall development of the global market for biodiesel in the coming years of the forecast period.
What Propels Dominance of Europe in Global Market?
The global market for biodiesel can be segmented into key regions in terms of geography such as North America, South America, Europe, Asia Pacific, and the Middle East and Africa. The global market has been dominated by Europe over the past few years and is projected to continue to do so in the coming years. One of the big reasons behind such dominance is the presence of largest biodiesel producers in the region in form of France and Germany. In addition to this, there are tax rebates and energy taxation in Europe are expected to play its part in driving the development of market in the coming years.