Biodiesel Market
Biodiesel Market Study by Soybean Oil, Distillers Corn Oil, Canola Oil, Yellow Grease, and Animal Fat Feedstock for Fuel, Agriculture, and Power Generation from 2024 to 2034
Analysis of Biodiesel Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Biodiesel Market Outlook (2024 to 2034)
The global biodiesel market size is forecasted to reach a value of US$ 226.6 billion by the end of 2034, up from US$ 116.3 billion in 2024. Worldwide demand for biodiesel is forecasted to increase at a CAGR of 6.9% through 2034.
Biodiesel is highly sought after in the automotive industry due to its lower GHG emissions. Its demand in the United States is projected to grow at a significant pace over the forecast period, given the country is one of the largest soy producers where soy is used as feedstock for biodiesel production post-crushing.
- In 2019, soybean oil was the predominant feedstock for biodiesel production, accounting for US$ 83.3 billion, followed by corn oil and canola oil.
Growing inclination toward replacing fossil fuels, which contribute to higher GHG emissions, with biofuel and other renewable and biodegradable resources is contributing to the expansion of the biodiesel market size. Rising demand for environmentally friendly and GHG emission-reducing gas is projected to drive biodiesel market growth. Government assistance such as subsidies and mandates indicates the market’s continued expansion worldwide during the forecast period.
| Report Attributes | Details |
|---|---|
| Biodiesel Market Size (2024E) | US$ 116.3 Billion |
| Projected Market Value (2034F) | US$ 226.6 Billion |
| Global Market Growth Rate (2024 to 2034) | 6.9% CAGR |
| China Market Value (2034F) | US$ 31.9 Billion |
| Canada Market Growth Rate (2024 to 2034) | 5% CAGR |
| North America Market Share (2024E) | 21.6% |
| East Asia Market Value (2034F) | US$ 55.7 Billion |
| Key Companies Profiled | Bunge Ltd.; Cargill Inc.; Neste Oyj; Wilmar International Ltd.; Renewable Energy Group Inc.; Louis Dreyfus Company; BIOX Corporation; Emami Group |
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What are the Key Biodiesel Market Trends Benefitting Manufacturers?
“Government Regulations and Tax Incentives Supporting Use of Biodiesel”
Market growth is driven by increasing environmental awareness and the desire for energy self-sufficiency. Biodiesel is a recyclable fuel that presents a cleaner alternative for transportation. Its domestic production also promotes market growth by reducing reliance on imported petroleum. Government regulations and tax incentives are encouraging and supporting the use of biodiesel by driving the market growth over the projected period.
Government-enacted laws and policies have opened up opportunities for exports, feedstock development, and the production of related products. Variable petrochemical reserves on global oil rigs are projected to boost biodiesel consumption over the forecast period. Petroleum reserves are estimated to be exhausted by 2050.
What are the Current Obstacles Impacting Biodiesel Sales Growth?
“Limited Agricultural Land Availability and Increasing Demand for Oil and Fats”
Biodiesel production faces potential obstacles due to limited agricultural land, increasing demand for oil and fats, and a growing population. Market growth is projected to be negatively affected by various regulations, restrictions, and fluctuations in crude oil prices. A significant challenge for the market is the high operational costs associated with biodiesel, which could further inhibit market growth.
Use of biodiesel B20 blends when combined with diesel engine oil affects performance and shortens the oil drain intervals on diesel engines. Some engine manufacturers limit the use of biodiesel in specific applications to prevent any potential negative effects on the engine over its lifespan and to ensure compliance with the manufacturer’s guidelines.
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Country-wise Insights
Fact.MR, a market research and competitive intelligence provider, through its newly published analysis, asserts that East Asia is projected to hold a 24.6% share of the global market by 2034. Key market players are collaborating with regional market players for the efficient production of biodiesel worldwide.
What is Driving Steady Market Growth in the United States?
“Intense Research and Development Activities Leading to Innovations in Biodiesel Production”
| Attribute | United States |
|---|---|
| Market Value (2024E) | US$ 18 Billion |
| Growth Rate (2024 to 2034) | 4.9% CAGR |
| Projected Value (2034F) | US$ 29.1 Billion |
The United States is projected to account for 71.7% of the North American biodiesel market share by 2024 end. Biodiesel is one of the most widely used fuels globally, with the United States leading as its top producer. Factors such as the government’s Renewable Fuel Standard program and easy accessibility to resources have contributed to market growth.
- The United States Department of Agriculture has reported that farms spanning 1,000 acres can generate an additional profit of US$ 32,823 from biodiesel.
The market for biodiesel is projected to expand further due to intense research and development activities and the added benefits that incentivize fuel production. Scientists in the United States are innovating new techniques to produce biodiesel from food waste.
- For example, a multidisciplinary team of scientists at the Worcester Polytechnic Institute is investigating methods to utilize food waste to replace oil-based diesel with a renewable and affordable alternative.
- According to the Environmental Protection Agency, approximately 2 tons of household food was discarded in landfills or combustion facilities in the United States in 2018. Besides contributing to climate change, food waste also releases methane when it is deposited in landfills.
Which Factors are Supporting Biodiesel Production in China?
“Growing Emphasis on Converting Food Waste into Biodiesel”
| Attribute | China |
|---|---|
| Market Value (2024E) | US$ 14.8 Billion |
| Growth Rate (2024 to 2034) | 8% CAGR |
| Projected Value (2034F) | US$ 31.9 Billion |
Performance of the market in China is influenced by several key factors. Government support and the National Development and Reform Commission's (NDRC) clear plan for biodiesel production and relevant feedstock harvesting plays a crucial role. The market is also supported by ongoing research and development efforts aimed at solidifying production technologies.
Identification and procurement of key organic sources for production are vital. The global biodiesel market trend toward low-carbon development and the link between biodiesel and carbon reduction has also contributed to the market growth. Scientists in China are exploring innovative methods such as converting food waste into biodiesel which not only provides a renewable energy source but also addresses environmental concerns.
Category-wise Insights
Canola oil feedstock is estimated to claim a leading market share of 22.5% in 2024. Canola oil sales are forecasted to generate US$ 51.7 billion worth of revenue by the end of 2034, up from US$ 26.2 billion in 2024.
How are Biodiesel Manufacturers Benefitting from Use of Soybean as Feedstock?
“Greater Affordability of Soybean Oil Compared to Other Vegetable Oils”
| Attribute | Soybean |
|---|---|
| Segment Value (2024E) | US$ 15.2 Billion |
| Growth Rate (2024 to 2034) | 6.7% CAGR |
| Projected Value (2034F) | US$ 29.2 Billion |
Biodiesel manufacturers in the United States predominantly use soybean oil as their main vegetable oil source, and this oil is offering promising growth opportunities for biodiesel producers. The low cost of soybean oil is a key factor driving its extensive use in biodiesel production. The use of low linolenic (LL) soybean oil in biodiesel has led to increased production.
LL soybean oil, with its superior oxidative stability, enables the production of high-quality biodiesel. Soybean oil occupies a leading share of the overall renewable feedstock consumption for biodiesel synthesis. This dominance is attributed to the technical expertise of manufacturers and the high oil yield offered by these products.
Why is Biodiesel Being Extensively Used as Fuel?
“Strict Government Regulations Aimed at Reducing Emissions Boosting Demand for Biofuels”
| Attribute | Fuel |
|---|---|
| Segment Value (2024E) | US$ 14.1 Billion |
| Growth Rate (2024 to 2034) | 7.6% CAGR |
| Projected Value (2034F) | US$ 29.2 Billion |
Studies suggest that fuel is set to become a significant application segment for biodiesel. The extensive use of biodiesel as fuel in various domestic and household applications is contributing to market growth. Commercial vehicles are projected to increasingly adopt clean fuel as a substitute for crude oil.
The growing number of pollutants released by vehicles coupled with rising environmental concerns and global warming are boosting demand for biofuel. As government regulations tighten and the demand for cleaner fuels increases, the market for alternative fuels is projected to expand.
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Competitive Landscape
Market growth is being driven by several factors, including evolving consumer preferences, technological advancements, and global economic conditions. Several key players in the biodiesel market are Bunge Ltd., Cargill Inc., Neste Oyj, Wilmar International Ltd., Renewable Energy Group Inc., Louis Dreyfus Company, BIOX Corporation, and Emami Group.
- In 2022, Fluor Corporation received a contract for front-end engineering and detailed EPC services on a reimbursable basis from Imperial. This contract is part of an imperial plan to establish a top-tier renewable diesel complex at the Strathcona refinery in Canada.
- In 2022, SLD Pumps & Power (SLD) made a significant change by opting for biodiesel fuel to power its equipment fleet across the country. This switch is projected to reduce the usage of around 1 million liters of mineral diesel, which is known for its high pollution levels every year.
Key Segments of Biodiesel Market Research
-
By Feedstock :
- Soybean Oil
- Distillers Corn Oil
- Canola Oil
- Yellow Grease
- Animal Fat
-
By Application :
- Fuel
- Agriculture
- Power Generation
-
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
Table of Content
- 1. Executive Summary
- 2. Market Overview
- 3. Key Market Trends
- 4. Key Success Factors
- 5. Market Background
- 6. Global Market Volume (Units) Analysis 2018 to 2023 and Forecast, 2024 to 2034
- 7. Global Market - Pricing Analysis
- 8. Global Market Value Analysis 2018 to 2023 and Forecast, 2024 to 2034
- 9. Global Market Analysis 2018 to 2023 and Forecast 2024 to 2034, by Feedstock
- 9.1. Soybean Oil
- 9.2. Distillers Corn Oil
- 9.3. Canola Oil
- 9.4. Yellow Grease
- 9.5. Animal Fat
- 10. Global Market Analysis 2018 to 2023 and Forecast 2024 to 2034, by Application
- 10.1. Fuel
- 10.2. Agriculture
- 10.3. Power Generation
- 10.4. Others (including Transportation and Cooking)
- 11. Global Market Analysis 2018 to 2023 and Forecast 2024 to 2034, by Region
- 11.1. North America
- 11.2. Latin America
- 11.3. Europe
- 11.4. East Asia
- 11.5. South Asia
- 11.6. Oceania
- 11.7. Middle East and Africa (MEA)
- 12. North America Market Analysis 2018 to 2023 and Forecast 2024 to 2034
- 13. Latin America Market Analysis 2018 to 2023 and Forecast 2024 to 2034
- 14. Europe Market Analysis 2018 to 2023 and Forecast 2024 to 2034
- 15. South Asia Market Analysis 2018 to 2023 and Forecast 2024 to 2034
- 16. East Asia Market Analysis 2018 to 2023 and Forecast 2024 to 2034
- 17. Oceania Market Analysis 2018 to 2023 and Forecast 2024 to 2034
- 18. Middle East and Africa Market Analysis 2018 to 2023 and Forecast 2024 to 2034
- 19. Key and Emerging Countries Market Analysis 2018 to 2023 and Forecast 2024 to 2034
- 20. Market Structure Analysis
- 21. Competition Analysis
- 21.1. TerraVia Holdings
- 21.2. Cargill
- 21.3. Archer Daniels Midland Company
- 21.4. Wilmar International Limited
- 21.5. Bunge Limited
- 21.6. Louis Dreyfus
- 21.7. Royal Dutch Shell plc
- 21.8. Ineos Group
- 21.9. Mitsui
- 21.10. Solvay SA
- 22. Assumptions and Acronyms Used
- 23. Research Methodology
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List Of Table
Table 01: Global Market Volume (Mn liters) Analysis and Opportunity Assessment 2018 to 2034, By Feedstock
Table 02: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Feedstock
Table 03: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Application
Table 04: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Region
Table 05: North America Market Value (US$ Mn) Analysis 2018 to 2023 and Forecast 2024 to 2034, By Country
Table 06: North America Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Feedstock
Table 07: North America Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Application
Table 08: Latin America Market Value (US$ Mn) Analysis 2018 to 2023 and Forecast 2024 to 2034, By Country
Table 09: Latin America Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Feedstock
Table 10: Latin America Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Application
Table 11: Europe Market Value (US$ Mn) Analysis 2018 to 2023 and Forecast 2024 to 2034, By Country
Table 12: Europe Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Feedstock
Table 13: Europe Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Application
Table 14: South Asia Market Value (US$ Mn) Analysis 2018 to 2023 and Forecast 2024 to 2034, By Country
Table 15: South Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Feedstock
Table 16: South Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Application
Table 17: East Asia Market Value (US$ Mn) Analysis 2018 to 2023 and Forecast 2024 to 2034, By Country
Table 18: East Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Feedstock
Table 19: East Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Application
Table 20: Oceania Market Value (US$ Mn) Analysis 2018 to 2023 and Forecast 2024 to 2034, By Country
Table 21: Oceania Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Feedstock
Table 22: Oceania Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Application
Table 23: Middle East and Africa Market Value (US$ Mn) Analysis 2018 to 2023 and Forecast 2024 to 2034, By Country
Table 24: Middle East and Africa Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Feedstock
Table 25: Middle East and Africa Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2034, By Application
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List Of Figures
Figure 01: Global Market Volume (in Mn liters) Analysis, 2018 to 2023
Figure 02: Global Market Volume Forecast (in Mn liters), 2024 to 2034
Figure 03: Pricing Analysis (US$) Per Product, By Region, 2021
Figure 04: Pricing Analysis (US$) Per Product, By Region, 2021
Figure 05: Global Market Value Analysis (US$ Mn), 2018 to 2023
Figure 06: Global Market Value Forecast (US$ Mn), 2024 to 2034
Figure 07: Global Market Absolute $ Opportunity, 2024 to 2034
Figure 08: Global Market Share Analysis (%), By Feedstock, 2024 to 2034
Figure 09: Global Market Y-o-Y Analysis (%), By Feedstock, 2024 to 2034
Figure 10: Global Market Attractiveness Analysis by Feedstock, 2024 to 2034
Figure 11: Global Market Share Analysis (%), By Application, 2024 to 2034
Figure 12: Global Market Y-o-Y Analysis (%), By Application, 2024 to 2034
Figure 13: Global Market Attractiveness Analysis by Application, 2024 to 2034
Figure 14: Global Market Share Analysis (%), By Region, 2024 to 2034
Figure 15: Global Market Y-o-Y Analysis (%), By Region, 2024 to 2034
Figure 16: Global Market Attractiveness Analysis by Region, 2024 to 2034
Figure 17: North America Market Value Share, By Feedstock, 2023 (E)
Figure 18: North America Market Value Share, By Application, 2023 (E)
Figure 19: North America Market Value Share, By Country, 2023 (E)
Figure 20: North America Market Value Analysis (US$ Mn), 2018 to 2023
Figure 21: North America Market Value Forecast (US$ Mn), 2024 to 2034
Figure 22: North America Market Attractiveness Analysis by Feedstock, 2024 to 2034
Figure 23: North America Market Attractiveness Analysis by Application, 2024 to 2034
Figure 24: North America Market Attractiveness Analysis by Country, 2024 to 2034
Figure 25: Latin America Market Value Share, By Feedstock, 2023 (E)
Figure 26: Latin America Market Value Share, By Application, 2023 (E)
Figure 27: Latin America Market Value Share, By Country, 2023 (E)
Figure 28: Latin America Market Value Analysis (US$ Mn), 2018 to 2023
Figure 29: Latin America Market Value Forecast (US$ Mn), 2024 to 2034
Figure 30: Latin America Market Attractiveness Analysis by Feedstock, 2024 to 2034
Figure 31: Latin America Market Attractiveness Analysis by Application, 2024 to 2034
Figure 32: Latin America Market Attractiveness Analysis by Country, 2024 to 2034
Figure 33: Europe Market Value Share, By Feedstock, 2023 (E)
Figure 34: Europe Market Value Share, By Application, 2023 (E)
Figure 35: Europe Market Value Share, By Country, 2023 (E)
Figure 36: Europe Market Value Analysis (US$ Mn), 2018 to 2023
Figure 37: Europe Market Value Forecast (US$ Mn), 2024 to 2034
Figure 38: Europe Market Attractiveness Analysis by Feedstock, 2024 to 2034
Figure 39: Europe Market Attractiveness Analysis by Application, 2024 to 2034
Figure 40: Europe Market Attractiveness Analysis by Country, 2024 to 2034
Figure 41: South Asia Market Value Share, By Feedstock, 2023 (E)
Figure 42: South Asia Market Value Share, By Application, 2023 (E)
Figure 43: South Asia Market Value Share, By Country, 2023 (E)
Figure 44: South Asia Market Value Analysis (US$ Mn), 2018 to 2023
Figure 45: South Asia Market Value Forecast (US$ Mn), 2024 to 2034
Figure 46: South Asia Market Attractiveness Analysis by Feedstock, 2024 to 2034
Figure 47: South Asia Market Attractiveness Analysis by Application, 2024 to 2034
Figure 48: South Asia Market Attractiveness Analysis by Country, 2024 to 2034
Figure 49: East Asia Market Value Share, By Feedstock, 2023 (E)
Figure 50: East Asia Market Value Share, By Application, 2023 (E)
Figure 51: East Asia Market Value Share, By Country, 2023 (E)
Figure 52: East Asia Market Value Analysis (US$ Mn), 2018 to 2023
Figure 53: East Asia Market Value Forecast (US$ Mn), 2024 to 2034
Figure 54: East Asia Market Attractiveness Analysis by Feedstock, 2024 to 2034
Figure 55: East Asia Market Attractiveness Analysis by Application, 2024 to 2034
Figure 56: East Asia Market Attractiveness Analysis by Country, 2024 to 2034
Figure 57: Oceania Market Value Share, By Feedstock, 2023 (E)
Figure 58: Oceania Market Value Share, By Application, 2023 (E)
Figure 59: Oceania Market Value Share, By Country, 2023 (E)
Figure 60: Oceania Market Value Analysis (US$ Mn), 2018 to 2023
Figure 61: Oceania Market Value Forecast (US$ Mn), 2024 to 2034
Figure 62: Oceania Market Attractiveness Analysis by Feedstock, 2024 to 2034
Figure 63: Oceania Market Attractiveness Analysis by Application, 2024 to 2034
Figure 64: Oceania Market Attractiveness Analysis by Country, 2024 to 2034
Figure 65: Middle East and Africa Market Value Share, By Feedstock, 2023 (E)
Figure 66: Middle East and Africa Market Value Share, By Application, 2023 (E)
Figure 67: Middle East and Africa Market Value Share, By Country, 2023 (E)
Figure 68: Middle East and Africa Market Value Analysis (US$ Mn), 2018 to 2023
Figure 69: Middle East and Africa Market Value Forecast (US$ Mn), 2024 to 2034
Figure 70: Middle East and Africa Market Attractiveness Analysis by Feedstock, 2024 to 2034
Figure 71: Middle East and Africa Market Attractiveness Analysis by Application, 2024 to 2034
Figure 72: Middle East and Africa Market Attractiveness Analysis by Country, 2024 to 2034
Figure 73: U. S. Market Value Analysis (US$ Mn), 2024 & 2034
Figure 74: U. S. Market Value Share, By Feedstock, 2023 (E)
Figure 75: U. S. Market Value Share, By Application, 2023 (E)
Figure 76: Canada Market Value Analysis (US$ Mn), 2024 & 2034
Figure 77: Canada Market Value Share, By Feedstock, 2023 (E)
Figure 78: Canada Market Value Share, By Application, 2023 (E)
Figure 79: Mexico Market Value Analysis (US$ Mn), 2024 & 2034
Figure 80: Mexico Market Value Share, By Feedstock, 2023 (E)
Figure 81: Mexico Market Value Share, By Application, 2023 (E)
Figure 82: Brazil Market Value Analysis (US$ Mn), 2024 & 2034
Figure 83: Brazil Market Value Share, By Feedstock, 2023 (E)
Figure 84: Brazil Market Value Share, By Application, 2023 (E)
Figure 85: U. K. Market Value Analysis (US$ Mn), 2024 & 2034
Figure 86: U. K. Market Value Share, By Feedstock, 2023 (E)
Figure 87: U. K. Market Value Share, By Application, 2023 (E)
Figure 88: Germany Market Value Analysis (US$ Mn), 2024 & 2034
Figure 89: Germany Market Value Share, By Feedstock, 2023 (E)
Figure 90: Germany Market Value Share, By Application, 2023 (E)
Figure 91: France Market Value Analysis (US$ Mn), 2024 & 2034
Figure 92: France Market Value Share, By Feedstock, 2023 (E)
Figure 93: France Market Value Share, By Application, 2023 (E)
Figure 94: Italy Market Value Analysis (US$ Mn), 2024 & 2034
Figure 95: Italy Market Value Share, By Feedstock, 2023 (E)
Figure 96: Italy Market Value Share, By Application, 2023 (E)
Figure 97: Spain Market Value Analysis (US$ Mn), 2024 & 2034
Figure 98: Spain Market Value Share, By Feedstock, 2023 (E)
Figure 99: Spain Market Value Share, By Application, 2023 (E)
Figure 100: Russia Market Value Analysis (US$ Mn), 2024 & 2034
Figure 101: Russia Market Value Share, By Feedstock, 2023 (E)
Figure 102: Russia Market Value Share, By Application, 2023 (E)
Figure 103: China Market Value Analysis (US$ Mn), 2024 & 2034
Figure 104: China Market Value Share, By Feedstock, 2023 (E)
Figure 105: China Market Value Share, By Application, 2023 (E)
Figure 106: Japan Market Value Analysis (US$ Mn), 2024 & 2034
Figure 107: Japan Market Value Share, By Feedstock, 2023 (E)
Figure 108: Japan Market Value Share, By Application, 2023 (E)
Figure 109: South Korea Market Value Analysis (US$ Mn), 2024 & 2034
Figure 110: South Korea Market Value Share, By Feedstock, 2023 (E)
Figure 111: South Korea Market Value Share, By Application, 2023 (E)
Figure 112: India Market Value Analysis (US$ Mn), 2024 & 2034
Figure 113: India Market Value Share, By Feedstock, 2023 (E)
Figure 114: India Market Value Share, By Application, 2023 (E)
Figure 115: ASEAN Market Value Analysis (US$ Mn), 2024 & 2034
Figure 116: ASEAN Market Value Share, By Feedstock, 2023 (E)
Figure 117: ASEAN Market Value Share, By Application, 2023 (E)
Figure 118: Australia Market Value Analysis (US$ Mn), 2024 & 2034
Figure 119: Australia Market Value Share, By Feedstock, 2023 (E)
Figure 120: Australia Market Value Share, By Application, 2023 (E)
Figure 121: New Zealand Market Value Analysis (US$ Mn), 2024 & 2034
Figure 122: New Zealand Market Value Share, By Feedstock, 2023 (E)
Figure 123: New Zealand Market Value Share, By Application, 2023 (E)
Figure 124: GCC Countries Market Value Analysis (US$ Mn), 2024 & 2034
Figure 125: GCC Countries Market Value Share, By Feedstock, 2023 (E)
Figure 126: GCC Countries Market Value Share, By Application, 2023 (E)
Figure 127: Turkey Market Value Analysis (US$ Mn), 2024 & 2034
Figure 128: Turkey Market Value Share, By Feedstock, 2023 (E)
Figure 129: Turkey Market Value Share, By Application, 2023 (E)
Figure 130: South Africa Market Value Analysis (US$ Mn), 2024 & 2034
Figure 131: South Africa Market Value Share, By Feedstock, 2023 (E)
Figure 132: South Africa Market Value Share, By Application, 2023 (E)
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- FAQs -
What is the size of the biodiesel market in 2024?
The global biodiesel market is forecasted at US$ 116.3 billion by 2024.
What is the projected revenue from the sales of biodiesel by 2034?
By 2034, the market for biodiesel is estimated to reach US$ 226.6 billion.
What is the projected growth rate for the global market?
Sales of biodiesel are forecasted to increase at a CAGR of 6.9% until 2034.
What are the projections for biodiesel sales in North America?
The market in North America is forecasted to grow at a CAGR of 4.6% from 2024 to 2034.
What is the estimated rate of market expansion in East Asia?
The market in East Asia is projected to expand at a CAGR of 7.9% from 2024 to 2034.
What is the anticipated growth rate for biodiesel sales in South Korea?
The South Korea market has been estimated to increase at a CAGR of 9.7% from 2024 to 2034.
Biodiesel Market