Biodiesel Market-Forecast (2018-2023)
Posted by Venkatesh on September 19th, 2018
According to the new market research report by IndustryARC titled “Bio diesel Market: By Source (Vegetable oil, Animal Fat, Biomass, and others); By Blend (B100, B20, B5, and others); By Application (Automotive, Aviation, Industrial, Marine and Others) & By Geography- With Forecast (2017- 2023)”, the market has witnessed significant growth from the past few years, on account of rising environmental awareness and strong growth demand from automotive applications. Stringent government regulations is an additional growth factor for the Biodiesel market.
Americas held the largest market share in the Biodiesel Market
Americas hold the largest market share and growth rate in the Biodiesel Market, and is anticipated to reach billion by 2023 at a CAGR of 18.08%. Owing to the implementation of various regulations and laws in this region, the market is anticipated to experience an upsurge during the forecast period. The key applications in this region include vegetable oil, animal fats, among others.
Selected Opportunity Analysis
The market for biodiesel is still a niche market, serving specific set of verticals. The key reason being the prices and efficiency of biodiesel fuel. The industry has no hesitation in accepting the fact that the current ecosystem of biodiesel market has a critical dependency on government subsidies and mandates.
Generally, the opportunities in terms of expansion are limited for biodiesel. As an industry, it is yet to evolve extensively on various parameters, including quality, feedstock, process, production, prices and consumer behaviors. Thus, the key opportunity for biodiesel fuel lies in moving beyond the introduction stage in the market lifecycle by making a transition beyond industry constraints. As per the estimates available on Crude Oil Depletion, the world might be entering the oil crisis phase in the next 20 to 30 years. This phase will definitely provide lucrative offers for alternative fuel growth beyond current expectations.
Thus, the priority for biodiesel stakeholders in the existing scenarios is to overcome the restraints, in terms of product efficiency and prices. If stakeholders are able to evolve the product beyond such constraints, the future vacuum due to rapid depletion of conventional resources will be created simultaneously that will offer ample expanding opportunities.
The required conditions for promoting alternative fuels industry are already present in the market. These are present in the form of government subsidiaries, type of feedstock, mandates, rising greenhouse gas emissions, and swift fluctuations in conventional diesel prices.
Out of these, government subsidiaries and feedstock play a crucial role in determining the prices of biodiesel fuel. In other words, any wavering situations in these two factors will impact the prices directly. Therefore, the producers should focus on improving the raw material or feedstock that currently depends largely upon the waste edible or vegetable oil coming from restaurants. Even if the producers switch to soybean- a direct feedstock available from farms, the prices are subjected to harvest production and availability in the market.
Therefore, as per IndustryARC Analysis, until and unless both of the aforementioned factors are not acted upon in a transformative manner, the rapid opportunity for biodiesel fuel to become a mainstream fuel will be substituted by other means of alternative fuels.
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Excerpts on Market Growth Factors
Different factors such as expanding domestic and global Biodiesels production capacity, weak dollar price, decreasing energy and transportation costs, are expected to strengthen the global demand for Biodiesels products.
In regions such as Middle East, favorable geographic conditions help in higher production of raw materials such as algae, bacteria, biomass, and others for the production of Biodiesels.
In developed nations such as North America and Europe, consumption of liquid fuel is decreasing gradually in the road transportation sector. In these nations, consumers prefer to use Biodiesels in vehicles that increases the fuel efficiency of the vehicle, which is expected to penetrate the global Biodiesels market in the upcoming future.
Key players of Bio diesels Market:
RBF Port Neches LLC and Renewable Energy Group are analyzed to be the dominant players.
Also, few major companies such as China Petrochemical Corporation, Guangxi Kuonengba Energy Tech Co Ltd., Huntsman Petrochemical LLC, Argent Energy Group Ltd, Tangshan Jinlihai Biodiesel Co Ltd., Qingdao Jieneng Energy Saving Environmental Prot Technology Co Ltd., have filed for patents in the Biodiesel market,
Bio diesel Market Report is segmented as indicated below
What can you expect from the report?
The Bio diesel Market Report is Prepared with the Main Agenda to Cover the following 20 points:
Any other major customizations can be discussed with our team, we can provide a separate quote based on your requirement. You can drop in an e-mail to firstname.lastname@example.org to discuss more about our consulting services.
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About the AuthorVenkatesh
Joined: August 23rd, 2018
Articles Posted: 184
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