Biodiesel Market is Expected to Register a 3.1% CAGR by 2026

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Biodiesel Market: Segmentation Analysis

The vegetable oil segment is estimated to dominate the global biodiesel market on the basis of feedstock during the forecast period. This can mainly be attributed to the abundant availability, low price and wide range of vegetable oil feedstock. Soybean and canola oil are prevalently consumed in biodiesel production. However, in various regions, different types of vegetable oils are preferred and their selection primarily depends upon the availability and price in local/regional market. The vegetable oil segment is expected to grow at a steady CAGR during the forecast period. Moreover, the UCO (Used cooking oils) segment is expected to gain traction and register a significant CAGR during the forecast period.

In terms of consumption, biodiesel is estimated to witness high demand from the automobile segment wherein it is blended with conventional diesel fuels. Around the globe, the mandatory blending of biodiesel is the key driving force for market growth. The automobile segment is expected to register 1.3X growth in terms of value over the forecast period.

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Biodiesel Market: Regional Market Projections

On the basis of region, Europe is expected to dominate the global biodiesel market throughout the forecast period. The region's biodiesel market is expected to grow at a CAGR of around 1.2% during the forecast period. South Asia & Oceania is projected to register a significantly high CAGR in the global biodiesel market during the forecast period. Europe, coupled with South Asia, is projected to register a substantial growth rate in the global biodiesel market during the forecast period while China is expected to witness healthy growth as compared to the rest of the regions.

Global Biodiesel Market: Competitive Landscape

Some of the players reported in this study on the global biodiesel market include Royal Dutch Shell plc., Neste Oyj, Archer Daniels Midland Company, Bunge Limited, Louis Dreyfus Company B.V., Wilmar International Limited, Repsol S.A., Total S.A., China Petroleum & Chemical Corp (Sinopec Corporation), Cargill Incorporated, RB Fuels, and Renewable Energy Group, Inc., among others.