The fuel application segment is expected to account for revenue of US$ 26,302.9 Mn in 2017, and is expected to continue its dominance during the forecast period.
Biodiesel is non-toxic renewable fuel pertaining similar properties as fossil fuel. It is also known as green fuel as it emits low VOC and other pollutants. Biodiesel can be obtained from vegetable oil or animal fat depending upon the availability of raw materials in particular region. The vegetable oil feedstock segment in the global biodiesel market is estimated to account for majority revenue of US$ 29,637 Mn in 2017.
Increasing concerns regarding safety of environment and depletion of non-renewable resources are key factors expected to drive growth of the global biodiesel market. In addition, governments in various developed and developing countries are promoting adoption of blends of biodiesel and petroleum, which is expected to further fuel growth of the global biodiesel market.
However, fluctuating raw material prices, which are subject to climatic changes is expected to challenge growth of the global biodiesel market. Moreover, biodiesel made from animal fat has potential to clog the engine which may hamper adoption of biodiesel to a certain extent.
Among the regions, Europe market is expected to account for major share in the global biodiesel market in terms of revenue.
Key players operating in the global biodiesel market include Archer Daniels Midland Company, Wilmar International Limited, TerraVia Holdings Inc., Bunge Limited, Neste Corporation, Louis Dreyfus Company, BIOX Corporation, Cargill Inc., Renewable Energy Group Inc., and FutureFuel Corporation.