The global biodiesel market was valued at US$ 33,748.2 Mn in 2016, and is projected to register CAGR of over 4% from 2017 to 2026. The vegetable oil segment in the global biodiesel market is estimated to account for majority revenue share of 84.6% by end of five years.
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.
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.
Companies profiled in this report 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., FutureFuel Corporation.