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(I-AutoNewsWire.com, October 29, 2019 ) Market Overview:
Biodiesel is an alternative renewable fuel that is manufactured from vegetable oils, animal fats, and greases. Biodieselís physical properties are similar to those of petroleum diesel, but it is a cleaner-burning renewable alternative.
The various advantages of biodiesel over conventional fuel are driving the market for bio-diesels. They are easy to use, provides energy security, builds economic development, reduces greenhouse gas emissions and are biodegradable. It is an ideal substitute for increasing the longevity of diesel and reducing the greenhouse gas emissions
Government regulations in countries like the US, regarding the use of renewable fuels in transportation, is also driving the market for biodiesels.
In the US, the volume of biodiesel required to be blended into transportation fuels is set under the federal Renewable Fuels Standard (RFS2) each year. RFS2 requires this volume reach 2 billion gallons in 2017 and 2.1 billion gallons in 2018. Thus, the regulation regarding the blending of biodiesel fuel is driving the demand for biodiesels in the US.
With the growing environmental concerns, there has been an increasing demand for green fuels. Biodiesel reduces greenhouse gases by up to 86%, compared with petroleum diesel, and is made from renewable resources, such as soybean oil.
The Biodiesel market report segments the report by feedstock type, by blend type and by end-user. Based on the feedstock type, the market has been segmented as Vegetable Oils, Animal fats, Greases, and Others.
Vegetable Oils can be sub-segmented as Soybean Oils, Canola Oil, Distillers Corn Oil, and Others. Further, the market has been classified by blend type, which includes B100, B20, B5, B2, and others. B20 is the most commonly used biodiesel blend in the United States because it provides a right balance between material compatibility, cold weather operability, performance, emission benefits, and costs.
Vegetable Oils has the most significant market share by feedstock type, with Soybean Oil being the leading feedstock for biodiesels.Soybean Oil accounted for 46% of the US market share in 2017 followed by Corn Oil and Yellow Grease.
Also, the classification based on end-user includes Automotive industry, Agriculture, Mining, Marine, Power, and others. Biodiesel is primarily used in the automotive industry as a fuel type or as a fuel additive. Currently, every original equipment manufacturer (OEM) of diesel vehicles in the US approves in blends of up to B5 in their cars.
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Geographically, the market is divided into North America, Europe, South America, Asia-Pacific and the Middle East and Africa.
The US is the largest country for biodiesels producing about 6 billion liters of biodiesel in 2017. However, Europe holds a significant market share and is the largest producer for biodiesels, with Germany and France being the top producers in the region.
Asia-Pacific region is also a fast-growing market for biodiesels, and there are considerable opportunities in countries like China, India due to rising diesel prices and the presence of the vast number of diesel vehicles in these countries.
Some of the leading players of the market which include Archer Daniels Midland Company, Cargill, Royal Dutch Shell, Wilmar International Limited, Bunge Limited, Solvay SA, Ineos Group, Mitsui, Louis Dreyfus, and Terracina Holdings.
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