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Biodiesel Market creating new opportunities in global petroleum industry by 2024

Author : Rahul Sankrityayan | Published Date : 2019-03-28 

Global Biodiesel Market share is projected to grow up at a moderate rate in the next few years. Biodiesel is derived from animal fats, cooking oils, yellow grease, and vegetable oils by a process known as transesterification which converts fats and oils into chemicals. It is a substitute fuel similar to fossil or conventional fuels.

Need for energy independence and increasing environmental concern have driven the demand for biodiesel market worldwide. The product has the primary feature to reduce greenhouse gas emissions, which were totaled to over 6 billion metric tons of carbon dioxide equivalents. Also, it is biodegradable and helps to produce renewable liquid fuel for transportation purpose. Being domestic in nature, it reduces the dependency on the inherent lubricity, high flash point and imported petroleum. Moreover, government policies and tax incentives to promote the product usage will also have a significant influence on the global biodiesel market in coming years.

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The biodiesel market worldwide is in a transition phase of rapid growth and development, creating new opportunities in the coming years. It has cetane ratings and outstanding lubricating properties in comparison to low sulfur diesel fuels. Depleting petrochemical reserves in oil rigs all over the globe will likely increase the product demand in coming years. The global petroleum reserve is expected to last till nearly 2050. This has encouraged researchers to look for suitable alternatives and create new growth avenues for the overall market.

With shrinking land for agriculture, increasing oil & fat demand and ever rising population, high competition in the feedstock demand for the product manufacturing is likely to hamper the future growth. There has been a major issue of variation in the crude oil prices in the past several tears. These variations have affected the consumption volume of biodiesel, hence restraining the growth of the global market.

The segmentation of biodiesel market can be done based on feedstock, application and geographical regions. On the basis of feedstock, the market is segregated into vegetable oil, animal fats and brown grease or trap grease. Vegetable oil may be obtained from soybean, rapeseed or palm.

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Based on the applications, biodiesel market can be segregated into two major, mainly transportation and power generation. The product can be easily used in existing fuel engines, infrastructure, and vehicles with basically no changes. It can be used, stored, pumped, and burned just as the petroleum based diesel fuel. It can be used in blended form with other petroleum diesel fuels or in its pure form. In the power generation sector, in 2015, the United States generated about 40 million kilowatt-hours (kWh) of electricity using biodiesel.

Some of the key players in the global biodiesel market are Western Dubuque Biodiesel, Delta American Fuel, Imperium Renewables, DuPont, Deerfield Energy, Crimson Renewable Energy, China Biodiesel International Holding, Diversified Energy Corporation, XL Renewables, Blue Marble Energy Corp., American Energy Producer, ACCIONA Energy, LLC, and Green Earth Fuels of Houston to name a few.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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