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(MoneyNewsWire.Net, May 09, 2018 ) The biodiesel market is projected to reach USD 41.18 Billion by 2021, at a CAGR of 3.8% from 2016 to 2021. Biodiesel products find usage in several end-use industries such as, automotive, power generation, marine, railway, agriculture, and mining in applications, including fuel, power generation, industrial solvent, and lubricating agent. The increasing usage of biodiesel across these industries is expected to drive the market for the biodiesel in near future.
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Biodiesel is produced from three types of feedstock, such as vegetable oils, animal fats, and greases. Vegetable oils are widely used to produce biodiesel, as they contain less saturated fat, and thus reduce the processing cost. Furthermore, vegetable oils are easily available as compared to animal fats, and greases.
Rising use of biodiesel in the fuel and power generation application segments have led to an increased demand for biodiesel, globally. Europe is estimated to be the largest market for biodiesel, followed by North America. Germany is expected to account for the largest share in Europe till 2021 with Italy is expected to be the fastest-growing market for biodiesel during the forecast period. The U.S. is the largest market for the biodiesel in North America. Major producers of biodiesel, such as Archer Daniels Midland Company, Bunge Limited, Renewable Energy Group, Cargill Inc., and TerraVia Holdings Inc. are located in the U.S.
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Low cold filtration properties and increase in water separation & fuel foaming with the use of biodiesel may act as restraints for the market. However, biodiesel is environment friendly, non-toxic, and readily biodegradable fuel that offers better fuel economy over fossil fuels and ensures complete fuel combustion.
Companies are investing in expansions of their production capacities to increase their market share and cater to the increasing demand for biodiesel. For example, Renewable Energy Group started the expansion of its Ralston, IA bio-refinery. This expansion will increase the annual production capacity of the bio-refinery from 12 million gallons to 30 million gallons and will help company serve the increasing demand of biodiesel in the U.S.
Companies such as Archer Daniels Midland Company (U.S.), Wilmar International Limited (Malaysia), Bunge Limited (U.S.), Neste Corporation (Finland), Renewable Energy Group Inc. (U.S.), Cargill Inc. (U.S.), BIOX Corporation (Canada), and TerraVia Holdings Inc. (U.S.) adopted the expansions, acquisitions, agreements & joint ventures, and new product developments strategies to expand their market share and distribution network in the biodiesel market from 2013 to 2016.
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