Rising Funding Support for Research & Sustainability Projects and North America Biodiesel & Bio-heat Fuel Use Boost Market Revenues
The North America biodiesel market is experiencing significant growth due to increasing environmental concerns and government initiatives promoting renewable fuels. The United States, in particular, dominates this region's biodiesel market, fueled by its robust agricultural industry and supportive policies. As consumers become more conscious of sustainability, demand for biodiesel as an alternative to conventional fuels continues to rise across North America, driving market expansion.
The North America Biodiesel market was estimated to be worth USD 40 billion in 2021. According to projections, the North America Biodiesel market business would expand at a compound annual growth rate (CAGR) of 5.25% from USD 42.69 billion in 2022 to USD 64.27 billion by 2030.
The global North America Biodiesel market is garnering significant traction. North America Biodiesel uses helps economies to achieve their renewable energy targets. Energy is an important aspect of the economic growth and welfare of nations. The presence and development of advanced infrastructure are essential for the sustained growth of an economy.
Therefore, governments worldwide are initiating programs to encourage the use of North America Biodiesel to generate electricity in a carbon-neutral manner, tackling growing pollution concerns. With the growing numbers of North America Biodiesel plants and increasing North America Biodiesel production capacities worldwide, the market is estimated to perceive substantial revenue growth in the years to come.
Improved Energy Generation While Reducing VOC Emissions Boost Market Value
Favorable government regulations to foster carbon-neutral energy sources and development in technology have made North America Biodiesel cost-effective. Additionally, improvements in technology have helped boost North America Biodiesel performance. Growing environmental concerns and the increasing energy demand are expected to drive the North America Biodiesel industry worldwide.
Demand-Supply Gap in Key Raw Materials is a Major Headwind
Also, shortages of sodium methylate solution, a catalyst used to produce North America Biodiesel, are adding to market concerns about fuel availability. Unexpected technical issues at production sites that severely affect the production of sodium methylate solution pose significant challenges to the market growth. Such exceptional market situations result in delays and reduction in delivery of sodium methylate.
COVID-19 Impacts
The North America Biodiesel market revenues remained reassuringly robust amid the COVID-19 crises. Resultantly, the market has become more dynamic and constantly changing than in the pre-pandemic era. Simultaneously, the ability to respond to market changes became more important than ever in post-pandemic periods.
Lockdowns implemented to control the virus spread fostered many trends, including industrial automation & robotics, networked machines, and analytics. Therefore, the North America Biodiesel market kept growing, witnessing the rising adoption during the pandemic era. The North America Biodiesel market kept growing during the pandemic era witnessing the rising adoption of biopower solutions and equipment.
Segmentation
The market is segmented into types, fuel types, applications, and regions. The type segment is sub-segmented into cellulosic, biohydrogen, methanol, and others. The fuel type segment is sub-segmented into ethanol and North America Biodiesel fuel. The application segment is sub-segmented into transportation, off-grid electricity supply, and others. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and the-rest-of-the-world.
Regional Analysis
North America accounts for the largest market in terms of North America Biodiesel market value. Increasing government policies and strict rules to promote environmental conservation is a key driving force behind the growing North America Biodiesel market. Besides, increasing environmental concerns and the implementation of government policies boost the region's North America Biodiesel market shares.
Increasing investment in infrastructural development defines the growing market landscape. Moreover, the increasing use of North America Biodiesel in various power generation and industrial applications substantiate the North America Biodiesel market growth. Spurring rise in manufacturing sectors and vast technological upgrades, alongside the strong presence of key players in the region, fosters market revenues.
Competitive Analysis
The renewable diesel market experiences strategic approaches, such as mergers & acquisitions, collaborations, expansions, and product launches. Key market players invest substantially to drive their research and development activities and expansion plans.
For instance, recently, on Aug.23, 2021, Union Pacific locomotives announced that it would use higher North America Biodiesel blends to help reduce carbon footprint, getting a boost of North America Biodiesel fuel. Progress Rail has approved using up to 20% North America Biodiesel blend in specific EMD locomotive series operated by the railroad.
This is another step toward achieving the company's long-term goal to reduce 26% greenhouse gas (GHG) emissions by 2030. The updated fuel recommendation comes after testing high-horsepower locomotives used for hauling long freight distances. Besides, monitoring performance for fuel consumption and impact on engine oil and fuel filters.
- INEOS New Planet BioEnergy
- Canergy LLC
- Abengoa bioenergy
- Archer Daniels Midland Company
- Wilmar International Limited
- Bunge Limited
- Neste Corporation
- Emami Group
- Continental Refining Company
- BIOX Corporation
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