January 11, 2022
According to the research report titled ‘Global Renewable Diesel Market - Analysis By Feedstock, By End User, By Region, By Country (2020 Edition): Market Insights, COVID-19 Impact, Competition and Forecast (2020-2025)’, available with MarketStudyReport, global renewable diesel market was worth USD 19.15 billion in 2020 and is anticipated to showcase lucrative growth trends between 2020 and 2025.
Increasing demand for clean energy coupled with favorable government policies promoting sustainable fuels are the major factors driving global renewable diesel market growth. Rising demand for biofuel, and availability of feedstock are further adding traction to the overall market size.
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For the record, renewable diesel is chemically identical to diesel and is also a viable carbon reduction alternative to other fuel sources, which makes it a potential fuel in the worldwide market.
Based on feedstock, global renewable diesel marketplace is segmented into animal fat, vegetable oil, and others. As cited in the report, the vegetable oil segment is expected to showcase significant growth over the analysis period, owing to considerable availability of vegetable oil feedstock.
Speaking of the end user range, the market is divided into industrial, transportation, and others. Among these, the transportation segment is anticipated to record a strong CAGR over the assessment timeframe, on account of increasing demand for biofuels from the sector.
On the regional front, Americas, Asia Pacific, and Europe are considered to be the major contributors towards the overall valuation of the industry.
Experts cite that renewable diesel market share in the Americas is slated to record considerable growth over the estimated timeline, owing to favorable government policies promoting renewable diesel along with increasing investments in research & development activities.
Major players profiled in worldwide renewable diesel industry are TotalEnergies SE, Exxon Mobil Corporation, Valero Energy Corporation, Darling Ingredients Inc., Royal Dutch Shell plc, Phillips 66 Company, Gevo Inc., Renewable Energy Group Inc., Marathon Petroleum Corporation, and Neste Oyj.