Biodiesel Market Size, Share, Growth Analysis 2032
Biodiesel is a form of renewable diesel fuel made from biological sources such as vegetable oils, animal fats, or algae. It is considered an eco-friendlier alternative to petroleum-based diesel due to its biodegradable nature and lower emissions. Biodiesel is used primarily in the transportation industry, but its application also extends to power generation and as a heating fuel. The global biodiesel market has witnessed significant growth over the past decade, owing to factors such as increasing environmental concerns, the need for energy security, and the rise of stringent government regulations on carbon emissions. As of 2023, the global biodiesel market was valued at approximately USD 42.69 billion. The market is expected to expand at a compound annual growth rate (CAGR) of 5.25% from 2024 to 2032, reaching an estimated value of USD 67.64 billion by 2032. The biodiesel market is highly fragmented, with numerous players involved in production, distribution, and research. The le...