Green Diesel Market to Reach USD 103.25 Billion by 2033; Growing Demand for Renewable Fuel Alternatives to Propel Growth
The green diesel market size is anticipated to grow from USD 35.39 Billion in 2023 to USD 103.25 Billion in 10 years. The market ought to witness a positive growth rate owing to increasing focus towards sustainable fuel alternatives.
Newark, April 11, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the global green diesel market will grow from USD 35.39 Billion in 2023 to USD 103.25 Billion by 2033. The extensive utilization of green diesel carries considerable environmental significance by significantly decreasing the amount of greenhouse gas emissions and criteria pollutants as well as particulate matter. Obtained from renewable biomass feedstocks, this kind of fuel demonstrates a closed carbon cycle that effectively counterbalances the release of carbon dioxide during combustion with its sequestration during feedstock growth, resulting in a substantial reduction in net emission levels. Green diesel demonstrates significant benefits in reducing emissions of sulfur dioxide, nitrogen oxides, and particulates compared to traditional petroleum diesel. These improvements lead to a positive impact on air quality and public health. Additionally, its low levels of carbon compounds and sulfur contribute towards increased combustion efficiency while simultaneously reducing the occurrence of harmful pollutants like nitrous oxide or matter particles.*Get a Free Sample PDF of this Research Report for more Insights with a Table of Content, Research Methodology, and Graphs - https://www.thebrainyinsights.com/enquiry/sample-request/14133 **Key Insight of the Green Diesel Market**Asia Pacific region is expected to grow at the highest CAGR during the forecast period.*During the forecast period, Asia Pacific is expected to grow at the highest CAGR within the global green diesel market. The Asia Pacific region will significantly expand. The growing demand for green diesel in Asia is fuelled by urbanization, industrial expansion, and rising energy needs. The predicaments of pollution and climate change faced by nations such as India, China, South Korea, and Japan have compelled their governments to seek sustainable fuel alternatives. Green diesel provides a viable choice to traditional fuel types with its unique environmental sustainability while significantly minimizing the carbon footprint across the region. The Asia Pacific region has abundant biomass resources, such as coconut oil, palm oil and other waste oils. These feedstocks provide lucrative opportunities for the production of green diesel. Countries like Indonesia, Malaysia, Thailand and the Philippines, with strong agricultural and forestry sectors, could become significant producers/exporters. In addition to this abundant resource base, evolving refining technologies significantly contribute to regional market growth and development.*The animal fats segment is expected to grow at the highest CAGR during the forecast period.*The feedstock segment includes vegetable oils, animal fats and others. The animal fats segment is expected to grow at the highest CAGR during the forecast period. Rendering processes in the meat and poultry industries produce animal fats that serve as a noteworthy yet limited source of feedstock for green diesel production. Tallow and yellow grease, both rendered fats, have elevated levels of fatty acids that qualify them for hydro processing into renewable diesel. Although vegetable oils command greater market share than animal fats, the latter possess specific benefits regarding their accessibility, cost-effectiveness and attributes as feedstocks.*The gasification segment is expected to grow at the highest CAGR during the forecast period.*The production process segment includes gasification, pyrolysis and others. The gasification segment is expected to grow at the highest CAGR during the forecast period. The gasification process entails converting biomass feedstocks into a synthesis gas (syngas) containing hydrogen and carbon monoxide. This syngas can be transformed via Fischer-Tropsch synthesis to produce green diesel. Gasification is advantageous due to its flexibility with numerous forms of biomass, high energy efficiency, and lower greenhouse emissions than standard fossil fuels. Additionally, it allows for the use of various types of biomasses - such as agricultural scraps, wood waste products or municipal solid waste - improving availability while working towards addressing existing ineffective waste management protocols.*The power generation segment is expected to grow at the highest CAGR during the forecast period.*The application segment is bifurcated into fuel, power generation and others. The power generation segment is expected to grow at the highest CAGR during the forecast period. The usage of green diesel has proven to be a valuable asset in power generation, especially for areas that lack access or feasibility to conventional electricity sources, such as remote and off-grid regions. Green diesel-based generators and cogeneration systems offer dependable and efficient solutions for generating power required by various sectors like mining operations, industrial units, and military facilities, as well as minimizing reliance on fossil fuel imports, including traditional diesel generators.*Report Scope**Report Attribute* *Details*
Projected Market Size in 2033 USD 103.25 Billion
CAGR Growth Rate 11.3%
Base Year 2023
Forecast Years 2024-2033
Key Market Players TotalEnergies, Neste Corporation (Finland), Chevron Corporation, Valero Energy Corporation., Marathon Petroleum Corporation, Eni S.p.A., Cargill Incorporated, Phillips 66 Company, Honeywell International Inc., Exxon Mobil Corporation
Key Segment by Feedstock, Production Process, Application
Major Regions Covered North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
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*Market Dynamics**Recent Developments:*• In January 2021: The intention to construct an 820,000-tonne-per-year biofuels facility at the Pernis refinery, formerly known as Shell Energy and Chemicals Park Rotterdam, Netherlands, was made public by Royal Dutch Shell plc (Shell). The facility is anticipated to be among the largest in Europe when it comes to producing renewable diesel, or "green diesel," from waste and sustainable aviation fuel (SAF). Such a facility can produce enough green or renewable diesel to offset 2,800,000 tonnes of CO2 emissions annually.*Market Dynamics **Driver: Energy Security and Geopolitical Considerations*The global shift to renewable fuels, such as green diesel, is fuelled by the pursuit of both energy security and geopolitical stability. With mounting anxieties about fossil fuel depletion, strained international relations, and exposure to supply chain vulnerabilities, countries seek new standards for diversifying their power sources while reducing dependency on imported oil. By deriving from domestic biomass feedstocks rather than petroleum-based resources, green diesel provides a dependable and eco-friendly alternative that mitigates market volatility and political instability risks. This factor is stimulating the market growth and development.*Restraint: Feedstock Availability and Price Volatility*The green diesel market faces a significant obstacle stemming from the availability and instability of feedstock resources. The process of producing this fuel type depends on biomass materials like vegetable oils, animal fats, and greases prone to supply shortages, price volatility, and changes in demand. Adding salt to the wound is competition for these elements by other industries – such as food producers & chemical manufacturers- which only worsens scarcity issues while amplifying production costs, thereby hindering profitability within green diesel production. In addition, green diesel producers and investors face potential hazards caused by geopolitical considerations, weather occurrences, and harvest failures disrupting feedstock supply chains. These factors can lead to increased price instability.*Opportunity: Technological Advancements*The global green diesel market has seen substantial growth and increased competitiveness due to technological advancements and process efficiencies. The development of innovative feedstock pretreatment, hydro processing techniques, and catalysts has led to more efficient fuel quality with higher yields and lower costs for production, making it economically feasible on an even larger scale. Furthermore, novel methods such as integrating advanced biorefinery concepts, co-processing multiple feedstocks, and using renewable hydrogen all contribute to a sustainable approach throughout the lifecycle of green diesel production while enhancing its versatility.*Have Any Query? Ask Our Experts: https://www.thebrainyinsights.com/enquiry/speak-to-analyst/14133 **Some of the major players operating in the Green Diesel Market are:*• TotalEnergies
• Neste Corporation (Finland)
• Chevron Corporation
• Valero Energy Corporation.
• Marathon Petroleum Corporation
• Eni S.p.A.
• Cargill Incorporated
• Phillips 66 Company
• Honeywell International Inc.
• Exxon Mobil Corporation*Key Segments Cover in the Market:*By Feedstock:• Vegetable Oils
• Animal Fats
• OthersBy Production Process:• Gasification
• Pyrolysis
• OthersBy Application:• Fuel
• Power Generation
• OthersBy Region• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)*Directly Purchase a copy of the report with TOC - https://www.thebrainyinsights.com/enquiry/buying-inquiry/14133 **About the report:*The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channel analysis.*About The Brainy Insights:*The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.*Contact Us*Avinash D
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