Biodiesel Market - Forecast (2020 - 2025)
The global Biodiesel Market is estimated to surpass $47 billion mark by 2023 growing at an estimated CAGR of more than 7.3% during 2018 to 2023. The key factors for the growth of this market are minimizing storage issues with stability and transportation issues with high cost of delivered fuel compared to fossil fuels; it can reduce the ecological problems such as global warming, greenhouse effect and pollution. What is Biodiesel? Biodiesel is made from renewable feedstock such as vegetable oils, animal fats, and others by using a chemical process called Transesterification, which converts oil and fats into fatty acid methyl esters. It is used as a replacement for petroleum diesel fuel, or can be mixed with petroleum diesel fuel with other proportion. Biodiesel is capable to reduce exhaust emission as compared to petroleum diesel fuel. It is majorly used in Automotive, Aviation, Industrial, Marine, Agriculture and Mining. Request Sample What are the major applications for Biodiesel ? T...