What is the Future of the Biodiesel Market?

Global biodiesel sales are anticipated to reach USD 41.33 billion in 2022, with a projected growth rate of 3.6% from 2022 to 2032. By the end of the forecast period, consumption is expected to hit USD 59 billion. Key regions driving this growth include Europe, East Asia, and South Asia & Pacific. Biodiesel offers several advantages, such as being biodegradable, non-toxic, and having lower emissions compared to petroleum-based fuels. It is increasingly used in automotive and marine industries, as well as in power generation. The biodiesel market, having grown at a rate of 1.6% between 2017 and 2021, is set to expand further due to its eco-friendly properties and cost-effectiveness.