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Dublin, Oct. 17, 2023 (GLOBE NEWSWIRE) — The report “Global Renewable Diesel Market (by Production, Consumption, Feedstock and Region): Outlook and Forecast with Potential Impact of COVID-19 (2022-2027)” has been released. . added to the ResearchAndMarkets. com offer.
The global renewable diesel market is on the cusp of a major transformation, poised to redefine the transportation fuels landscape. In a recent market research report, it was revealed that renewable diesel, an alternative to hydrocarbon-based petroleum diesel, can be seamlessly incorporated into existing pipelines and fueling stations. This revolutionary fuel can be sold as a blend with petroleum diesel or as a stand-alone product.
The growing popularity of renewable diesel can be attributed to its remarkable environmental attributes, renewability, and biodegradability. In addition, fuel refiners are increasingly looking for select solutions, in line with a low-carbon society. According to the report, the global renewable sector diesel market is expected to produce 3. 70 billion gallons per year until 2023, demonstrating an impressive compound annual expansion rate (CAGR) of 19. 12% as per the forecast. At the same time, global consumption is expected to reach 3. 69 billion gallons through 2023, with a CAGR of 16. 90% in the projected years.
In-depth research is conducted on other segments:
By production:
Europe, North America and Asia-Pacific are critical to the development of renewable diesel.
Europe is leading the charge, driven by early adoption and the government’s commitment to sustainable sources.
The U. S. is experiencing an increase in production, basically due to the modernization of fossil fuel refineries through global refineries.
Ongoing decarbonization projects in the Asia-Pacific region will play a critical role in the adoption of renewable diesel.
By consumption:
North America, Europe, and Asia-Pacific play a critical role in renewable diesel intake.
European intake is more segmented into key regions: Germany, Italy, France, Spain, the United Kingdom, and the rest of Europe (ROE).
Europe’s commitment to use at least 14% renewable energy in road and rail transport by 2030 aligns with the Renewable Energy Directive II (RED-II).
North America is making plans to increase the use of renewable diesel with the implementation of the Canadian Clean Fuels Standard, which aims to reduce greenhouse fuel (GHG) emissions by 30 million tonnes by 2030.
In Asia-Pacific, Indonesia is poised to be the largest customer for renewable diesel, with the highest compound annual expansion rate (CAGR).
By Raw Material:
In the U. S. renewable diesel market, production is categorized into feedstock, tallow, used cooking oil (UCO), corn oil, fish oil, and others.
Lately, tallow dominates the U. S. renewable diesel market. It is sold in the U. S. due to its highly centralized production in slaughter/processing facilities and competitive pricing.
Corn oil is poised to witness the rate of expansion in the coming years, driven by higher demands and emerging prices.
Digitalization in end-use sectors, along with banking, transportation, and entertainment, is further fueling demand for low-carbon raw materials.
Driver: Engine Production Growth
The growing demand for automobiles is in increased production around the world.
Increased motor vehicle production has led to a growing preference for renewable diesel as a transportation fuel.
Renewable diesel has lower emissions, cleaner combustion, and excellent storage and cooling properties, making it an ideal choice for modern vehicles.
As car production continues to increase, the intake of renewable diesel will increase, thus driving the expansion of the market.
Challenge: Quality Control Issues
A key differentiator between renewable diesel and petroleum-based diesel is their behavior under excessive temperature conditions.
Cold-flowing houses in winter and year-round oxidation stability pose demanding and significant situations for quality control.
These houses vary depending on the raw material used for fuel production.
Quality control is especially tricky during the summer months, as renewable diesel can quickly deteriorate, hampering market expansion.
Trend: Increasing energy consumption
Increasing energy consumption poses a complex challenge in transitioning energy systems away from fossil fuels.
Low-carbon energy resources want to meet this growing demand while replacing existing fossil fuels.
In reaction to environmental considerations and favorable government legislation, a portion of the population is expected to opt for renewable diesel and other sustainable, biodegradable and non-toxic energy sources.
This shift towards sustainability is expected to lead to an immediate increase in the use of paraffinic biofuels such as hydrotreated vegetable oils (HVOs), thereby driving the expansion of the global renewable diesel market.
Analysis of key actors.
The renewable diesel market is characterized by key players driving innovation and growth.
These key players include:
Chevron Corporation (Renewable Energy Group)
Neste
PBF Energy Inc.
Valero Energy Company
Phillips 66
Aemetis, Inc.
GEVO, Inc.
Marathon Oil Company
Global Clean Energy Holdings, Inc.
Global Energy
Renewable energy
Shell SA
The global renewable diesel market is poised for a remarkable transformation, driven by its environmental benefits and increased energy consumption. Even though quality remains a challenge, the long-term of the industry looks bright as it aligns with the global Sustainable Development Goals.
For more information on this report, https://www. researchandmarkets. com/r/gs1ivn
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