Market expected to grow to $634.8 million by 2032, driven by ADM, FutureFuel, Neste’s, Renewable Energy Group, Bunge Global, Wilmar and Shell

Indian biodiesel market

Dublin, May 24, 2024 (GLOBE NEWSWIRE) — The ‘India Biodiesel Market Report by Application (Fuel, Power Generation, Others), Feedstock (Vegetable Oil, Animal Fats) and Company Analysis 2024-2032’ report has been added down ResearchAndMarkets.com offering.

The Indian biodiesel market is expected to be valued at approximately USD 634.8 million by 2032, growing at a CAGR of 8.11% during 2024-2032. The current value of the Indian market in 2023 was USD 314.7 million. Biodiesel is a cost-effective and ecological alternative to traditional fossil fuels, mainly in the transport and energy sectors. As a renewable energy source, it consists of organic oils and alcohols. The benefits of biodiesel contribute significantly to India’s strategic initiatives to promote sustainable practices and reduce dependence on petroleum imports.

India’s transport sector is driving demand for biodiesel

Dynamic economic development and population growth contribute to the increase in energy demand in India, especially in the transport sector. With vehicle numbers projected to reach a staggering 411.8 million by 2030, the need to develop alternative fuels becomes urgent. This forecast is in line with the growing national drive towards biodiesel utilization, promising greater prospects for the biodiesel market in India.

Reducing dependence on oil

In light of India’s position as the world’s third-largest oil importer, the nation faces an increasingly urgent need to address its energy security. Data from the Petroleum Planning and Analysis Cell (PPAC) indicate an increase in crude oil imports to 212.2 million tonnes in 2021-2022. This dependence is fostering growing interest in biodiesel as a homegrown, more sustainable alternative, which is further amplified by government efforts to accelerate biofuel blending.

Government support is paving the way

The Government of India’s commitment to the development of biofuels is reflected in numerous policies and initiatives. Biodiesel production and use standards are being developed to align with international goals and alliances. Government programs such as the SATAT initiative and Viable Gap Funding under the Pradhan Mantri JI-VAN Yojana are among those expected to significantly strengthen the biodiesel market landscape in India.

Progressive development of the biodiesel industry

The Indian biodiesel industry includes leading players making significant advances in production capacity and strategic business integrations. Key milestones include the expansion of production facilities by Universal Biofuels, a subsidiary of Aemetis, and strategic acquisitions such as the merger of Kotyark Industries Limited with Yamuna Bio Energy Private Limited. Additionally, collaborative efforts have resulted in new biodiesel units that use used cooking oil, which can significantly reduce carbon emissions.

Sector insights and movements of key players

The biodiesel market is segmented by application and feedstock, with detailed analysis of fuels, power generation and other sectors on one hand, and vegetable oils and animal fats on the other. The market leadership profile includes several significant players, including Archer Daniels Midland Company, FutureFuel, Neste, Renewable Energy Group, Inc., Bunge Global SA, Wilmar and Shell, presenting their latest achievements and financial insights.

The outlook for the Indian biodiesel market is favorable, with growth prospects driven by the demand for sustainable fuel alternatives, government support and strategic moves in the industry. As India continues to realize its biofuel potential, the impact of this investment on energy security, environmental sustainability and economic stability is expected to be significant.

Key Features:

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Featured companies

• Archer Daniels Midland Company

• Future fuel

• Neste

• Renewable Energy Group, Inc.

• Bunge Global S.A

• Wilmar

• Shell

More information about this report can be found at https://www.researchandmarkets.com/r/n5j34s

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