April 20, 2024
Biodiesel Catalyst Market

Biodiesel Catalyst Market Estimated to Witness High Growth owing to Increasing Adoption of Renewable Energy Sources

The biodiesel catalyst market is driven by the increasing demand for renewable energy sources globally. Biodiesel catalysts help improve the conversion of vegetable oils and animal fats into biodiesel through transesterification. Sodium, potassium, and lithium metal alkoxides are commonly used as biodiesel catalysts. Biodiesel offers various advantages such as reduction in greenhouse gas emissions, biodegradability, and improved lubricity compared to petrodiesel. Governments across various countries offer incentives and subsidies to promote the production and usage of biodiesel, which is aiding the growth of this market.

The Global biodiesel catalyst market is estimated to be valued at US$ 266.69 Bn in 2024 and is expected to exhibit a CAGR of 24.%  over the forecast period from 2024 to 2030.

Key Takeaways

Key players operating in the biodiesel catalyst market are Myriad Genetics, Inc., F. Hoffmann-La Roche AG, Invitae Corporation, NeoGenomics Laboratories, Inc., BPS Bioscience, Inc. Antibodies Inc., Networks LLC, Beckman Coulter, Inc., Euro Diagnostica AB, F. Hoffmann-La Roche Ltd., Qiagen NV, Siemens Healthcare GmbH, Bio Rad Laboratories Inc., Exagen Inc., Genway Biotech, Inc., Microdrop LLC (imaware), Svar Life Science AB and Thermo Fisher Scientific Inc. These players are focusing on new product launches and strategic collaborations to expand their global reach.

The key opportunities in the  Global Biodiesel Catalyst Market Size include growing research in biodiesel production from non-edible feedstocks and waste cooking oils. This is expected to significantly reduce production costs. Also, the increasing usage of biodiesel additives and cold flow improvers is augmenting the demand for biodiesel catalysts.

With growing renewable energy targets, the biodiesel catalyst market is witnessing robust expansion opportunities in regions such as Asia Pacific and Latin America. Growing government initiatives to achieve energy security and reduce dependence on crude oil imports in these regions are propelling the adoption of biodiesel.

Market Drivers

Stringent emission norms globally to reduce vehicular pollution is a major driver for the biodiesel catalyst market. Compared to petroleum diesel, biodiesel produces lower levels of most pollutants such as unburned hydrocarbons, carbon monoxide, particulate matter, polycyclic aromatic hydrocarbons, and air toxics. This makes biodiesel more environmentally friendly. Governments across countries are adopting biodiesel blending mandates to comply with climate change commitments. This is boosting the demand for biodiesel catalysts for increasing production volumes.

PEST Analysis
Political: Regulations pertaining to emissions from transportation and usage of renewable fuels influence the demand for biodiesel catalyst.

Economic: Fluctuations in crude oil prices impact the demand for biodiesel as an alternative fuel which in turn affects the biodiesel catalyst market.

Social: Increased awareness about vehicular emissions and focus on using environment-friendly fuels drive the adoption of biodiesel and biodiesel catalyst.

Technological: Innovation in biodiesel production technologies and development of new catalyst materials with high efficiency and longer lifespan positively affect the biodiesel catalyst market.

Geographical concentration
In terms of value, the market is concentrated in North America and Europe. North America holds the largest share due to the stringent vehicular emission norms and tax incentives for biodiesel in the US and Canada. Europe is another major biodiesel consuming region with Germany, France and Italy among the key consumers.

Fastest growing region
The Asia Pacific region is expected to grow at the fastest pace during the forecast period. This is due to the rising automotive fleet, large biodiesel production capacity additions and supportive government policies and initiatives focusing on use of clean fuels in countries like China, India and Indonesia.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it