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 to ResearchAndMarkets.com's offering.
The India biodiesel market is anticipated to reach a valuation of approximately US$ 634.8 million by the year 2032, expanding at a CAGR of 8.11% from 2024 to 2032. India's current market stood at US$ 314.7 million in 2023. Biodiesel is a viable and eco-friendly alternative to traditional fossil fuels, predominantly in the transportation and power generation sectors. As a renewable source of energy, it is comprised of organic oils and alcohols. The advantages of biodiesel contribute significantly to India's strategic initiatives aimed at promoting sustainable practices and reducing dependency on crude oil imports.
India's Transportation Sector Driving Biodiesel Demand
Dynamic economic development and population growth contribute to escalating energy demands in India, particularly within the transportation section. With the projection of vehicle numbers hitting a staggering 411.8 million by 2030, the urgency for alternative fuels is pressing. This forecast aligns with the increasing national drive towards biodiesel utilization, promising greater prospects for the biodiesel market in India.
Reducing Crude Oil Dependency
In light of India's standing as the third-largest crude oil importer globally, the nation faces a growing urgency to address its energy security. Figures from the Petroleum Planning and Analysis Cell (PPAC) denote a rise in crude oil imports to 212.2 million tonnes in 2021-2022. Such dependency fosters a rising inclination towards biodiesel as an indigenous, more sustainable alternative, which is further reinforced by government endeavors to expedite the blending of biofuels.
Governmental Support Paving the Way
The Indian government's commitment to biofuel development is reflected through numerous policies and initiatives. Standards for biodiesel production and usage are being formulated to align with international objectives and alliances. Governmental schemes such as the SATAT initiative and Viable Gap Funding under the Pradhan Mantri JI-VAN Yojana are among those set to significantly bolster the biodiesel market landscape in India.
Progressive Developments in the Biodiesel Industry
The Indian biodiesel industry comprises leading entities that are making substantial advances in production capacity and strategic company integrations. Significant milestones include the expansion of production facilities by Universal Biofuels, an Aemetis subsidiary, and strategic acquisitions, such as Kotyark Industries Limited's amalgamation with Yamuna Bio Energy Private Limited. Additionally, collaborative efforts have led to new biodiesel production units that utilize used cooking oil, with the potential to significantly reduce carbon emissions.
Sectored Insights and Key Players’ Movements
The biodiesel market is segmented by application and feedstock, with a detailed analysis of the fuel, power generation, and other sectors on one side and vegetable oils and animal fats on the other. The market sees a leadership profile with several notable players, including Archer Daniels Midland Company, FutureFuel, Neste, Renewable Energy Group, Inc., Bunge Global SA, Wilmar, and Shell, all showcasing their latest developments and financial insights.
The India biodiesel market's outlook is favorable, with growth prospects driven by the need for sustainable fuel alternatives, government support, and strategic industry movements. As India continues to harness its potential in biofuel, the impact on energy security, environmental sustainability, and economic stability is expected to be significant.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 70 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $314.7 Million |
| Forecasted Market Value (USD) by 2032 | $634.8 Million |
| Compound Annual Growth Rate | 8.1% |
| Regions Covered | India |
Companies Featured
- Archer Daniels Midland Company
- FutureFuel
- Neste’s
- Renewable Energy Group, Inc.
- Bunge Global SA
- Wilmar
- Shell
For more information about this report visit https://www.researchandmarkets.com/r/n5j34s
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