Green Diesel Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The Green Diesel Global Market is predicted to reach a staggering $31.76 billion in 2024, representing a swift growth from its recent value of $28.26 billion in 2023. This rapid progression signifies a compound annual growth rate CAGR of 12.4%. This significant expansion was propelled by various factors, including the soaring crude oil prices pushing for alternative fuels, early regulations targeting carbon emissions reduction, the advent of hydrotreating technology, and the growing awareness of climate change that has boosted research into renewable energy solutions.
What projections can we speculate for the green diesel market?
The trajectory of the green diesel market implies a rapid expansion in the next few years. It is expected to grow to an eye-catching $50.9 billion by 2028, registering a robust compound annual growth rate CAGR of 12.5%. The forecasted expansion can be attributed to factors like increasing investment in refining technologies, diversification of feedstock sources, a surging demand for sustainable aviation fuel SAF, carbon pricing, and stricter emission limits. Concurrent trends playing a significant role in this bullish forecast include the rise of waste-to-energy innovations, advancements in algae-based biofuel technologies, the development of modular bio-refineries, and an increased focus on zero-waste production methods.
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What is the main driver behind the green diesel market growth?
The surging shift toward sustainable energy is expected to act as a primary catalyst in pushing the green diesel market forward. Sustainable energy, the energy produced and used in a manner catering to current needs while keeping in mind future generations' requirements, is gaining growing attention. The demand for this form of energy is hiking, propelled by climate change, depleting fossil fuel reserves and the need for cleaner, efficient energy solutions. Green diesel, made of renewable feedstocks, reduces greenhouse gas emissions and integrates seamlessly into existing engines, thus promoting the shift towards cleaner, eco-friendly modes of transportation.
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Who are the major players in the green diesel market?
Major companies in the green diesel market are making substantial progress in developing advanced products such as renewable diesel. This product, also known as green diesel, is a biofuel akin to petroleum diesel but is made from renewable sources like vegetable oils, animal fats, and waste oils. It is manufactured through hydrotreating, leading to a product that can be used in diesel engines without modification. For instance, in August 2024, Exxon Mobil Corporation, a US-based natural gas company, launched Esso Renewable Diesel R20, a green diesel product.
How is the global green diesel market segmented?
The green diesel market can be segmented based on the following parameters:
1 By Type: Pure Form, Blended Form
2 By Technology: Hydro-Processing, Catalytic Upgrading, Pyrolysis, Biomass To Liquid BTL, Thermochemical Process Gasification
3 By Raw Materials: Vegetable Oils, Animal Fats, Other Materials
4 By Application: Power Generation, Fuel, Other Applications
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