by The Biodiesel Catalyst Market is estimated to be valued at US$ 231.5 Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Biodiesel is an alternative fuel produced from renewable feedstocks such as vegetable oils, animal fats, and recycled cooking greases through a chemical process known as transesterification. Catalysts play an important role in accelerating the transesterification process and improving the yield of biodiesel. The commonly used catalysts in biodiesel production include homogeneous and heterogeneous catalysts. Key advantages of biodiesel catalysts include improving process economics, increasing yield, reducing waste generation, and meeting regulatory standards.
Market Dynamics:
Two primary drivers of the biodiesel catalyst market are growing focus on renewable energy sources and stringent environmental regulations on fossil fuels emissions. With the rising concerns regarding depleting crude oil reserves and environmental pollution from fossil fuels, governments across regions are promoting the use of biofuels through incentives and mandates. For instance, the European Union has mandated its member countries to attain a 14% share of renewable energy in the transport sector by 2030. Additionally, tightening emissions norms by agencies such as the EPA are encouraging end-use industries and automakers to increase the blend of biofuels such as biodiesel in their products.
Segment Analysis
The biodiesel catalyst market is segmented by catalyst type into homogeneous catalyst and heterogeneous catalyst. Among them, the heterogeneous catalyst segment dominated the market in 2022 and is projected to continue its dominance during the forecast period. Heterogeneous catalysts demonstrate better compatibility with fuels and excellent long-term stability in both storage and operation, making them ideal for use in biodiesel production.
PEST Analysis
Political: Governments across the globe are introducing stringent regulations to reduce carbon emissions from the transportation sector. This is promoting the adoption of biodiesel as an alternative fuel.
Economic: The fluctuating prices of crude oil along with supportive biodiesel policies are encouraging producers to reduce dependency on petroleum based diesel and adopt biodiesel.
Social: Growing environmental concerns coupled with increasing demand for eco-friendly fuels are positively impacting the market growth.
Technological: Manufacturers are focusing on developing highly effective catalysis routes and advanced heterogeneous catalysts to accelerate biodiesel production process.
Key Takeaways
The global biodiesel catalyst market is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing stringent emission norms. Regionally, Asia Pacific dominated the global market in 2022 and is expected to continue its dominance during the forecast period owing to rising biodiesel consumption in China, India and Indonesia.
Key players operating in the biodiesel catalyst market are BASF SE, Evonik Industries AG, Clariant AG, DuPont de Nemours, Inc., Albemarle Corporation, Arkema SA, Johnson Matthey PLC, Mitsubishi Chemical Corporation, Honeywell International Inc., Shell Catalysts & Technologies, W. R. Grace & Co., Haldor Topsoe A/S, Dow Chemical Company, CRI Catalyst Company, and Sud-Chemie India Pvt. Ltd. (Clariant India Ltd.).
Regional analysis
Asia Pacific accounted for the largest share of the global biodiesel catalyst market in 2022. Rapid industrialization and growing population have increased energy demand in the region. Moreover, supportive government policies and subsidies for biodiesel production in countries like China, India and Indonesia are expected to drive the regional market.
Key players
Key players operating in the biodiesel catalyst market are BASF SE, Evonik Industries AG, Clariant AG, DuPont de Nemours, Inc., Albemarle Corporation, Arkema SA, Johnson Matthey PLC, Mitsubishi Chemical Corporation, Honeywell International Inc., Shell Catalysts & Technologies, W. R. Grace & Co., Haldor Topsoe A/S, Dow Chemical Company, CRI Catalyst Company, and Sud-Chemie India Pvt. Ltd. (Clariant India Ltd.).
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
