Biodiesel Catalyst Market Growth Accelerated by Increased Adoption of Renewable Fuel Standards
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| Biodiesel Catalyst Market |
The biodiesel catalyst market
plays a pivotal role in promoting the usage of renewable fuel. Biodiesel
catalysts assist in speeding up the esterification and transesterification
reactions involved in the production of biodiesel from various feedstocks like
vegetable oils, animal fats, etc. Sodium methylate and sodium hydroxide are
among the commonly used heterogeneous and homogeneous catalysts respectively in
biodiesel production.
The global biodiesel catalyst
market is estimated to be valued at US$
109 Mn in 2023 and is expected to exhibit a CAGR of 24% over the forecast period 2024 to 2031, as highlighted
in a new report published by Coherent Market Insights.
Market Dynamics:
The demand for biodiesel catalyst
is projected to significantly grow due to the increasing promotion of renewable
energy sources to curb greenhouse gas emissions. Governments across various
nations have implemented stringent regulations and policies to reduce reliance
on fossil fuels and promote the adoption of sustainable fuels like biodiesel.
For instance, the European Union's Renewable Energy Directive sets a target of
14% renewable energy usage in the transportation sector by 2030.
Another major driver boosting the
demand for biodiesel catalyst is the rising production of biodiesel to fulfill
the burgeoning energy needs. According to statistics, global biodiesel
production nearly doubled from 19 billion liters in 2014 to 35 billion liters
in 2020. Moreover, advancements in biodiesel catalyst formulation improving
process efficiencies will continue aiding the industry's expansion over the
forecast period.
SWOT Analysis
Strength: The biodiesel catalyst
market is driven by supportive government policies and initiatives for the
adoption of biodiesel. Researchers are engaged in developing improved catalysts
with enhanced activity and selectivity. Heterogeneous catalysts are increasingly
being explored as they offer advantages of easy separation and reuse.
Weakness: Fluctuations in
feedstock prices affect the overall production cost of biodiesel. The process
of biodiesel production using catalysts requires optimization efforts for
commercial scale-up. Leaching of catalyst metals during reactions is also a
challenge.
Opportunity: Scope for catalyst
development from abundantly available waste materials. Initiatives to
commercialize the second-generation biodiesel production technologies present
opportunities for catalyst suppliers. Developing countries with agro-based
economies provide a vast market.
Threats: Limited availability of
refining infrastructure in developing nations. Swing in crude oil prices
impacts the demand-supply dynamics of biodiesel. Stringent emission norms pose
technical challenges in catalyst design.
Key Takeaways
The Global
Biodiesel Catalyst Market Size is expected to witness high growth.
Asia Pacific currently dominates
the regional market due to the rapid economic expansion, growing population,
and implementation of stringent environmental regulations. China, Indonesia,
and India have emerged as the major biodiesel producers in the region over the
forecast period owing to government incentives and initiatives for biodiesel
adoption.
Key players operating in the biodiesel catalyst market are Evonik
Industries AG, BASF, Albemarle Corporation, W.R. Grace & Co., Johnson
Matthey, and Clariant AG. Evonik Industries holds a significant share owing to
its research efforts in heterogeneous catalysis and ties with biodiesel
producers. BASF is focusing on developing customized catalyst solutions and
process technologies for various feedstocks.
Get More Insights Here
https://techaxen.com/medicine-testing-services-in-the-us-ensuring-product-safety-and-compliance/
https://www.newswirestats.com/biodiesel-catalyst-market-size-share-growth-outlook-2023/
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