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.
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https://www.newswirestats.com/biodiesel-catalyst-market-size-share-growth-outlook-2023/
