Global Renewable Diesel Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Renewable Diesel Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Renewable diesel is made from the same renewable resources as biodiesel but uses a different production process. The result is a renewable fuel that is chemically identical to petroleum diesel and meets the same ASTM specification. Renewable diesel is one of the newer alternative fuels on the market but has quickly become popular because it effectively reduces emissions, delivers strong performance and has up to 85% less sulfur than ultra-low sulfur diesel (ULSD). As clean air regulations and sustainability goals become more common, this fuel will continue growing in popularity.

Market Overview:

The latest research study on the global Renewable Diesel market finds that the global Renewable Diesel market reached a value of USD 22877.43 million in 2022. It’s expected that the market will achieve USD 58345.88 million by 2028, exhibiting a CAGR of 16.89% during the forecast period.

Market Development Constraints

Demand and prices for raw materials ranging from soybean oil to fats and animal fats are soaring. According to data from pricing services company Jacobson, used cooking oil is worth 51 cents per pound, which is about half the price last year.

Tallow made from beef or sheep fat sells for 47 cents per pound in Chicago, which is more than 30% higher than a year ago. This boosted the wealth of refiners such as Darling Ingredients in Texas and meat packers such as Tyson Foods. Darling's stock price has doubled in the past six months.

Renewable diesel producers increasingly rely on soybeans and canola oil to operate new plants. As the production capacity of renewable diesel continues to expand, the supply of raw materials has also become a huge problem. According to data from BMO Capital Markets, by 2023, if half of the proposed new renewable diesel capacity is built, the demand for US soybean oil may exceed US production by as much as 8 billion pounds per year.

Region Overview:

From 2023-2028, Europe is estimated to witness robust growth prospects.

Company Overview:

Neste , Valero , World Energy , Eni and Cepsa are the five key players in the global Renewable Diesel market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global Renewable Diesel market in the past 5 years.

Neste is a company creating sustainable solutions for transport, aviation, polymers, and chemicals sectors. It is engaged in the production of renewable diesel and renewable jet fuel refined from waste and residues. The company also provides the raw material for plastics that is made out of renewable and recycled materials.

Valero Energy is an international manufacturer and marketer of transportation fuels, petrochemical products, and power. The company is involved in refining, marketing, and bulk sales activities. It produces conventional and premium gasoline, diesel fuels, low-sulfur and ultra-low-sulfur diesel fuels, CARB diesel fuels, distillates, jet fuels, asphalts, petrochemicals, lubricants, and other refined products.

Segmentation Overview:

Among different product types, From Cellulosic Biomass segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Truck segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Renewable Diesel market covered in Chapter 3:

Preem
Marathon Petroleum (Marathon Oil)
Neste
GEVO
World Energy
Total
REG
UPM Biofuels
Valero
Cepsa
Eni
Repsol
Sunshine Biofuels
BP

In Chapter 4 and Chapter 14.2, on the basis of types, the Renewable Diesel market from 2018 to 2029 is primarily split into:

From Lipids
From Cellulosic Biomass

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Renewable Diesel market from 2018 to 2029 covers:

Locomotive
Ships
Power Plant
Truck
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)