USD 43.21 billion
Report ID:
SQMIG10D2023 |
Region:
Global |
Published Date: March, 2024
Pages:
178
|Tables:
93
|Figures:
76
Global B20 Fuel Market size was valued at USD 43.21 billion in 2022 and is poised to grow from USD 45.02 billion in 2023 to USD 62.57 billion by 2031, at a CAGR of 4.2% during the forecast period (2024-2031).
B20 Fuel is becoming popular since It is a blend of 20% biodiesel and 80% petroleum diesel. The various advantages offered by B20 fuel are a renewable and sustainable option, lower mission, improved engine performance, energy security, and cost-effectiveness.
Biodiesel is a renewable and sustainable fuel source made from various sources such as vegetable oils or animal fats. Biodiesel is produced through a chemical process called transesterification, which involves converting these sources into fatty acid methyl esters (FAMEs). Using biodiesel as a component of B20 fuel reduces reliance on fossil fuels, which are finite resources and can cause environmental harm. Biodiesel production is less environmentally damaging than petroleum diesel production, as it produces lower greenhouse gas emissions and has a lower environmental impact overall. This makes B20 fuel a sustainable alternative to traditional petroleum-based fuels. It is a sustainable and environmentally friendly alternative to traditional petroleum-based fuels. Not only is it beneficial for the environment, but it can also be cost-effective. The cost of biodiesel production is becoming more competitive with traditional diesel fuel, making B20 fuel a financially attractive option for businesses and individuals. The government provides incentives and tax credits to promote the use of renewable energy sources, including B20 fuel. This can further reduce the cost of using B20 fuel and encourage its adoption. As governments around the world increasingly prioritize renewable energy sources and sustainable practices, the use of B20 fuel is expected to continue growing.
US B20 Fuel Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 43.21 billion
Largest Segment
Transportation.
Fastest Growth
Power generation.
Growth Rate
4.2% CAGR
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Global B20 Fuel market is segmented on the basis of Application, feedstock, distribution channel, technology, and region. By Application, the B20 Fuel Market is segmented into Transportation, Industrial, power generation, and others. By feedstock, the B20 Fuel Market is segmented into Soybean oil, palm oil, canola oil, and others. By distribution channel, the B20 Fuel Market is segmented into Direct, wholesale, retail, and others. By region, the B20 Fuel Market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
B20 Fuel Market Analysis by Application
The transportation sector, especially heavy-duty vehicles such as trucks and buses, is the leading application segment for B20 fuel. This is because B20 fuel provides a sustainable alternative to traditional diesel fuel, making it popular among fleet operators who aim to reduce their carbon footprint and comply with environmental regulations.
The power generation application segment is experiencing the highest growth rate in the B20 fuel market, as power plants are increasingly adopting renewable fuels to reduce their environmental impact and achieve their sustainability targets. By using B20 in their diesel generators, power plants can generate electricity while minimizing their emissions, making it a favorable option for those looking to transition to cleaner and more sustainable fuels.
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North America is the dominant region in the B20 fuel market, with the largest consumption of B20 fuel. The United States plays a significant role in driving demand in this region, due to the increasing adoption of biofuels by both government agencies and private companies.
On the other hand, the Asia Pacific region is the fastest-growing region in the B20 fuel market and is expected to witness substantial growth in the future. The increasing demand for biodiesel in countries like China and India, combined with the growing adoption of biofuels by governments in the region, is driving the market's growth. The availability of low-cost feedstock in the region is also contributing to the expansion of the B20 fuel market in the Asia Pacific.
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B20 Fuel Market Drivers
Government Regulations are Boosting Market Growth
B20 Fuel Market Restraints
Limited Availability of Feedstock to Hinder Market Growth
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Numerous players in the B20 fuel market are competing for a share of the market. The primary drivers of competition include pricing strategies, product quality, technological advancements, and distribution networks.
Some B20 fuel companies prioritize providing superior quality products to their customers by employing advanced technologies and high-grade raw materials, resulting in efficient and quality biodiesel fuels. Other B20 fuel companies choose to gain a competitive edge in the market by focusing on offering competitive pricing strategies. Moreover, government regulations and policies play a significant role in the competitive landscape of the B20 fuel market. B20 fuel companies that can comply with government regulations and sustain a profitable business model may have an upper hand in the market.
B20 Fuel Market Top Player’s Company Profiles
B20 Fuel Market Recent Developments
In December 2023, Thailand Government declared that as of May 1, regulatory changes will require B7 diesel to contain between 6.6% and 7% biodiesel, while the B20 diesel must incorporate 19-20% biodiesel, aligning with evolving standards in the industry. The Energy Business Department will seek Cabinet endorsement for discontinuing the sale of B10 diesel oil, leaving only B7 and B20 oil options available, the department’s chief said.
In October 2023, Adnoc Distribution, the UAE’s largest fuel and convenience retailer, announced that it will use biofuel to power its heavy vehicle fleet in the country. Its heavy vehicle fleet, supplying fuels and liquefied petroleum gas to corporate customers, will be powered by B20 biofuel, produced from waste cooking oil.
In July 2023, CSX reported testing of 20% soybean oil-based fuel in a locomotive fleet serving Tampa, Fla.-based phosphate customer Mosaic, which began in 2022 to demonstrate the effectiveness of the B20 biodiesel blend in Wabtec FDL Advantage engines.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
Our analysis of the global B20 fuel market indicates that it is poised for significant growth in the coming years, thanks to the multitude of benefits it offers. These advantages include its sustainability, reduced emissions, improved engine performance, enhanced energy security, and cost-effectiveness. Governments worldwide have taken note of these benefits and have implemented policies and initiatives aimed at promoting the use of biofuels, including B20 fuel, with the ultimate objective of reducing dependence on fossil fuels and mitigating greenhouse gas emissions.
However, one potential challenge that could hinder the growth of the B20 fuel market is the limited availability of feedstock, which is essential for its production. This includes feedstocks such as soybean oil, rapeseed oil, and palm oil.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 43.21 billion |
Market size value in 2031 | USD 62.57 billion |
Growth Rate | 4.2% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the B20 Fuel Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the B20 Fuel Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the B20 Fuel Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the B20 Fuel Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG10D2023