India Biodiesel Market Analysis
Market Size and Growth: The India Biodiesel Market is expected to reach approximately US$ 634.8 million by 2032, with a CAGR of 8.11% from 2024 to 2032. It was valued at US$ 314.7 million in 2023.
Market Overview: Biodiesel in India is produced by mixing organic oil with alcohol, offering an alternative to conventional petroleum products for automobiles and industrial uses. It is considered environmentally sustainable and safer than diesel in terms of fire safety.
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Market Trends:
- Growing Need in Transportation Sector: With India’s expanding energy demand driven by population growth and economic development, the transportation sector’s reliance on petroleum oil is high. The adoption of biofuels like biodiesel is expected to reduce the impact of fossil fuels in the sector.
- Focus on Lowering Crude Oil Imports: India’s heavy reliance on crude oil imports has led to initiatives to reduce this dependency. Biodiesel is seen as a viable substitute for imported fossil fuels, supporting the growth of the biodiesel market in India.
- Government Initiatives and Policies: The Indian government has implemented various legislative measures to promote the production and use of biodiesel. Initiatives like the Ethanol Blending Programme (EBP) and the SATAT plan are driving the growth of the biodiesel industry in India.
Key Players: Major companies in the India Biodiesel Market include Archer Daniels Midland Company, FutureFuel, Neste’s, Renewable Energy Group, Inc., Bunge Global SA, Wilmar, and Shell.
Recent Developments
- Aemetis Biodiesel Plant Expansion: Aemetis reported the successful expansion of its biodiesel plant in India to 60 million gallons per year, ahead of schedule, to meet the growing demand from India’s government-owned Oil Marketing Companies (OMCs).
- Kotyark Industries Limited Acquisition: Kotyark Industries Limited acquired Yamuna Bio Energy Private Limited as part of its amalgamation strategy.
- Indian Oil and LRE Petroleum Biodiesel Facility: Indian Oil sent a letter of intent (LOI) to LRE Petroleum to establish a biodiesel production facility in India, anticipated to produce at least 4 million liters of biodiesel annually from used cooking oil (UCO).
Related Reports
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Bio plastics Market: https://www.renub.com/bioplastics-market-p.php
Europe Biodiesel Market: https://www.renub.com/europe-biodiesel-market-p.php
Market Breakdown
Application:
- Fuel
- Power Generation
- Others
Feedstock:
- Vegetable Oil
- Animal Fats
Conclusion
The India Biodiesel Market is expected to witness significant growth driven by the transportation sector’s increasing demand for biofuels, the focus on reducing crude oil imports, and government initiatives to promote the production and use of biodiesel. Major companies are expanding their biodiesel production capacity to meet the growing demand, making biodiesel a key player in India’s energy sector.
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