The North America Renewable Diesel Market size is projected to grow from USD 12.9 Billion in 2022 to USD 49.1 Billion by 2044, at a CAGR of 7.1% during the forecast year. Renewable diesel is a transportation fuel which is derived from biomass like fats, oils, and grease. It has a similar chemical composition to petroleum diesel. It can be used as a drop-in fuel for existing engines. It also meets the D975 fuel quality standards. Different feedstocks can be used in its production, such as waste oils which include fat, fish oil, used cooking oil, and vegetable oils, which contain canola oil, soyabean oil, and sunflower oil. Renewable diesel can be used as drop-in fuel or can also be blended with petroleum and biodiesel as well.
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The major applications of renewable diesel include transportation and automobile fleet operations, industrial, and green mobility. Sustainable aviation fuel (SAF) is also made in the same infrastructure by applying a different technological process.
The Renewable diesel Market has been segmented based on feedstock i.e., waste oils and vegetable oils. Tallow, used cooking oil, fish oil, lard, and poultry are considered under the waste oil segment. The vegetable oil segment includes corn oil, canola oil/rapeseed, soyabean oil, sunflower oil, and palm oil. The main forces behind the growth of the Renewable diesel market are increasing focus on reducing carbon emissions, tax credits by governments and investments in renewable energy.
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The Renewable diesel Market is studied for North America region. North America is the largest renewable diesel market globally, with the US being the dominant market in the region, with a share of 99%, in terms of volume, in 2021. Growth during the forecasted period is expected to be driven by the growing concerns related to fossil fuel depletion, as well as the necessity to include renewable energy sources in the energy mix for long-term growth. The growth is led by increasing demand for Renewable diesel from various industries, including fleet operators, aviation, and transportation.
The major players are Neste OYJ (Finland), Chevron Renewable Energy Group (U.S.), PBF Energy Inc. (U.S.), Valero Energy Corporation (U.S.), Gevo, Inc. (U.S.) and others are covered in the Renewable diesel market. Expansion, mergers, joint ventures, and the development of novel products are the primary strategies employed by the leading players to build the Renewable diesel market.
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