India Biodiesel Market Size, Share, Recent Trends and Growth Forecast by 2021-2026
SHERIDAN, WYOMING, UNITED STATES – According to the latest report by IMARC Group, titled “India Biodiesel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the india biodiesel market is currently witnessing strong growth and is expected to continue its strong growth during the forecast period (2020-2025).
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Biodiesel is a renewable, clean-burning fuel produced by transesterification of vegetable oils, animal fat, used cooking oil, etc. It is non-toxic, cost-effective, carbon-neutral, and biodegradable, as compared to conventional sources of fuels. As a result, biodiesel finds widespread applications across several sectors, such as automotive, aviation, marine, mining, power generation, etc. Moreover, biodiesel exhibits lubricating properties that help in the lubrication of engines and adds to engine life. Hence, it is also combined with petroleum diesel to be used in compression ignition engines.
Inflating prices of petroleum products, along with the rising environmental concerns, are primarily driving the demand for biodiesel in the automobile sector of India. Moreover, the growing focus on sustainable development practices is also augmenting the growth of the market. Furthermore, as biodiesel does not degrade air quality, enhances energy security and provides various safety benefits, it is widely utilized to power underground mining equipment and machinery. Besides this, the rising energy demand, along with the increasing utilization of biodiesel as a heating fuel in both commercial and domestic boilers, is anticipated to further propel the India biodiesel market in the coming years.
(Source and courtesy: https://www.einnews.com/)