Biodiesel is produced from three types of feedstock, such as vegetable oils, animal fats, and greases. Vegetable oils are widely used to produce biodiesel, as they contain less saturated fat, and thus reduce the processing cost. Furthermore, vegetable oils are easily available as compared to animal fats, and greases.
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The biodiesel market is projected to reach USD 41.18 Billion by 2021, at a CAGR of 3.8% from 2016 to 2021. Biodiesel products find usage in several end-use industries such as, automotive, power generation, marine, railway, agriculture, and mining in applications, including fuel, power generation, industrial solvent, and lubricating agent. The increasing usage of biodiesel across these industries is expected to drive the market for the biodiesel in near future.