The global Biodiesel Catalyst Market is estimated to be valued at US$ 231.5 Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Biodiesel catalysts are chemicals that are added to increase the rate of a chemical reaction without getting consumed in the process. They help accelerate the esterification and transesterification reactions involved during biodiesel production from vegetable oils, waste cooking oils, and animal fats. Biodiesel catalyst such as NaOH and KOH are commonly used bases for transesterification reaction, whereas H2SO4 and HCl are commonly used acid catalysts for esterification. Biodiesel provides various advantages such as biodegradability, non-toxicity, superior lubricating properties, and lower emission levels as compared to fossil fuels. Growing concerns regarding environmental pollution and depleting fossil fuel reserves are fueling the demand for biofuels, which is expected to drive the growth of the biodiesel catalyst market during the forecast period.
Market key trends:
One of the key trends in the biodiesel catalyst market is growing focus on R&D activities to develop heterogeneous catalysts. Heterogeneous catalysts offer various advantages over homogeneous catalysts such as easy separation from the product, recyclability, and reuse of the catalyst. Companies are investing in nanotechnology and materials science to design solid acid and solid base catalysts with higher activity, selectivity, and stability. Furthermore, researchers are developing shape-selective zeolite catalysts for biodiesel production through esterification and transesterification routes. These innovative heterogeneous catalysts are expected to expand the biodiesel production potential and growth of the biodiesel catalyst market.
Porter’s Analysis
Threat of new entrants: Biodiesel catalyst requires specialized production technology and capital investment, which creates entry barriers for new players.
Bargaining power of buyers: The biodiesel catalyst market has several buyers owing to the presence of many biodiesel producers globally. This enhances the bargaining power of buyers.
Bargaining power of suppliers: Key raw materials for biodiesel catalyst production include metals and chemicals. The presence of many suppliers reduces their bargaining power.
Threat of new substitutes: No close substitutes exist for biodiesel catalysts currently.
Competitive rivalry: The global biodiesel catalyst market is moderately competitive due to the presence of global players.
Key Takeaways
The global biodiesel catalyst market is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing production of biodiesel globally. The market size for 2023 is estimated at US$ 231.5 Mn.
Regional analysis: Europe dominates the global biodiesel catalyst market currently, accounting for over 35.0% of the overall market share in 2023, followed by North America. Stringent environmental regulations regarding biodiesel blending in various European countries is driving the demand. Asia Pacific is expected to be the fastest growing market, owing to rising biodiesel production in countries such as China, India.
Key players operating in the biodiesel catalyst market include BASF SE, Evonik Industries AG, Clariant AG, DuPont de Nemours, Inc., Albemarle Corporation, Arkema SA, Johnson Matthey PLC, Mitsubishi Chemical Corporation, Honeywell International Inc., Shell Catalysts & Technologies, W. R. Grace & Co., Haldor Topsoe A/S, Dow Chemical Company, CRI Catalyst Company, and Sud-Chemie India Pvt. Ltd. (Clariant India Ltd.). BASF, Evonik and Honeywell collectively accounted for over 35.0% share of the global biodiesel catalyst market in 2023.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it