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At 8.96% CAGR, India Biodiesel Market Size to Hit US$ 588.8 Million in 2027
The latest research study “India Biodiesel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the India biodiesel market size reached US$ 360.1 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 588.8 Million by 2027, exhibiting a growth rate (CAGR) of 8.96% during 2022-2027.
India Biodiesel Market Outlook:
Biodiesel refers to clean and green burning fuels that are produced via the transesterification, pyrolysis, or hydro heating of non-edible and edible oils. They can be broadly categorized into B100, B20, B10, B5, and other types. These biodiesel variants are renewable, carbon-neutral, non-toxic, and cost-effective as compared to conventional sources of fuel. They further prove highly efficient in improving the lubrication of an engine and enhancing engine life. Consequently, biodiesel products find extensive applications across numerous sectors in India, such as agriculture, automotive, power generation, marine, mining, etc.
India Biodiesel Market Trends:
The inflating prices of petrol and diesel and the rising demand for energy are primarily driving the India biodiesel market. Besides this, the shifting preferences towards replacing traditional fossil fuels utilized in power generation and automobiles for reducing greenhouse gas (GHG) emissions are also positively influencing the market across the country.
Additionally, the increasing usage of the fuel variant as a heating agent in both domestic and commercial boilers is acting as another significant growth-inducing factor. Furthermore, the launch of various favorable policies and tax rebates by the government bodies aimed at promoting the utilization of renewable fuels and the escalating investments in the development of new biofuel production plants are expected to propel the India biodiesel market in the coming years.
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