Advanced biofuels such as waste vegetable oil, animal fats, and other organic materials can be used to create renewable diesel. Renewable diesel is a cleaner-burning substitute that may be used in current diesel engines without modification, in contrast to regular diesel, which is obtained from crude oil. Compared to regular diesel, renewable diesel offers a number of benefits. It emits substantially less particulate matter, greenhouse gases, and other pollutants, and has a smaller carbon footprint overall. Additionally, it lessens reliance on fossil fuels as a sustainable and renewable fuel source.
According to SPER Market Research, ‘North America Renewable Diesel Market Size- By Type, By Application, By Feedstocks, – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the North America Renewable Diesel Market is estimated to reach USD 28.57 billion by 2033 with a CAGR of 8.63%.
Policies that promote green energy and reduce greenhouse gas emissions are crucial. Regulations in North America support the production and use of renewable fuels. Growing awareness of climate change and the need to reduce carbon emissions is driving the market for renewable fuels. Because renewable diesel is produced using organic feedstocks including waste, vegetable, and animal oils, it has a lower carbon footprint than conventional diesel. The degree to which renewable diesel is competitive can be impacted by fluctuations in the price of crude oil. Because it provides a dependable alternative with less price fluctuation, renewable diesel becomes more financially viable when crude oil prices are high.
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Any diesel-powered engine can run on renewable diesel. It is a drop-in substitute for petroleum and can power cars on its own without blending. Unlike biodiesel, it doesn’t freeze at lower temperatures and works with the existing diesel engine infrastructure. Most heavy-duty vehicle manufacturers have also received certification for renewable diesel. It is not as old as biodiesel, though, and is a more modern choice. Since it is not currently produced on such a large scale, it is harder to get hold of for use in powering passenger cars worldwide. While there has been some success in producing renewable diesel, more needs to be done to make it more widely available and used.
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Impact of COVID-19 on North America Renewable Diesel Market
The market for renewable diesel has been affected by the COVID-19 epidemic in a variety of ways. Due to lower economic activity and travel limitations, the pandemic has, on the one hand, significantly reduced demand for transportation fuels, notably diesel. As a result, several locations have seen a decrease in production and a drop in the price of renewable fuel. However, the epidemic has brought attention to the value of environmental sustainability and has refocused attention on cutting carbon emissions.
North America Renewable Diesel Market Key Players:
North America’s market for renewable diesel is dominated by the US, and this trend is anticipated to continue in the years to come. Major players in the market are Aemetis, Inc., Chevron Group (Renewable Energy Group), Gevo, Inc., Marathon Petroleum Corporation, Neste Oyj, PBF Energy Inc., Phillips 66, and Valero Energy Corporation, Others.
North America Renewable Diesel Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Type: Based on the Type, North America Renewable Diesel Market is segmented as; Lipids, Cellulosic Biomass.
By Application: Based on the Application, North America Renewable Diesel Market is segmented as; Locomotive, Ships, Power Plant, Truck, Others.
By Feedstocks: Based on the Feedstocks, North America Renewable Diesel Market is segmented as; Waste Oils, Vegetable Oils.
By Region: This research also includes data for United States, Mexico, Canada, Rest of North America.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
North America Renewable Diesel Market Future Outlook
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