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The growth in the European biodiesel market can primarily be attributed to the adoption of government-mandated policies to tackle the problem of climate change and promote a sustainable future. Policies like Renewable Energy Directive (REDII), European Green Deal, and Paris Agreement, among others, are pushing the growth of the market in the region. Biodiesel has significantly contributed to carbon emission savings in the transportation sector, including aviation, heavy-duty vehicles, and maritime transport. In addition to this, the shift towards B10 fuel type from B7 is likely to be met through hydrotreated vegetable oil (HVO), which is drop-in fuel and does not impact diesel specifications. The global rise in crude oil prices, rise in air pollution levels, and global warming are thus some of the factors playing an essential role in adopting biodiesel in Europe and thus invigorating the market growth. In line with this, measures taken by regional governments such as that of the UK, France, and Germany, to name a few, in mandating the adoption of biodiesel are also positively shaping the market's growth.
In November 2021, Advanced Biofuel Solutions Ltd. (ABSL), a developer and producer of advanced biofuels, recently a Joint Development Agreement with Greenergy. The agreement aims at developing, constructing, and operating up to five municipal waste-based biofuel plants in the UK. Utilising ABSL’s proven and patented RadGas technology, the first plant is situated at Ellesmere Port near Liverpool. The plant is designed for commercial production and is likely to commence production by 2025 to convert 1,33,000 tonnes of municipal waste annually into biomethane for gas vehicles or biohydrogen for hydrogen vehicles. Subsequent plants are planned over the following years. Such developments by leading market players are furthering the growth of the market. The market is further expected to propel by the expansion strategies employed by leading market players such as BASF SE (ETR: BAS).
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The major players in the global ketone market are Novozymes A/S, Louis Dreyfus Company B.V., Envien Group, Gulf German Biofuels Gmbh, and BASF SE, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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