The North American Renewable diesel market size is projected to grow from USD 12.9 billion in 2022 to USD 49.1 billion by 2044, at a CAGR of 7.1% during the forecast year.
Renewable diesel is basically a biomass-derived transportation fuel that is made from fats, oils, and grease and has a similar chemical composition to petroleum diesel. It can be used as a drop-in fuel for existing engines. It also meets the D975 fuel quality standards. Different feedstocks can be used in its production, such as waste oils which include tallow, fish oil, used cooking oil, and vegetable oils, which include canola oil, soyabean oil, and sunflower oil. Renewable diesel can be used as drop-in fuel or can also be blended with petroleum and biodiesel as well.
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The major applications of renewable diesel include transportation and automobile fleet operations, industrial, and green mobility. Sustainable aviation fuel (SAF) is also made in the same infrastructure by applying a different technological process.
The demand for Renewable diesel is mainly furnished by players manufacturing for various end-use industries. Some of the leading companies involved in the manufacturing of Renewable diesels are Neste OYJ (Finland), Chevron Renewable Energy Group (U.S.), PBF Energy Inc. (U.S.), Valero Energy Corporation (U.S.), Gevo, Inc. (U.S.) and others are covered in the renewable diesels market. These companies, along with other regional companies, cater to the demand for Renewable diesels.
Neste OYJ (Finland) produces petroleum products and offers sustainable diesel. The company operates through the following divisions: Renewable Products, Oil Products, Marketing & Services, and Others. The Renewable Products segment manufactures, distributes, and retails renewable diesel, renewable jet fuels and solutions, renewable solvents, and renewable bioplastic raw materials. The oil products division offers diesel fuel, gasoline, aviation, and marine fuel, light and heavy fuel oils, base oils, gasoline additives, engine gasoline, solvents, liquid gases, and bitumen.
Chevron Renewable Energy Group (U.S.) is an energy and transportation company. The company is engaged in converting renewable resources into high-quality, sustainable fuels. The company's primary business is developing and manufacturing biofuels and renewable chemicals. It includes petroleum, renewable naphtha, glycerin, mixed fuels, REG-9000 biodiesel, bio-heat blended fuel, and renewable naphtha.
PBF Energy Inc. (U.S.) operates a petroleum refinery and provides heating oil, lubricants, petrochemical feedstocks, transportation fuels, and other petroleum products in the US. It functions through the following divisions: logistics and refining. Crude oil and other feedstocks are refined in the refining segment to create petroleum products. The logistics segment owns, leases, operates, develops, and buys terminals, pipelines, storage facilities, and logistics assets for crude oil and refined petroleum products.
Other companies have initiated the following developments:
North America Renewable Diesel Market by feedstock (Waste oils, Vegetable oils), and Country (United States, Canada, Mexico) - Forecast to 2044
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