Increasing technologies for the conversion of waste owing to stringent environmental regulations has been a major factor driving industry growth. Also, growing demand for biodiesel in industrial machinery sector has led to rising demand for market growth.
Growing consumption of diesel as a fuel from the U.S., China, Japan, India, and Mexico owing to the significant rise in the automotive industry in these countries is projected to propel the market over the forecast period. Increasing waste processing plants in various regions including Europe and North America and the rising technological advancements in regions, such as Asia-Pacific is anticipated to drive the market over the forecast period.
Rising R&D activities carried out by companies such as, Klean Industries, Covanta Energy Corporation, and Alphakat GmbH to expand the production capacity their facilities in the waste to diesel conversion is projected to propel the market over the next eight years. In June 2017, Statkraft, a producer of renewable energy, developed a process, which uses hydrothermal liquefaction technology using high temperatures and pressures to generate biofuel from wood chippings and other solid organic waste.
Further key findings from the report suggest:
- The global demand was worth USD $390 million in 2016 and is expected to grow at a CAGR of 10.4 per cent over the forecast period
- Municipal waste emerged as the largest source segment in 2016 and is estimated to generate revenue over USD $440 million by 2025
- Increasing plants for the processing of municipal solid waste is projected to propel the market growth.
- Gasification technology was projected to be the fastest growing segment and is anticipated to witness moderate share over the forecast period
- Europe is expected to observe the significant regional segment over the next eight years with an estimated CAGR in terms of revenue of around 10.1 per cent.
- Growing manufacturers and suppliers of waste to diesel processing plants in this region is anticipated to spur the market growth.
- In March 2017, Diamond Green Diesel facility of Valero Energy Corporation and Darling Ingredients Inc. expanded its annual production capacity of renewable diesel by using Honeywell's UOP ecofining technological process.
- Key players including Covanta Energy Corp., Klean Industries, Green Alliance dominated the global market accounting for significant share of the total volume in 2016