In New York, Spherical Insight reported that the global green diesel market is expected to grow from $ 29.43 billion in 2023 to $ 93.05 billion by 2033.
The report noted that the market is forecast to expand at a Compound Annual Growth Rate (CAGR) of 12.20% during the period.
“North America is dominating the market with the largest market share over the anticipation timeframe. In the state of California, the Low Carbon Fuel Standard (LCSF) provides environmentally friendly diesel (green diesel) affordable compared with biodiesel is and petrodiesel by offsetting some of the expenses,” the research firm said.
“Europe is expected to grow the fastest during the anticipation timeframe. The Renewable Energy Directive (RED) and its revised version (RED II) focus on increasing the proportion of renewable energy in transportation fuels, promoting the use of green diesel and biodiesel blends. These regulations encourage the growth of green diesel by promoting blending mandates, tax breaks, and carbon intensity reduction targets, which effectively drive market demand and encourage investment in renewable fuel technology,” it added.
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