碳中和政策持续加码，生物柴油行业迎来发展良机

Investment Rating - The report indicates a positive investment outlook for the biodiesel industry, driven by increasing carbon neutrality policies and technological advancements in biodiesel production [1]. Core Insights - The biodiesel industry is positioned for growth due to its environmental benefits, including reduced greenhouse gas emissions and improved fuel performance compared to traditional fossil fuels [1][4]. - The global biodiesel consumption is projected to grow from approximately 41.27 million tons in 2021 to an estimated 56.19 million tons by 2027, reflecting a compound annual growth rate (CAGR) of about 5.7% [4][6]. - The European Union is the largest consumer of biodiesel, accounting for 35% of global consumption, highlighting the region's commitment to renewable energy targets [4][6]. Industry Overview - Biodiesel is produced from various feedstocks, including vegetable oils, animal fats, and waste oils, through a process called transesterification [1]. - The industry is categorized into three generations of biodiesel technology: - First-generation biodiesel, which is widely used but has limitations in terms of feedstock ratios and performance [1]. - Second-generation biodiesel, which utilizes hydrogenation processes to enhance performance and compatibility with engines, is gradually being commercialized [1]. - Third-generation biodiesel, which is still under research, aims to broaden feedstock options but currently has higher production costs [1]. - The upstream market participants include suppliers of raw materials such as waste oils and methanol, while the midstream consists of biodiesel production and manufacturing companies [2].