Biodiesel and fishmeal from Nile tilapia waste: process, techno-economic, and Monte Carlo analyses

Abstract

Waste from the fish processing industry can provide a profitable and sustainable business. Industrial fish by-products can be used as raw material to produce biofuels. This work evaluates the production process, characterization, and economic analysis for the production of biodiesel and fishmeal from tilapia processing waste. It demonstrates the potential of neutralized tilapia oil as a valuable raw material for biodiesel production. It presents specific mass, viscosity, and flash point results in line with ASTM and EN standards. Different plant sizes are modeled to evaluate biodiesel economic viability. Only the largest plant size was economically viable. In this case, the net present value (NPV) of US$ 13.89 million, the internal rate of return (IRR) of 50%, and the earnings before interest and taxes (EBIT) of US$ 7.87 million/year showed that the production of biodiesel and fishmeal using tilapia waste is economically attractive. Monte Carlo simulation was used to analyse the price distribution of biodiesel and fishmeal and their effects on the plant size. A large plant size gave 100% good scenarios, whereas a medium plant size showed 25% beneficial scenarios, and small plants did not have good scenarios. In this context, the plant size can overcome risks from price variability. The economic evaluation revealed that the production scale and the factory's location influenced the project's viability directly as raw material costs are associated with transportation expenses. The study therefore indicates that not all countries with well established tilapia production can produce biodiesel in a viable and sustainable way.