Bioethanol Market Synopsis
Market Research Future (MRFR) postulates that the global bioethanol market is slated to garner USD 44,396.5 million, grabbing a CAGR of 4.61% during the forecast period (2018-2023). Over the last few years, the bioethanol market has grown by leaps and bounds owing to the scarcity of fossil fuels. An alternative to petrol, bioethanol is a biofuel which is generally obtained from natural sources such as maize, sugarcane, and corn.
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However, with the emergence of second and third generation biofuel technologies, dependence on food crops for the production of bioethanol has decreased. Manufacturers are concentrating on utilizing forest and agricultural residues along with energy crops like switchgrass, miscanthus, and sugarcane bagasse for the production of bioethanol.
Market Potential and Pitfalls
With the growing realization regarding the scarcity of fossil fuels across the world coupled with the need to develop bio-based alternatives, which can reduce the dependency on fossil fuels and present an environmentally viable option at the same time, the bioethanol market is estimated to expand throughout the appraisal period. The market’s course is chiefly directed by the increased environmental concerns resulting in an inclination towards bioethanol production, abundant availability of raw materials, and mandates by the regulating bodies such as EPA. The emergence of second and third generation biofuels are considered to create huge growth opportunities in the bioethanol market in the coming years.
Bioethanol is gradually stealing the spotlight due to the surging demand from the transportation sector owing to biofuel mandates by the regulatory bodies. Moreover, with the growing concern associated with the rising emission and pollution by the greenhouse gases, the market for bioethanol is estimated to flourish. Conventional fuels such as diesel and petrol emit a huge amount of greenhouse gases owing to which bioethanol has become an extensively popular alternative to be used in combination and isolation of traditional fuels. Additionally, governments are highly investing in the production of bioethanol and are setting up the required infrastructure for its large-scale adoption, which is further influencing the market growth to a large extent.
On the contrary, issues related to food crops for the production of fuel coupled with the high investment cost of cellulosic ethanol are some of the major concerns likely to deter the market’s course during the appraisal period. Moreover, concerns associated with the scarcity of food along with the use of food crops are further hindering the market growth across the globe.
Global Bioethanol Market: Segmental Analysis
The global bioethanol market has been segmented on the basis of application and raw material.
By mode of raw material, the global bioethanol market has been segmented into wheat, maize, industrial beet, sugarcane, cereals and starch, and others. Among these, the segment for maize is considered to dominate the market owing to its large-scale production and ease of availability. The segment is likely to garner USD 19,795.1 million during the forecast period.
By mode of application, the global bioethanol market has been segmented into food and beverages, transportation, power generation, industrial, medical, and others. Among these, the transportation segment occupies the major share and is likely to dominate with 79.1% share. The rising scale of passenger and commercial transportation coupled with the high cumulative impact of the transportation sector on the environment are some of the major factors favoring the market growth. The segment is considered to garner USD 35,436.7 million during the forecast period.
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Geographically, the bioethanol market span across regions namely, Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa.
Considering the global scenario, the North American region is estimated to dominate the global bioethanol market with 58% share and is likely to retain its growth owing to the rising support from the government for the development of sustainable and environmentally viable fuels. The widespread maize cultivation in this region has also offered the bioethanol market a highly fertile and promising business environment. Moreover, due to the growth in the transportation sector, the region is considered to flourish in the coming years touching 63,377.7 thousand tons by the end of the forecast period.
Latin America is predicted to grab the second position in the global market owing to the rising support from the government for the use and production of bioethanol. Owing to the conducive environmental conditions, the region is predicted to garner USD 12,611.7 million by the end of the appraisal period.
June 12, 2018: A global science-based company active in nutrition, health, and materials, Royal DSM, has recently introduced eBOOST which is a complete solution for ethanol producers in search of reduced glycerol and higher yield production in starch conversion processes.
The prominent players operating the global bioethanol market are Pannonia Bio (Hungary), Tereos (France), BP PLC (U.K.), Valero Marketing and Supply Company (U.S.), Alcogroup (Serbia), Archer Daniels Midland Company (U.S.), Cropenergies AG (Germany), Cristal Union (France), DowDuPont (U.S.), BlueFire Renewables Inc. (U.S.), and Petrobras (Brazil).
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