Government plan of blending fuel with ethanol, increasing consumption of alcohol and rising ethanol demand from industries such as pharmaceutical and food & beverages to fuel India ethanol market through 2024.
According to TechSci Research report, “India Ethanol Market By Source, By Application, By Purity, Competition, Forecast & Opportunities, 2024”, India ethanol market is forecast to grow at a CAGR of 14.50% during 2019-2024, on account of government fuel blending program. The government has also planned to set up 12 second generation bio-refineries, which will be producing ethanol using biomass. Some of the other factors that would have a positive impact on the market are increasing alcohol consumption, changing lifestyle and growing influence of western culture. India ethanol market is primarily driven by rising demand for a clean-burning fuel from the automotive sector. As Indian government is trying to reduce its dependence on crude oil for domestic consumption, it has incentivized sugar mills to sell their ethanol to Oil Marketing Companies (OMCs). These measures by the government are expected to boost ethanol production in the country.
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India ethanol market has been categorized on the basis of source, application and region. In source, sugar & molasses based segment is expected to dominate during the forecast period, as sugar is the major source of ethanol in India. Northern region accounts for the largest share in the country’s ethanol market, as major sugar refineries are located in the region.
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“Demand for ethanol from alcohol distilleries is also increasing. Changing consumer preferences and advent of craft beer industry are further expected to push ethanol’s demand in India. Moreover, increasing number of bio-refineries and growing consumption of alcoholic beverages are expected to positively influence India ethanol market during the forecast period and help Indian government meet its ambitious plan of 20% fuel blending.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Ethanol Market By Source, By Application, By Purity, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of ethanol market in India and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in India ethanol market.
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