The global bioethanol market was valued at USD 34,059.3 million in 2017 and is expected to rise in valuation to USD 44,396.5 million by 2023, according to the latest market research report from Market Research Future (MRFR). The global bioethanol market is expected to exhibit a CAGR of 4.61% over the forecast period according to the report, driven by the growing support to the environmentalism movement and the growing government support to the widespread adoption of bioethanol in fuel dispensation infrastructure.
The global bioethanol market has been driven mainly by the growing recognition of the need to reduce greenhouse gas (GHG) emissions due to the adverse environmental impact of GHGs. Conventional fuels such as petrol and diesel emit significant amounts of greenhouse gases upon combustion, due to which bioethanol has become an increasingly popular alternative to be used in isolation as well as in combination with the traditional fuels. This is likely to drive the global production and consumption of bioethanol over the forecast period, as this is likely to make governments more willing to support bioethanol production and consumption on a large scale.
Steady technological development in the global bioethanol market has led to a smooth progression in the global bioethanol market, wherein first and second generation bioethanol has now slowly started to give way to third generation bioethanol, which is produced from algae. Algal production of bioethanol is likely to rule the roost in the coming years due to its ease of production and high cost efficiency. Progressive updates in the technology are likely to be vital for the global bioethanol market in maintaining a smooth development trajectory over the forecast period and beyond.
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Market Competitive Landscape:
The eminent companies in the bioethanol market profiled are
- Cropenergies AG (Germany),
- Cristal Union (France),
- Archer Daniels Midland Company (U.S.),
- Petrobras (Brazil), Tereos (France),
- Alcogroup (Serbia),
- DowDuPont (U.S.),
- BlueFire Renewables Inc. (U.S.),
- Pannonia Bio (Hungary),
- Valero Marketing and Supply Company (U.S.),
- BP PLC (U.K.)
Segmentation:
By raw material, the global bioethanol market is segmented into maize, wheat, sugarcane, industrial beet, cereals and starch, and others. The maize segment is likely to dominate the global bioethanol market over the forecast period due to its widespread production and easy applicability in bioethanol production. The maize segment accounted for close to 43% of the global bioethanol market in 2017 and is likely to remain similarly dominant over the forecast period. The segment is expected to rise to a valuation of USD 19,795.1 million by 2023, rising from a 2017 valuation of USD 14,535.5 million.
By application, the global bioethanol market is segmented into transportation, food and beverages, industrial, power generation, medical, and others. Transportation is likely to remain by far the most dominant revenue generator in the global bioethanol market over the forecast period due to the growing demand for the adoption of bioethanol in commercial as well as passenger vehicle fuels. The transportation segment accounted for more than 79% of the global bioethanol market in 2017 and is likely to remain similarly dominant over the forecast period, exhibiting a CAGR of 4.76%.
Regional Analysis:
North America held a 58% share in the global bioethanol market in 2017 and is likely to remain the leading contributor over the forecast period due to the growing popular and government support to the development of environmentally viable and sustainable fuels. The widespread cultivation of maize in North America has also provided the bioethanol market in the region with a highly promising and fertile business environment. The region is expected to be the major regional market for bioethanol over the forecast period due to the growth of the transportation sector and the increasing onslaught of mandates to make the sector more viable from an environmental perspective. The regional market was valued at USD 19,743 million in 2017 and is expected to rise to a valuation of USD 25,987.6 million by 2023.
Latin America is likely to retain the second position in the global bioethanol market behind North America over the forecast period due to the growing government support for the use and production of bioethanol. Brazil is the second largest producer of ethanol fuel in the world, accounting for close to a quarter of the global production. Bioethanol production in Latin America is likely to continue to grow at a steady rate over the forecast period due to the conducive environmental conditions and supportive government regulations. The region is expected to reach a valuation of USD 12,611.7 million by 2023.
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COVID 19 Analysis
The COVID-19 outbreak has shifted ethanol markets, with numerous APAC countries requiring U.S. ethanol for manufacturing purposes, such as South Korea. Sanitizing goods are in higher demand across the region, according to the government. Despite these short-term consequences, fuel ethanol standards remain possible for future development, and regional councils are working hard to expand market access in certain countries. As the coronavirus pandemic reduces gasoline use and pushes corn-based fuel to the sidelines, several ethanol plants in the United States have decreased or halted output. The coronavirus outbreak has disrupted the lives of people all around the world. The fuel requirement has been slashed as governments demand that people stay home to combat the COVID-19 epidemic. Many companies are investing in expansion, such as two INNIO Jenbacher biogas engines for ethanol generation have been sold to Clarke Energy. The deal with Press Cane, a Malawian distillery, would see the site produce bioethanol, which will be combined with gasoline and sold by oil firms. The anaerobic digestion facility handles sewage from the site in a sustainable manner while also producing biogas, which will be utilized as a renewable fuel for the biogas engines.
Regional Insights
The North American area accounted for 58 %of the global bioethanol market. Due to increased approval and government support for creating environmentally viable and sustainable fuels, it is likely to be the leading donor over the projection period. The enormous maize growing in North America has also created an enticing and fertile economic environment for the region's bioethanol market. Because of increased government support for bioethanol, Latin America is expected to maintain its second place in the global bioethanol industry behind North America. Brazil is the world's second-largest producer of ethanol fuel, accounting for over a quarter of global production. Research being conducted in the market, such as scientists from Kanazawa University's Institute of Science and Engineering, have created novel solvent mixes to break down the resistant structure of plant cellulose in order to produce bioethanol. When compared to currently available solvents, these novel solvents work under moderate circumstances, have lower toxicity, and are more environmentally friendly. This research could lead to better technology for converting currently useless biomass into fuel.
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