The fuel ethanol market was valued at $86.0 billion in 2021 and is estimated to reach $134.5 billion by 2031, growing at a CAGR of 4.61% from 2022 to 2031. Fuel ethanol is a renewable fuel made from various plant materials collectively known as biomass and even waste biomass, which can be used in existing motor engines without modification. Fuel ethanol is used as an additive to gasoline to increase the octane content in the fuel. The need for green energy sources for the production of fuel led to the development of fuel ethanol manufacturers across the world. The increasing CO2 content in the environment has led to a surge in global warming in recent years, most of the CO2 emissions across the globe are mostly due to the use of automotive vehicles in the transportation industry.
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The increase in innovation and development of technology in
the improvement of the efficiency of the extraction of biofuels (which includes
fuel ethanol) from biomass has a positive impact on the future development of
the market. The increase in investment of major oil manufacturers in the
procurement of fuel ethanol from the fuel ethanol producers to improve the
gasoline octane content, to reduce the production of carbon soot, and follow
the government regulations to reduce carbon emission are major factors driving
the growth of the fuel ethanol industry.
Increase in technology to extract ethanol fuel from non-food
crops with economical cost, the government policies and initiatives to support
the green industries, which can provide extra income to the farmers and also
reduce the carbon emissions during improper handling of the agricultural waste.
In addition to the presence of global fuel giants such as Shell, Hindustan
Petroleum Corporation Limited has reached various partnerships, collaborations,
and acquisitions in regard with biofuel-related companies in order to
commercialize biofuel, which will create opportunities for the growth of the
fuel ethanol market. In addition to the above-mentioned factors, this fuel
ethanol can be used in the power generation sector using the existing
infrastructure of diesel-fired power plants is another positive factor for the
fuel ethanol market forecast growth.
The rapid innovation and investment of new entrants to
develop alternative processing methods for ethanol fuel and the presence of
very few refineries to meet the ongoing demand for ethanol fuel have a negative
impact on the development of the fuel ethanol market growth. The stringent
regulation of the government to the manufacturer to follow the guidelines has
led to additional investment in the ethanol fuel producer. The low availability
of fuel has limited the blending capacity of the fuel, which led to a lowering
of the efficiency. The above-mentioned factors are all expected to hamper the
development of fuel ethanol market opportunities during the forecast period.
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The fuel ethanol market is segmented on the basis of source,
product, application, end-use industry, and region.
On the basis of source, the global fuel ethanol market is
segmented into synthetic and natural. On the basis of product, the market is
segmented into starch-based, sugar-based, and cellulosic. On the basis of
application, the market is bifurcated into conventional vehicles and flexible
fuel vehicles. On the basis of the end-use industry, the global market is
classified into automotive, oil & gas, and others.
Region-wise, the market is studied across North America,
Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the
largest share of the market, followed by Europe and Asia-Pacific.
The major companies profiled in this report include Braskem,
BP PLC, Cargill Incorporated, INEOS, HPCL Biofuels Limited, Lyondell Basell
Industries Holdings BV, Mitsubishi Chemical Corporation, SABIC, Sasol Limited,
Solvay SA. Other companies that are not profiled in the report include Archer
Daniels Midland Company, KFS Biodiesel GmbH & Co KG, Petrosun, Inc., Red
Rock Biofuels, Shirke Energy, Targray Technology International Inc., and Vega
Biofuels. Rapid urbanization and surge in the development of transportation
infrastructure have fuelled the demand for the fuel ethanol market in order to
reduce the impact of the transportation sector on the environment. Additional
growth strategies such as expansion of production capacities, acquisition,
collaboration, joint venture, and partnership in the development of innovative
products from manufacturers have helped to attain key developments in the
global fuel ethanol market trends.
Key findings of the study
- Region-wise, in terms of fuel ethanol market size, North
America is projected to witness growth at the highest CAGR in terms of revenue,
during the forecast period.
- As per global fuel ethanol market analysis, by source, the natural segment
accounted for the largest share in 2021.
- On the basis of product, the starch-based segment is expected to possess the
highest incremental $ opportunity till 2031.
- On the basis of application, the conventional vehicle segment was the major
fuel ethanol market share contributor in 2021.
- On the basis of the use industry, the automotive segment is expected to
dominate the market till 2031
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IMPACT OF COVID-19 ON THE GLOBAL FUEL ETHANOL MARKET
COVID-19 has severely impacted the global economy with
devastating effects on global trade, which has simultaneously affected
households, businesses, financial institutions, industrial establishments, and
infrastructure companies. The novel coronavirus has affected several economies
and caused lockdowns in many countries which has limited the growth of the
market. The shutdown of industrial manufacturers led to a decline in the demand
for vehicles for transportation and the shutdown of the transportation sector
in most countries across the world led to a decline in the demand of the fuel
ethanol market. The decrease in utilization of transportation facilities across
the globe during the outbreak has had a negative impact on the development of
the market.
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