Fuel-Ethanol Market Size By Vehicle-Type, By Type, By Geographic Scope And Forecast
The Global Fuel Ethanol Market has
been segmented on the basis of Application, Product Type, and Region. Based on the
Applications, this market has
been segmented into alcoholic beverages, automotive, chemical feedstock,
pharmaceuticals, and others. On the basis of Product Types, the market has been segmented into cellulosic,
starch based, and sugar based. The Regional Segmentation of the Global Fuel
Ethanol Market segments the market into continent-based regional markets
known as North America, Europe, Latin America, Asia Pacific, and the Middle
East & Africa (MEA).
With very limited membership in the global petroleum business, search for
alternatives is always on. One such alternative is ethanol. Market Research
Future (MRFR) has published a research report about Global Fuel Ethanol Market
that estimates rise for this market with 6.40% CAGR (Compound Annual Growth
Rate) for this market between 2017 and 2023. In terms of value, the market that
is worth the US $ 68.6 bn in 2016 is expected to be worth the US $ 99 bn in
2023.
Some
of the key factors driving the growth of Fuel Ethanol Market include increasing
crude oil prices and need to reduce carbon emissions from the automotive and
transportation industry due to social awareness and government made laws.
However, the use of agricultural products for production of Fuel Ethanol and
the use of biomass as a substitute of fuel ethanol for electricity generation
can hamper the market growth.
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Key
Players
North
America has the potential to be the largest regional market due to established
automotive industry, technological advancement, rising awareness regarding the
need to curb carbon emissions, and the presence of many key market players in
this region. The strong country-specific markets in this region are the United
States of America (USA) and Canada. The rapid technological advancement makes
North America a bigger market than Latin America. In Latin America, the
strongest economies that have the potential to emerge as strong markets include
Argentina, Brazil, and Mexico, followed by the rest of Latin America.
Europe
is another important regional market due to the high density of population,
government imposed regulations regarding carbon emissions, the maximum
technological advancement after North America, and established automotive
industry in countries like Germany. In this region, the other major
country-specific markets are France, Spain, Italy, Russia, and the United
Kingdom (UK), followed by the rest of Europe.
Asia
Pacific is another crucial market and during the forecast period, it can be the
fastest growing market due to rapid urbanization, rising disposable income,
speedy economic development, growing demand for eco-friendly vehicles &
fuel, and growing demand for eco-friendly vehicles as well as fuels. The
primary country-specific markets in this region are Australia, China, India,
Japan, and New Zealand, followed by the rest of the Asia Pacific region.
The
MEA region shows limited market with slow and steady growth. The reasons for
the slow market growth in this region are use of available fuels like
petroleum, limited availability of ethanol, lack of education, lack of
awareness, lack of technological development, and political instability.
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