Fuel Ethanol Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2021 - 2027
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
Key players in the Global Fuel Ethanol Market include Advanced
BioEnergy LLC (USA), The Andersons, Inc. (USA), Archer Daniels Midland Company
(USA), BlueFire Renewables (USA), BP PLC (UK), Cargill Incorporated (USA),
Flint Hills Resources (USA), Mascoma LLC (USA), Pacific Ethanol, Inc. (USA),
and Panda Energy International Inc. (USA).
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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