The bioethanol market is expected to grow by USD 20.55 billion during 2020-2024, according to the latest market research report by Technavio.
Globally, the uncertainty in global energy security, fuel prices, and
the continued rise in emission levels are factors driving the demand for
alternative fuels. The demand for clean fuels is increasing, especially in
commercial industries, as they help reduce carbon emission levels. Biofuels,
such as bioethanol, are derived from renewable sources such as energy crops,
cellulosic plants, and carbohydrate-containing organic products. Bioethanol
blends are used in regular vehicles with little or no modification required to
the engines, which enables the use of blended fuels in vehicles. They emit
lesser GHGs in comparison to conventional fuels, depending on the blend. The
use of bioethanol also helps reduce the amount of sulfur and hydrocarbon
emissions in the air. Thus, the rising demand for clean fuel will drive the
growth of the market during the forecast period.
As per Technavio, the rising investments in the bioethanol sector will
have a positive impact on the market and contribute to its growth significantly
over the forecast period. This research report also analyzes other significant
trends and market drivers that will influence market growth over 2020-2024.
Bioethanol Market : Rising Investments in the Bioethanol Sector
The volatility in the price of crude oil and the diversification of
feedstocks to develop the next generation of biofuels- have led governments and
private organizations worldwide to increase their investments in the global
bioethanol market. The government supports industries through special loans and
grants to produce biofuels. In June 2019, Indian Oil Corp. invested USD 98
million in setting up a 2G bioethanol plant at Panipat refinery in India. The
proposed plant will utilize non-food biomass, such as rice straw and
lignocellulosic feedstock, and will produce 10-15 billion liters of
second-generation bioethanol annually. Thus, the rising investments in the
bioethanol sector are expected to drive the growth of the market.
Bioethanol Market: Segmentation Analysis
This market research report segments the bioethanol market by
type (starch, sugar, cellulose and others), and geography (North America, APAC,
Europe, South America and MEA).
The North American region led the bioethanol market in 2019, followed by
APAC, Europe, South America and MEA. During the forecast period, the North
American region is expected to register the highest incremental growth due to
factors such as the support extended by countries in the region and the
availability of land to produce feedstock.
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