Bioethanol is a renewable fuel made from agricultural feedstocks such as sugarcane, corn, and cellulosic biomass. It is commonly used as a biofuel and a bioadditive for gasoline. Bioethanol provides advantages such as reduced greenhouse gas emissions, reduced dependence on petroleum, improved engine performance, and higher octane rating. The growing environmental concerns and stringent government policies related to fuel efficiency are increasing the demand for bioethanol as an alternative fuel. The global Bioethanol Market is estimated to be valued at US$ 83.4 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growth Accelerated by Cellulosic Ethanol Production
Second generation biofuels produced from lignocellulosic biomass, also known as cellulosic ethanol, are gaining rapid traction in the bioethanol market. Various companies and research institutes are engaged in extensive R&D for developing cost-effective technologies for converting non-food biomass into cellulosic ethanol on a commercial scale. Compared to corn-based ethanol, cellulosic ethanol offers higher yields, reduced greenhouse gas emissions, and utilizes waste agricultural residue as a sustainable feedstock. The commercialization of cellulosic ethanol is expected to significantly boost the production of advanced biofuels and accelerate the market growth over the forecast period.
Segment Analysis
The global bioethanol market size is dominated by the corn segment which accounts for over 80% of the total market share. Corn remains the primary feedstock for ethanol production globally due to its abundance, low cost of production and high starch content making it an ideal raw material for ethanol fermentation. Maize based ethanol production is well established with best practices and technology available at industrial level.
Key Takeaways
The global bioethanol market is expected to witness high growth over the forecast period of 2023 to 2030 on account of support from various government policies and regulations along with technological advancements in production processes.
Regional analysis: North America currently dominates the global bioethanol market accounting for over 40% share, led by the US which is the largest producer as well as consumer of bioethanol globally. Favorable policies like Renewable Fuel Standard (RFS) program and blending mandates have supported the growth of the market in the region. Asia Pacific is expected to witness the fastest growth over the coming years led by China. Growing demand for fuel ethanol along with initiatives to reduce dependency on fossil fuels are driving the market in the region.
Key players operating in the bioethanol market are Adeka Corporation, Baerlocher GmbH, Chemson Polymer Additive AG, Galata Chemicals, Jiangsu Uniwel Chemistry Co. Ltd, KD Chem Co. Ltd, Pau Tai Industrial Corporation, PMC Group Inc., PT TIMAH Tbk, Reagens SpA, Shital Industries Pvt Ltd, SONGWON, Sun Ace Kakoh (Pte) Ltd, Valtris Specialty Chemicals, and Vikas Ecotech Ltd. These players are focusing on expansion of production capacities and geographical footprint to leverage growth opportunities in the market.
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