Fuel Ethanol Market To Reach USD 137.14 Billion By 2028: Reports and Data
The global Fuel Ethanol market is expected to reach USD 137.14 Billion by 2028, according to a new report by Reports and Data. This can be mainly associated with the rapid replacement of leaded fuel with ethanol additives and the availability of inexpensive feedstock for the production of ethanol fuel.
Ethanol fuel is a less expensive energy source since, production of fuels using wastes of corn, sugar cane or grains is more economical as compared to fossil fuels, which can be a bane to the economy of most countries, especially, and developing countries who cannot afford to explore them. Thus, the adoption of ethanol as a fuel by these growing economies can boost the market for fuel ethanol.
Moreover, global warming which is caused by constant emission of hazardous greenhouse gases from the use of fossil fuels, such as natural gas, oil, and coal, which are resulting in catastrophic effects including rising sea levels, weather pattern changes, and excessive heat. Combustion of ethanol fuel only releases carbon dioxide and water, which is ineffective to environmental degradation.
Lacking amount of agricultural production required for ethanol production is one of the factors restraining the growth of the market.
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Further key findings from the report suggest
- The market is segmented on the basis of raw material into crops, wastes, biomass, starchy grains and fossil fuels.
- Crops segment dominated the market in 2020, and will have the highest growth of 6.4% during the forecast period, since crop waste-based fuels reduces greenhouse emissions.
- The market is segmented on the basis of product type into starch-based, sugar-based and cellulosic.
- Starch-based segment held the largest share of the global market in 2020, and is forecasted to witness a growth of 5.0% during the forecast period.
- The starch-based fuel is produced by using raw materials such as corn, wheat, barley, and cassava, which can reduce greenhouse gas (GHG) emissions to a substantial amount.
- The market is segmented on the basis of application into conventional fuel vehicles, flexible fuel vehicles and others.
- Conventional fuel vehicles segment dominated the market in 2020, accounting for ~60% of the global market share, and is forecasted to have a CAGR of 4.6% during the forecast period.
- The rising demand for conventional fuel vehicles in countries such as the US, India, Brazil, and China, is expected to boost the consumption of ethanol fuel in the coming years.
- The market is segmented on the basis of industry vertical into oil & gas, food & beverages, automotive, chemicals & materials, healthcare & pharmaceuticals, and others.
- Automotive segment dominated the market in 2020, and will maintain its dominance, with a growth of 6.5% during the forecast period.
- The market is segmented on the basis of geography by North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
- North America dominated the market in 2020, with a forecasted CAGR of 6.0% during the forecast period, due to the occupancy of a well-established automotive industry and stringent regulations regarding greenhouse emissions.
- Key participants include The Andersons, Inc. (USA), Advanced BioEnergy LLC (USA), BlueFire Renewables (USA), Archer Daniels Midland Company (USA), Cargill Incorporated (USA), BP PLC (UK), Mascoma LLC (USA), Flint Hills Resources (USA), Pacific Ethanol, Inc. (USA), and Panda Energy International Inc. (USA), among others.
- The companies have adopted various strategies including mergers, acquisitions and partnerships to hold on going trails and come up with new developments in the market.
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For the purpose of this report, Reports and Data have segmented global Fuel Ethanol Market on the basis of raw material, product type, industry vertical, application, and region:
Raw material Outlook (Volume, Kilo tons; 2020-2028 and Revenue, USD Billion; 2020-2028)
- Fuel crops (Algae)
- Sugar crops
- Food waste
- Forest waste
- Agricultural waste
- Starchy grains
- Fossil fuels
Product type Outlook (Volume, Kilo tons; 2020-2028 And Revenue, USD Billion; 2020-2028)
Application Outlook (Volume, Kilo tons; 2020-2028 And Revenue, USD Billion; 2020-2028)
- Conventional fuel vehicles
- Flexible fuel vehicles
Industry vertical Outlook (Volume, Kilo tons; 2020-2028 And Revenue, USD Billion; 2020-2028)
- Oil & gas
- Food & beverages
- Chemical & materials
- Healthcare & pharmaceuticals
Regional Outlook (Volume, Kilo tons; 2020-2028 and Revenue, USD Billion; 2020-2028)
- North America
- Asia Pacific
- South-east Asia
- Latin America
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