Industry/ Innovation/ Related News:
June 3, 2015 – Mascoma LLC and the Department of Energy’s BioEnergy Science Center, have manufactured a strain of yeast that is set to boost the production of biofuels form non-food matter. This method is expected to increase the production of biofuels in the couple of years than the current one which is formed from corn. Moreover with this development, the biofuel market is expected to witness a rapid growth due to cost-effective nature of the product over the assessment period.
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July 14, 2016 – Mitsubishi Chemical Corporation (Japan), a prominent bio fuel producing company, declared that the company has signed an agreement with Mitsui Zosen Machinery to form a corporate tie up for the production and supply of zeolite membranes. The production of these membranes is set to boost the Bio Alcohol Market because they are used in industrial alcohol collection and bio-ethanol water removal systems. Moreover, the company also declared that they are primarily used in these purification systems due to its water and acid resistance features. Therefore, these factors are estimated to drive the market during the forecast period.
BASF SE, Fulcrum Bioenergy Inc, Cool Planet Energy Solutions, E.I. du Pont de Nemours & Co., Harvest Power, Inc. has dominated the Global Bio-Alcohol Market share in 2016.
Fluctuating prices of crude oil and rising energy prices have challenged many manufacturers to tackle with suitable cost-pricing policies. Low purchasing cost of ethanol and inadequate supply is constraint to achieve blending targets for many players. The key players are expected to exert pressure on exports especially in Middle East countries to increase the supply of bio-based chemicals.
Synopsis of Bio-Alcohol Market:
Bio-Alcohols Market is expected to grow at a faster pace owing to increase in scarcity of non-renewable resources and fluctuating prices of crude oil. Growing need of vehicles with increase in population has driven the demand for Bio-fuels in emerging economies along with opening opportunities for bio-alcohol market. Bio-Alcohol is ecofriendly, renewable and helps in reducing carbon footprint as compared to conventional fuels. Bio-Alcohols are sustainable chemicals extracted from fermentation of cellulose or sugar. Manufacturer of Bio-Alcohol are using feedstock such as biomass to produce Bio-Alcohols. With development of advanced technology, cellulosic biomass is increasing it usage in industries which is expected to support the growth of Bio-Alcohol Market. In order to accelerate the growth of Bio-Alcohol Market, these technologies need to be made available across the globe. The strategic and competitive market of bio-alcohol is growing with high pace and is expected to reach ~110 billion by 2022 with CAGR of ~8.8% between 2016-2022.
The major environmental problem is emission of carbon-di-oxide and greenhouse effect. With such problems, the need for Bio-Alcohol is growing with uses of its various types such as bio-ethanol, bio-butanol, bio-methanol across industries. Bio-Alcohol is growing demand in transportation industry as it is alternative to gasoline. Bio-ethanol is leading segment owing to less atmospheric reactivity and is highly octane fuel alternative to gasoline. Reducing oxidation formulations, bioethanol is highly preferable in power generation industry. Bio-methanol is second leading segment owing to growth in production of bio-methanol from waste or biomass. Bio-methanol remains unchanged during composition in petrol. Thus, it is highly preferable in applications like trucks, buses, medical industry etc. Furthermore, Bio-butanol segment is expected to witness lucrative growth owing to less compatibility with existing automobile engines.
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