The global bioethanol market was valued at USD 34,059.3 million in 2017 and is expected to rise to a valuation of USD 44,396.5 million by 2023 at a strong CAGR of 4.61%. over the forecast period (2018-2023), as per Market Research Future (MRFR).
Bioethanol Market Overview
The global bioethanol market was valued at USD 34,059.3 million in 2017 and is expected to rise to a valuation of USD 44,396.5 million by 2023 at a strong CAGR of 4.61%. over the forecast period (2018-2023), as per Market Research Future (MRFR).
The global bioethanol market has grown by leaps and bounds over the last few decades due to the growing realization of the world’s scarcity of fossil fuels and the need to develop biobased alternatives that can both present a more environmentally viable option and reduce the world’s dependence on fossil fuels. Bioethanol can be produced from a variety of crops such as sugarcane, maize, wheat, and other starchy plants and can be used as a fuel in isolation as well as in blends with other fossil fuels.
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The global bioethanol market has been driven mainly by the growing recognition of the need to reduce greenhouse gas emissions due to their adverse environmental impact. Conventional fuels such as petrol and diesel emit significant amounts of greenhouse gases, due to which bioethanol has become an increasingly popular alternative to be used in isolation as well as in combination with the traditional fuels. Growing government support to the use of bioethanol is likely to be a major driver for the global bioethanol market over the forecast period. An increasing number of governments investing in the production of bioethanol as well as setting up appropriate infrastructure required for its large-scale adoption is likely to continue over the forecast period and drive the global bioethanol market at a sturdy growth rate.
Technological development in the bioethanol industry has led to development of second- and third-generation bioethanol, which is likely to remain a highly promising avenue in the global bioethanol market over the forecast period. Developing production processes that yield the highest amount of bioethanol most efficiently is likely to be a key competitive strategy for players operating in the bioethanol market.
Segmentation:
The global bioethanol market is segmented on the basis of raw material, application, and region.
By raw material, the global bioethanol market is segmented into maize, wheat, sugarcane, industrial beet, cereals and starch, and others. Maize is likely to dominate the global bioethanol market over the forecast period due to its large-scale production all over the world and the consequent ease of its availability. Maize accounted for 42.7% of the global bioethanol market in 2017. It can rise from a value of USD 14,535.5 million in 2017 to USD 19,795.1 million by 2023. The segment can accrue a volume of 49,915.9 thousand tons by 2023, at a CAGR of 4.25% during the forecast period. Wheat follows maize in terms of volume and value. This can be attributed to excess of agricultural residue within wheat straws. It can reach a value of USD 11,626.2 million by 2023. The segment’s volume is predicted to touch 27,328.3 thousand tons in the same year.
By application, the global bioethanol market is segmented into transportation, food and beverages, industrial, power generation, medical, and others. Transportation accounted for a dominant share of 79.1% in the global bioethanol market in 2017, followed by food & beverages. It is likely to remain by far the most dominant application of the bioethanol market over the forecast period due to the growing scale of commercial and passenger transportation and the high cumulative impact of the overall transportation sector on the environment. It can exhibit a CAGR of 4.76% over the forecast period to rise from a value of USD 26,947.3 million in 2017 to USD 35,436.7 million by 2023.
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Regional Analysis
The global bioethanol market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.
North America held a 58% share in the global bioethanol market in 2017 and is likely to remain the leading contributor over the forecast period due to the growing popular and government support to the development of environmentally viable and sustainable fuels. The widespread cultivation of maize in North America has also provided the bioethanol market in the region with a highly promising and fertile business environment. The region is expected to be the major regional market for bioethanol due to the growth of the transportation sector and increasing mandates to make the sector more viable from an environmental perspective. The regional market was valued at USD 19,743 million in 2017 and is expected to rise to a valuation of USD 25,987.6 million by 2023. The market volume can touch 63,377.7 thousand tons by 2023, at a CAGR of 3.71% during the assessment period.
Latin America is likely to retain the second position in the global bioethanol market behind North America due to the growing government support for the use and production of bioethanol. Brazil is the second largest producer of ethanol fuel in the world, accounting for close to a quarter of the global figures for the same. Bioethanol production in Latin America is likely to continue to grow at a steady rate over the forecast period due to the conducive environmental conditions and supportive government regulations. The region can reach a valuation of USD 12,611.7 million by 2023. It can accumulate a volume of 29,673.4 thousand tons in the same year.
Competitive Landscape:
Dominant players in the global bioethanol market include Cropenergies AG (Germany), Cristal Union (France), Archer Daniels Midland Company (U.S.), Petrobras (Brazil), Tereos (France), Alcogroup (Serbia), DowDuPont (U.S.), BlueFire Renewables Inc. (U.S.), Pannonia Bio (Hungary), Valero Marketing and Supply Company (U.S.), and BP PLC (U.K.).
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