With very limited membership in the global petroleum business, search for alternatives is always on. One such alternative is ethanol. Market Research Future (MRFR) has published a research report about Global Fuel Ethanol Market that estimates rise for this market with 6.40% CAGR (Compound Annual Growth Rate) for this market between 2017 and 2023. In terms of value, the market that is worth the US $ 68.6 bn in 2016 is expected to be worth the US $ 99 bn in 2023.
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Some of the key factors driving the growth of Fuel Ethanol Market include increasing crude oil prices and need to reduce carbon emissions from the automotive and transportation industry due to social awareness and government made laws. However, the use of agricultural products for production of Fuel Ethanol and the use of biomass as a substitute of fuel ethanol for electricity generation can hamper the market growth.
The Global Fuel Ethanol Market has been segmented on the basis of Application, Product Type, and Region. Based on the Applications, this market has been segmented into alcoholic beverages, automotive, chemical feedstock, pharmaceuticals, and others. On the basis of Product Types, the market has been segmented into cellulosic, starch based, and sugar based. The Regional Segmentation of the Global Fuel Ethanol Market segments the market into continent-based regional markets known as North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa (MEA).
North America has the potential to be the largest regional market due to established automotive industry, technological advancement, rising awareness regarding the need to curb carbon emissions, and the presence of many key market players in this region. The strong country-specific markets in this region are the United States of America (USA) and Canada. The rapid technological advancement makes North America a bigger market than Latin America. In Latin America, the strongest economies that have the potential to emerge as strong markets include Argentina, Brazil, and Mexico, followed by the rest of Latin America.
Europe is another important regional market due to the high density of population, government imposed regulations regarding carbon emissions, the maximum technological advancement after North America, and established automotive industry in countries like Germany. In this region, the other major country-specific markets are France, Spain, Italy, Russia, and the United Kingdom (UK), followed by the rest of Europe.
Asia Pacific is another crucial market and during the forecast period, it can be the fastest growing market due to rapid urbanization, rising disposable income, speedy economic development, growing demand for eco-friendly vehicles & fuel, and growing demand for eco-friendly vehicles as well as fuels. The primary country-specific markets in this region are Australia, China, India, Japan, and New Zealand, followed by the rest of the Asia Pacific region.
The MEA region shows limited market with slow and steady growth. The reasons for the slow market growth in this region are use of available fuels like petroleum, limited availability of ethanol, lack of education, lack of awareness, lack of technological development, and political instability.
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Key players in the Global Fuel Ethanol Market include Advanced BioEnergy LLC (USA), The Andersons, Inc. (USA), Archer Daniels Midland Company (USA), BlueFire Renewables (USA), BP PLC (UK), Cargill Incorporated (USA), Flint Hills Resources (USA), Mascoma LLC (USA), Pacific Ethanol, Inc. (USA), and Panda Energy International Inc. (USA).