Global Bio-Alcohol Market Information-by Type (Bioethanol, Biomethanol, Biobutanol, And BDO), by Application (Infrastructure, Transportation, Medical, Power Generation, Others) and by Region - Forecast to 2022.
Pune, India -- (SBWIRE) -- 05/15/2018 -- 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.
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.
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Commenting on this report, an analyst from Market Research Future (MRFR)'s team said, "Global Bio-Alcohol Market size is expected to grow at highest rate of approximately ~110 billion by 2022. The market witnessed a growth over the forecasted period owing to surge in demand of bio-based chemicals due to increase in scarcity of non-renewable resources. Fluctuating in crude oil prices has led to significant growth of Bio-Alcohol Industry players. The various factors that drive the Bio-Alcohol Market are its physiological properties and ecofriendly nature coupled with providing long term energy source along with economic development. The global pressure on supply and scarcity of crude oil has increased the need for Bio-Alcohols across end user industries. Many producers of bio-alcohols employ organic wastes products such as biomass to produces Bio-Alcohol. However, this markets are growing in order to reduce carbon emission and greenhouse effect.
Transportation segment is generating high revenue in Bio-Alcohol Market followed by power generation. Increasing carbon emission has led to increase in bio-alcohols in order to sustain healthy life and balanced ecosystem. Bio-Alcohol is growing demand in transportation industry as it is alternative to gasoline. Reducing oxidation formulations, bioethanol is highly preferable in power generation industry. However, use of bio-fuels to reduce pollution is driving the demand of bio-alcohols in transportation industry.
The market is classified and analyzed on the basis of various geographic segmentation which includes; Americas, Europe, Asia-Pacific, Middle East and Africa. Out of all, Europe being largest producer and consumer of bio-alcohols followed by US. These is attributed owing to stringent regulations by government regarding carbon emission and sustainable greener environment. Automobile industries in Germany and U.S are highly focusing on bio-based fuels to increase the fuel efficiency. Thus, low supply of raw materials is hampering the bio-alcohol market growth.
U.S is also largest consumer and producer of bio-alcohols. U.S government is also taking beneficial initiatives for shifting the industries demand for bio-alcohols or bio-based chemicals over non-renewable resources such as loan guarantees to those manufacturers which are using high performance bio-based chemicals. Other developing regions like China and India are expected to witnessed a stable growth owing to lenient regulations in using non-conventional resources. Increase in use of bio-ethanol to sustain rapid industrialization is driving the market in South America.
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