The introduction of second- & third-generation biofuels and R&D on lowering cost of cellulosic ethanol production are anticipated to create lucrative opportunities for the market growth.
Portland, OR -- (SBWIRE) -- 07/14/2017 -- Bioethanol Market Report, published by Allied Market Research, forecasts that the global market was valued at $5,652 million in 2015, and is projected to reach $9,544 million by 2022, growing at a CAGR of 7.6% from 2016-2022. The transportation segment occupied majority of the market share, accounting for four-fifths share of the total market.
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Bioethanol is a fuel produced using biological sources, having advantages over conventional fuels, due to its biological origin and renewability. Bioethanol is a clean fuel and thus, rapidly being adopted as an auto fuel by the transportation sector. Numerous laws and regulations exist globally, encouraging the use of bioethanol, such as European Union Renewable Energy Directive (EU RED) and Renewable Fuel Standard (RFS) by EPA (Environmental Protection Agency).
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The global bioethanol market is driven by growth in demand from the transportation industry, owing to biofuel mandates by regulatory bodies, rise in concerns regarding the surge in pollution & emission of greenhouse gases, and abundant raw material availability. However, issues related to food scarcity & use of food crops for production of bioethanol are unfavorable and thus, are expected to hinder the market growth during the forecast period. In addition, high initial production cost of cellulosic ethanol is also expected to affect the market negatively. However, the introduction of second- & third-generation biofuels is expected to provide lucrative opportunities for the market growth.
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The transportation segment accounted for the highest market share in 2015, owing to the rise in adoption of biofuels from the transportation sector. Regulatory bodies such as Environment Protection Agency (EPA) have imposed specific blending mandates as the global pollution is increase in and so is the need to lower greenhouse gas (GHG) emissions from vehicles. In addition, power generation segment is anticipated to grow with the highest CAGR, throughout 2016-2022.
Key findings of the Bioethanol Market:
- The industrial beets segment is expected to witness the highest growth rate from 2016 to 2022, in terms of both value and volume.
- In 2015, North America generated highest revenue, region-wise, with over half of the share of global market.
- Brazil dominated the LAMEA bioethanol market in 2015, and is expected to maintain its lead, throughout the forecast period.
- The transportation segment dominated the market in 2015, and is expected to maintain its lead.
- In terms of both value and volume, first-generation bioethanol occupied highest share in the market.
- The cellulosic ethanol segment is expected to witness the highest growth rate from 2016 to 2022, in terms of both value and volume.
The transportation segment dominated the bioethanol market in 2015, attributed to the high demand and adoption of bioethanol as an auto fuel. Bioethanol is a clean energy source and thus results in reduction of emissions from the vehicles. Cellulosic ethanol is considered as an appropriate substitute to petroleum while bioethanol is used in vehicles with other fuels such as gasoline.
Asia-Pacific is anticipated to grow with the highest rate during the analysis period, owing to the efforts to increase the production capacity of bioethanol from countries such as China, Thailand, and India.
Key players operating in the bioethanol market include E. I. du Pont de Nemours and Company, POET LLC., Valero Renewable Fuels Company LLC., BP plc., CropEnergies AG, Archer Daniels Midland Company, Abengoa Bioenergy, BlueFire Ethanol Fuels Inc., Petrobras, and Royal Dutch Shell plc.