NEW YORK, July 10, 2018 (GLOBE NEWSWIRE) -- The global cellulosic ethanol market is expected to witness a CAGR of 45.4%, and is projected to reach USD 4,254.2 Million by 2024. The growth is attributed to the high demand for green fuel across the globe. Depleting oil and gas reserves and environmental concerns open new avenues for sustainable alternative green fuels. Cellulosic ethanol as a potential alternate can capitalize with the integration of biotechnology thus, reducing costs. Moreover, low cost and plentiful feedstocks as a raw material helps in achieving higher yield, high octane and other required fuel properties, and is environmentally friendly. These all factors tends to support the overall market growth over the coming years.
Cellulosic ethanol is first generation bioethanol made from cellulosic biomass, including agricultural and forestry residues, municipal waste and woody crops. Cellulosic ethanol have gained traction and is considered as an alternate to fossil fuel for transportation with high economic, environmental and strategic attributes.
Cellulosic Ethanol; Green fuel to meet the demand of transportation industry over the forecast period
Transportation industry heavily depend on fossil fuels, the only alternative available to non-sustainable fossil fuels are biofuels. These fuels are compatible with current vehicles and blendable with conventional fuels. Cellulosic ethanol, yielding high cropland value, providing a much greater energy yield and greater pollution reduction are suitable alternate to petroleum fuels. Efforts are being directed to large-scale test experimentation for successful commercialization of cellulosic ethanol as a transportation fuel. Government supporting policies and investment programs, is expected to positively impact the cellulosic market growth over the forthcoming years.
Cellulosic Ethanol Market - Regional insight
North America is accounted to hold the largest share in the global market. Countries such as U.S. are at forefront of producing cellulosic ethanol on commercial scale. Companies developing cellulosic ethanol are working closely in integration with biotechnology companies to reduce the cost of ethanol production. Further, large investment and increasing number of plants in the region has led to speed up development of cellulosic ethanol to make it commercially viable on large scale. Given the stringent emission norms in Europe efforts are being put extensively to develop green fuel for transportation, resulting in more number of plant setups. This in turn has attracted more capital into the business for research and development providing thrust to the cellulosic ethanol market in the region. Brazil one of the leading region in the global ethanol market is running number of initiatives to stimulate cellulosic ethanol production from sugarcane biomass.
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Key findings from the report:
- The global cellulosic ethanol market is likely to reach USD 4,254.2 million by 2024
- The Agricultural waste segment accounted for larger share in the global cellulosic ethanol market in 2017, and the trend is expected to continue over the forecast period
- The use of cellulosic ethanol as transportation fuel accounted for largest share in the global cellulosic ethanol market in 2017
- North America held the largest share of the industry in 2017, while, Asia-Pacific is expected to register highest CAGR over the forecast period
- Some of the key companies operating in the market include Beta Renewables, DowDuPont Inc., Enerkem, Fiberight, GranBio, Borregaard, Clariant, Abengoa, POET, DONG Energy, INEOS Bio and among others
The report segments cellulosic ethanol market on the basis of feedstock, conversion, end-use and region.
Global Cellulosic Ethanol Market, By Feedstock
- Energy Corps
- Agriculture Waste
- Municipal solid waste
- Forest residues
- Grass residues
- Others
Global Cellulosic Ethanol Market, By Conversion
- Biochemical
- Thermochemical
Global Cellulosic Ethanol Market, By End-use
- Transportation
- Industrial
Global Cellulosic Ethanol Market, By Region
- North America
- Europe
- Asia-Pacific (APAC)
- Rest of the World (RoW)
• Middle East and Africa (MEA)
• Central and South America
• Brazil
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