Portland, OR, June 13, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global fuel ethanol market was estimated at $86.0 billion in 2021 and is expected to hit $134.5 billion by 2031, registering a CAGR of 4.61% from 2022 to 2031. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Growing importance regarding the impact of the transportation sector on the environment and increasing policies of major developing countries to make progress toward climate goals for 2030 are some of the essential factors driving the growth of the global fuel ethanol market. On the other hand, insufficient feedstock, less efficient conversion of biomass, and the presence of less number of refineries hamper the growth to some extent. However, several initiatives to support the green industries are expected to create lucrative opportunities in the industry.
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Covid-19 scenario-
- Several bans on the transportation sector gave way to declined demand for fuel ethanol, thus impacting the global fuel ethanol market negatively, especially during the initial period.
- However, since the world is getting back to normalcy, the market has started recouping at a quick pace.
The global fuel ethanol market is analyzed across source, product, application, end use industry, and region. Based on source, the natural segment contributed to more than 90% of the total market revenue in 2021, and is projected to lead the trail by 2031. The synthetic segment, however, would exhibit the fastest CAGR of 5.0% during the forecast period.
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Based on product, the starch based segment generated the highest share in 2020, accounting for nearly half of the global market. The cellulosic segment, on the other hand, would cite the fastest CAGR of 5.13% from 2021 to 2030.
Based on region, the market across North America held the major share in 2021, garnering nearly two-fifths of the global market. The Asia-Pacific region, simultaneously, would manifest the fastest CAGR of 5.37% throughout the forecast period.
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The key market players analyzed in the global fuel ethanol market report include BP PLC, Cargill Incorporated, HPCL Biofuels Limited, Braskem, Mitsubishi Chemical Corporation, Sasol Limited, Lyondell Basell Industries Holdings BV, INEOS, SABIC, and Solvay SA. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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