NEWARK, Del, Aug. 02, 2023 (GLOBE NEWSWIRE) -- The Ethanol Market is projected to reach US$ 178.78 billion by 2033 after capturing a CAGR of 4.6% from 2023 to 2033, from US$ 114.02 billion in 2023. Previously, from 2018 to 2022, the ethanol industry experienced a CAGR of 3.9%.
The substance is increasingly used as a biofuel, which fuels the demand. Another significant driver of ethanol market expansion is the rise in alcohol use.
Ethanol production can be achieved using both petrochemical and natural feedstocks. Shale gas production has notably contributed to a significant upswing in ethylene manufacturing. As oil production declines and new ethylene production facilities come online, the ethanol market becomes oversupplied with ethylene, which causes ethanol production to stagnate.
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Important Variables Responsible for the Market Growth Include:
- Ethanol's rising popularity as a biofuel
- The surging use of ethanol in alcoholic beverages
- Alcohol-based hand sanitizers on the rise
- Revamped government initiatives for environmental pollution mitigation
- Ethanol as an industrial solvent gains traction
Ethanol's Soaring Opportunities: A Look at Emerging Applications and Market Expansion
The main ethanol manufacturers are expected to benefit from emerging ethanol applications by creating new business opportunities. To lower total costs and cut carbon emissions, the aviation sector is concentrating on researching and developing ethanol-blend fuels.
In the future, better opportunities are anticipated due to recent ethanol uses in ignition systems and emission control in the transportation industry.
The rise in the use of ethanol-based hand sanitizers due to the coronavirus outbreak is assisting the market expansion of ethanol. The Centers for Disease Control and Prevention (CDC) suggested using ethanol because it efficiently kills bacteria, viruses, and fungi. Leading corporations are expanding their production facilities due to the easy availability of raw materials for ethanol manufacturing in developing nations.
Strict environmental restrictions regarding the usage of biofuels support the production of ethanol. Future target market expansion for ethanol is predicted to be aided by growing end-use applications in the beauty sector as a solvent and in several domestic applications.
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Regional Outlook
According to the research report, North America stands out as the dominant market. The supremacy of North America in the ethanol market can be attributed to several factors. The region benefits from favorable government policies that promote the production and utilization of ethanol as a biofuel. There is a growing awareness of the environmental benefits of using ethanol, especially compared to conventional fuels, which has spurred its adoption in the region's countries.
Asia Pacific is to witness the most rapid growth rate. This can be attributed to the expansion of ethanol manufacturing capacity in the region and prominent companies investing in ethanol production in various countries across the Asia Pacific.
Latin America's ethanol market owes its growth to the availability of abundant feedstock for ethanol production. Brazil can play a significant role in the Latin American ethanol market's revenue in the foreseeable future. This is primarily due to the country's increasing production and export of ethanol, making it a leading player in the global ethanol industry.
Key Takeaways
- The sugarcane segment in the feedstock category to grab a share of 35% from 2023 to 2033.
- In the application category, the automobiles and transportation segment to acquire a market share of 27% between 2023 and 2033.
- The United States ethanol business to acquire a share of 15.20% by 2023.
- The Germany ethanol industry is likely to grab a share of 4.50% by 2023.
- Japanese ethanol market to hold a share of 5.40% by 2023.
- Australia ethanol industry to acquire a share of 1.8% by 2023.
- Chinese ethanol business to expand at a CAGR of 5% through 2033.
- India ethanol industry is to develop at a CAGR of 5.5% from 2023 to 2033.
- United Kingdom ethanol business to evolve at a CAGR of 4% through 2033.
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Competitive Landscape
Foreign and domestic businesses are vying for a larger market share in the extremely competitive ethanol industry. Key ethanol manufacturers are altering their production tactics due to the rising ethanol demand. Businesses put much effort into ethanol marketing as a vital tactic for gaining a competitive edge.
Novel Developments
- Kemin Bio Solutions Expands with FermSAVER
FermSAVER, a tea-extract product used in yeast fermentation for ethanol generation, was introduced by Kemin Industries in February 2023 as a part of its expanding Kemin Bio Solutions line.
- ADM and Wolf Carbon Solutions Collaborate to Promote Green Ethanol Production
ADM established cooperation with Wolf Carbon Solutions in January 2022 to accelerate the decarbonization of ethanol production. ADM is a global nutrition, agricultural origination, and processing solutions provider.
Key Manufacturers in the Ethanol Industry
- Archer Daniels Midland Company
- Aventine Renewable Energy
- United Breweries
- Krin, The Andersons Inc.
- British Petroleum
- Advanced Bioenergy LLC
- Stake Technology
- VeraSun Renewable Energy
- Alternative Energy Sources
- Diago
- Cargill Corporation
- Pure Energy Inc
- Heineken
- AB Miller, Pernod Richard
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Key Segments
By Feedstock:
- Sugarcane
- Corn
- Wheat
- Barley
By Application:
- Automobiles and Transportation
- Medicines
- Food and Beverages
- Fuel Cells
- Cosmetics
- Fertilizers
- Pesticides
By Region:
- North America
- Latin America
- Asia Pacific
- The Middle East and Africa
- Europe
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