Covina, Oct. 12, 2023 (GLOBE NEWSWIRE) -- Bioethanol is also known as ethyl alcohol or ethanol made by microbial fermentation from carbohydrates which are produced in sugarcane, corn, lingo-cellulosic biomass and sweet sorghum.
Growing demand for sustainable transportation fuels have given positive impact on target market growth. Further, rapidly growing population and increased purchasing of vehicles coupled with growing environmental concern has fruitful the demand for target market growth. Tax incentives offered in developed countries to gasoline marketers for using bioethanol as an octane enhancer and gas extender has provided lucrative opportunities in target market growth.
Key Highlights:
- In August 2023, Toyota launched ‘Fortuner’ with flex-fuel engine and showcased at ongoing GIIAS (Gaikindo Indonesia International Auto Show) 2023. The new Fortuner runs on 100% of bioethanol fuel and thus meant to be a technology demonstrator for the brand.
Analyst View:
Bioethanol are considered as a renewable fuel because the carbon dioxide released during its combustion is offset by the carbon dioxide absorbed by the crops during their growth, creating a closed carbon cycle which is likely to propel market growth. Growing automotive industries across globe is expected to boost the demand for Bioethanol market growth over the forecast period.
| Attributes | Details |
| Bioethanol Market Value (2022) | US$ 33.61Bn |
| Bioethanol Market Projected Value (2032) | US$ 306.0Bn |
| Bioethanol Market CAGR (2022 – 2032) | 23.3% |
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Region of Bioethanol Market:
- North America:
The United States and Canada are significant producers of bioethanol, primarily derived from corn. The market is driven by biofuel mandates and incentives, as well as the desire to reduce greenhouse gas emissions. The U.S. Renewable Fuel Standard (RFS) plays a crucial role in driving bioethanol production.
- South America:
Brazil is one of the world's largest producers of bioethanol, primarily from sugarcane. Ethanol is used as a biofuel additive, with E27 (27% ethanol) being a common blend. Brazil's strong focus on sugarcane-based ethanol has made it a key player in the global market.
Key Players:
The key players operating the Bioethanol Market includes,
- Abengoa Bioenergy SA
- Algenol
- DowDuPont
- Cargill Incorporated
- Ethanol Technologies
- GranBio
- Jilin Fuel Ethanol Co. Ltd (CNPC)
- Green Plains, Inc.
- Pacific Ethanol, Inc.
- Archer Daniels Midland Company.
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Future growth of the bioethanol market:
- Renewable Energy Policies: Many countries have set renewable energy targets and mandates to reduce greenhouse gas emissions. Bioethanol is considered a renewable and low-carbon fuel, which positions it for growth as nations seek to meet these goals.
- Increasing Demand for Biofuels: The demand for cleaner and more sustainable transportation fuels continues to rise. Bioethanol is used as an ethanol blend in gasoline to reduce emissions. The expansion of bioethanol as a transportation fuel can drive market growth.
- Technological Advancements: Ongoing research and development in bioethanol production methods, including cellulosic ethanol production, can improve efficiency, reduce costs, and expand the feedstock options. This can make bioethanol more competitive with fossil fuels.
- Diversification of Feedstock: Traditional feedstocks for bioethanol include corn, sugarcane, and wheat. However, there is a growing focus on using non-food feedstocks, like agricultural residues, algae, and waste products. Diversifying feedstock sources can make bioethanol production more sustainable and resilient.
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