Pune, India, April 11, 2019 (GLOBE NEWSWIRE) -- The Global Bioethanol Market was valued at USD 34,059.3 million in 2017 and is expected to rise in valuation to USD 44,396.5 million by 2023, according to the latest market research report from Market Research Future (MRFR). The Global Bioethanol Market is expected to exhibit a CAGR of 4.61% over the forecast period (2018-2023) according to the report, driven by the growing support to the environmentalism movement and the growing government support to the widespread adoption of Bioethanol in fuel dispensation infrastructure.
Competitive Analysis:
Leading players in the Global Bioethanol Market include Cropenergies AG, Archer Daniels Midland Company, Tereos, DowDuPont, Pannonia Bio, BP plc, Valero Marketing and Supply Company, BlueFire Renewables Inc., Alcogroup, Petrobras, and Cristal Union.
Growing Environmentalism Movement to Drive Usage of Bioethanol
The Global Bioethanol Market has been driven mainly by the growing recognition of the need to reduce greenhouse gas (GHG) emissions due to the adverse environmental impact of GHGs. Conventional fuels such as petrol and diesel emit significant amounts of greenhouse gases upon combustion, due to which Bioethanol has become an increasingly popular alternative to be used in isolation as well as in combination with the traditional fuels. The environmentalism movement has caught speed in recent years due to the growing popularity of the movement. This is likely to drive the global production and consumption of Bioethanol over the forecast period, as this is likely to make governments more willing to support bioethanol production and consumption on a large scale.
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Growing Government Support for Widespread Incorporation
Growing government support to the use of bioethanol is likely to be a major driver for the Global Bioethanol Market over the forecast period. An increasing number of governments are investing in the production of Bioethanol as well as setting up the appropriate infrastructure required for its large-scale adoption. This is likely to continue over the forecast period and drive the Global Bioethanol Market at a sturdy growth rate. The adoption of Bioethanol in automotive fuel is a major initiative likely to drive the Global Bioethanol Market over the forecast period and is majorly driven by government support, as government support is required for widespread adoption of Bioethanol.
Technological Development Key for Achieving Low-cost Production of Bioethanol at High Efficiency
Steady technological development in the Global Bioethanol Market has led to a smooth progression in the Global Bioethanol Market, whereas first and second generation bioethanol has now slowly started to give way to third generation bioethanol, which is produced from algae. Algal production of bioethanol is likely to rule the roost in the coming years due to its ease of production and high cost efficiency. Progressive updates in the technology are likely to be vital for the Global Bioethanol Market in maintaining a smooth development trajectory over the forecast period and beyond.
Segmentation:
By Raw Material, the Global Bioethanol Market is segmented into maize, wheat, sugarcane, industrial beet, cereals and starch, and others. The maize segment is likely to dominate the Global Bioethanol Market over the forecast period due to its widespread production and easy applicability in bioethanol production. The maize segment accounted for close to 43% of the Global Bioethanol Market in 2017 and is likely to remain similarly dominant over the forecast period. The segment is expected to rise to a valuation of USD 19,795.1 million by 2023, rising from a 2017 valuation of USD 14,535.5 million.
Browse the market data and information spread across 173 pages with 200 data tables and 16 figures of the report “Bioethanol Market Report - Forecast 2018-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/bioethanol-market-7176
By Application, the Global Bioethanol Market is segmented into transportation, food and beverages, industrial, power generation, medical, and others. Transportation is likely to remain by far the most dominant revenue generator in the Global Bioethanol Market over the forecast period due to the growing demand for the adoption of Bioethanol in commercial as well as passenger vehicle fuels. The transportation segment accounted for more than 79% of the Global Bioethanol Market in 2017 and is likely to remain similarly dominant over the forecast period, exhibiting a CAGR of 4.76%.
Regional Analysis:
North America held a 58% share in the Global Bioethanol Market in 2017 and is likely to remain the leading contributor over the forecast period due to the growing popular and government support to the development of environmentally viable and sustainable fuels. The widespread cultivation of maize in North America has also provided the bioethanol market in the region with a highly promising and fertile business environment. The region is expected to be the major regional market for Bioethanol over the forecast period due to the growth of the transportation sector and the increasing onslaught of mandates to make the sector more viable from an environmental perspective. The regional market was valued at USD 19,743 million in 2017 and is expected to rise to a valuation of USD 25,987.6 million by 2023.
Latin America is likely to retain the second position in the Global Bioethanol Market behind North America over the forecast period due to the growing government support for the use and production of bioethanol. Brazil is the second largest producer of ethanol fuel in the world, accounting for close to a quarter of the global production. Bioethanol production in Latin America is likely to continue to grow at a steady rate over the forecast period due to the conducive environmental conditions and supportive government regulations. The region is expected to reach a valuation of USD 12,611.7 million by 2023.
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