Fuel Ethanol Market is expected to demonstrate a growth rate at a CAGR of 6.40 % CAGR between the forecast period from 2016 to 2023. The market is all set to achieve a valuation of US $ 99 bn in the forecast period. This market growth can be mainly attributed to the recent replacement of fuel with ethanol additives, coupled with the availability of inexpensive stock to produce ethanol fuel.
Ethanol fuel is considered to be a less expensive energy source and is more economical as compared to fossil fuels. Thus, there has been a considerable amount of adoption of ethanol as a fuel by the prime regions globally can boost the global fuel ethanol market during the assessment period.
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The prominent market players in the global fuel ethanol market include Advanced BioEnergy LLC (USA), The Andersons, Inc. (USA), Archer Daniels Midland Company (USA), BlueFire Renewables (USA), BP PLC (UK), Cargill Incorporated (USA), Flint Hills Resources (USA), Mascoma LLC (USA), Pacific Ethanol, Inc. (USA), and Panda Energy International Inc. (USA).
Global Fuel Ethanol Market: Drivers & Trends
Factors such as the growth of the automotive industry are expected to enhance the consumption of ethanol fuel over the years ahead. The use of ethanol as a clean-burning fuel and fuel additive is instrumental in reducing greenhouse gas emissions as well as reducing dependence on oil in various countries are some critical factors influencing the global fuel ethanol market to spur rapidly.
In addition, the growing number of ethanol biorefineries, mainly in developed regions, is also catalyzing the growth of the market in substantial ways. Ethanol is deemed to be a safer and eco-friendly option than most of the hydrocarbon octane sources. Thereby this is accounting for its vast popularity in the automobile sector. The report further includes a thorough analysis of the market segments for a better understanding of the fuel ethanol market in the coming years.
MRFR’s report offers a comprehensive segmental analysis of the Global Fuel Ethanol Market, which has been done based on application and product type.
In terms of application, the market is segmented by alcoholic beverages, automotive, chemical feedstock, pharmaceuticals, and others
In terms of product type, the market is segmented as cellulosic products, starch-based products,sugar-based products.
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The regional analysis of the global fuel ethanol market includes North America, Europe, Asia Pacific (APAC), Latin America, Middle East & Africa (MEA).
North America led the market in 2018, with a forecasted CAGR of 6.0% owing to the well-established automotive industry and stringent regulations regarding greenhouse emissions.
Asia Pacific region is expected to lead the global fuel ethanol market in terms of product demand over the years ahead. In 2016, the Union Minister of Road Transport & Highways and Shipping announced the Indian Government is focusing on increasing the ethanol blend rate in petrol to 22.5% in the future. On the other side, this region has several nations that are spending much on ethanol production setups due to which the automotive sector is thriving. Therefore, the automotive giants are spreading out for market expansion, which is indirectly boosting the global fuel ethanol market.
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