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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The increase in innovation and development of technology in the improvement of the efficiency of the extraction of biofuels (which includes fuel ethanol) from the biomass has positive impact on the future development of the market. The increase in investment of major oil manufacturers in the procurement of fuel ethanol from the fuel ethanol producers to improve the gasoline octane content, to reduce the production of carbon soot and to fallow the government regulations to reduce the carbon emission are major factors driving the growth of fuel ethanol industry.
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.
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.
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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.
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.
Key findings of the study
- Region wise, in terms of fuel ethanol market size, the North America is projected to witness growth at the highest CAGR in terms of revenue, during the forecast period.
- As per global fuel ethanol market analysis, by source, the natural segment accounted for the largest share in 2021.
- On the basis of product, the starch-based segment is expected to possess highest incremental $ opportunity till 2031.
- On the basis of application, the conventional vehicle segment was the major fuel ethanol market share contributor in 2021.
- On the basis of end use industry, the automotive segment is expected to dominate the market till 2031