Bioethanol is a biodegradable, renewable energy resource which is produced from biomass through sugar fermentation and chemical process. Bioethanol forms an attractive alternative to conventional fuel sources owing to its high-octane value and lower greenhouse gas emissions. Furthermore, reducing conventional resources of energy and increasing focus on renewable sources of energy is expected to expand the global bioethanol market growth over the forecasted years. In addition, developed technologies and increasing R&D to produce ethanol from algae is expected to boost the demand owing to its faster rate of production and natural occurrence in sea which will reduce the cost of production. Moreover, the consumption is expected to increase on a account of low prices with comparison to other fuels including diesel and petrol. Though, the large land is required for crop cultivation for the crop which is used for production of ethanol, this will restrict the global bioethanol market for the growth in forecasted period.
Bioethanol can be used as a transportation fuel, fuel for power generation, feedstock in chemical industry, fuel for fuel cells and in cogeneration systems, in cosmetics industry and in manufacturing processes owing to its clean burning and easy availability. The growth in the transport and automotive sector globally will drive the consumption for the fuel in forecasted years. Unstable oil prices and rising dependence on conventional sources will drive the bioethanol market growth over the forecast period. Government and environmental regulations from European Union and the U.S. will surge the market growth over the projected period. Rapidly growing cosmetic industry is further predicted to propel the growth in the near future. In addition, bioethanol can be blended with petrol or diesel which makes it environment friendly and improves the efficiency of the fuel owing to high octane value, thus leading to energy security. Mixing ethanol with conventional fuel does not require change of vehicle engines which will surge the demand for bioethanol as a fuel over the projected period. The encouragement for the use of this renewable resource is influencing the agricultural sector and rural economy sharing the higher demand for fuel crops.
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North America previously dominated the market, with over two-thirds share of global ethanol market, owing to the regulatory blending mandates and large number of manufacturing companies in the U.S. Asia-Pacific is expected to grow with the highest rate during the forecast period, caused by the increase in production capacities in China, Thailand, and India.
The global bioethanol market is segmented by type, blend, application, and geography. Based on type, it is categorized into corn-based ethanol, sugarcane-based ethanol, and others. On the basis of blend, it is divided into E10, E15 to E70, and E75 to E85. Based on application, it is classified into transportation, alcoholic beverages, pharmaceuticals, and others that includes industrial applications, power generation. The global bioethanol market segmented regionally such as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Key players in the global market include Archer Daniels Midland Company, POET LLC, Green Plains, Valero Energy Corporation, Flint Hills Resource, Abengoa Bioenergy SA, Royal Dutch Shell plc, Pacific Ethanol, Inc., Petrobras, and The Andersons.