Bioethanol Market Size
Bioethanol, a fuel derived from biological sources, is gaining traction in the transportation sector due to its clean and renewable nature.
WILMINGTON, DELAWARE, UNITED STATES, January 30, 2024 /EINPresswire.com/ -- According to a recent report from Allied Market Research titled "Bioethanol Market: Global Opportunity Analysis and Industry Forecast, 2014-2022," the global bioethanol market, valued at $5,652 million in 2015, is expected to reach $9,544 million by 2022, growing at a CAGR of 7.6% from 2016 to 2022. The transportation segment held the majority of the market share, accounting for four-fifths of the total market.
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Bioethanol, a fuel derived from biological sources, is gaining traction in the transportation sector due to its clean and renewable nature. Global regulations, such as the European Union Renewable Energy Directive (EU RED) and the Renewable Fuel Standard (RFS) by the Environmental Protection Agency (EPA), encourage the adoption of bioethanol. The market is primarily driven by increased demand from the transportation industry, biofuel mandates, environmental concerns, and the abundance of raw materials. However, challenges related to food scarcity, using food crops for bioethanol production, and the high initial production cost of cellulosic ethanol may impede market growth.
The transportation segment dominated the market in 2015, driven by regulatory mandates to reduce greenhouse gas emissions. The power generation segment is expected to exhibit the highest CAGR from 2016 to 2022. The industrial beets segment is projected to witness the highest growth rate, both in terms of value and volume.
North America generated the highest revenue in 2015, accounting for over half of the global market share, while Brazil led the LAMEA bioethanol market and is expected to maintain its position. First-generation bioethanol held the highest market share in both value and volume, while the cellulosic ethanol segment is anticipated to experience the highest growth rate.
Key findings of the study include:
- Industrial beets segment expected to witness the highest growth rate.
- North America generated the highest revenue in 2015.
- Brazil dominated the LAMEA bioethanol market in 2015 and is expected to maintain its lead.
- The transportation segment is anticipated to maintain its lead.
- First-generation bioethanol occupied the highest market share.
- Cellulosic ethanol segment expected to witness the highest growth rate.
- Asia-Pacific is expected to exhibit the highest growth rate, driven by efforts to increase bioethanol production capacity in countries like China, Thailand, and India.
Key players in the bioethanol market include E. I. du Pont de Nemours and Company, POET LLC., Valero Renewable Fuels Company LLC., BP plc., CropEnergies AG, Archer Daniels Midland Company, Abengoa Bioenergy, BlueFire Ethanol Fuels Inc., Petrobras, and Royal Dutch Shell plc.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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