Ethanol Market to Register US$ 170 Bn Revenue by the end of 2032 Owing to Increasing Usage of Ethanol as Fuel | Future Market Insights, Inc.
The US shipped close to 850 million gallons of ethanol to more than 50 countries, according to the Renewable Fuels Association (RFA). The US exports ethanol to many countries, including Canada, India, China, and South Korea. The growing demand for ethanol for the development of biofuels is a key factor influencing ethanol pricing. Rising fuel consumption and higher industrial activity are expected to cause Asia Pacific to experience the quickest CAGR between 2022 and 2032.
NEWARK, Del., Sept. 28, 2022 /PRNewswire/ -- The global ethanol market is anticipated to witness stable growth by registering a healthy CAGR of 4.6% over the projection period from 2022 to 2032. The global market is predicted to reach US$ 109 Bn in 2022 and surpass US$ 170 Bn by the end of 2032. As per the historic estimations, the ethanol market registered a growth of 3.9% from 2016 to 2021.
In the healthcare sector, ethanol is used to create pharmaceuticals and antidotes that lead to unprecedented growth. In order to maximize profits market leaders are grabbing this once-in-a-lifetime opportunity by approaching it calculatedly. According to various studies, it has been revealed that demand for ethanol has significantly grown despite numerous troubles. The growth chart is remarkable owing to its rising demand from the automotive and aviation biofuel industries.
The ethanol substance has seen rising usage as a biofuel which is expected to drive up demand for it. Another significant driver of industry expansion is the surge in alcohol consumption. For the preparation of ethanol, both natural and petrochemical feedstock are used.
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In the natural process, yeast and natural sugars work together to ferment the sugars. Owing to the significant rise in shale gas output, ethylene production is increasing. It has been predicted that the global ethanol market will become oversupplied with ethylene due to a decline in oil production and the emergence of new ethylene production facilities coming online. This will result in stagnation in ethanol production.
- Over the projection period, it has been anticipated that the increasing usage of ethanol as fuel would elevate the expansion of the ethanol market. Attributing to the developments in the design of compact and high-efficiency motors, the automobile industry has experienced substantial growth in recent years. The aforementioned factors are responsible for the high growth of the ethanol market over the projection period.
- Due to the rising concerns about reducing air pollution, a mixture of ethanol with gasoline and several other extravagant specialty fuel additives handles the issue of increasing automotive air pollution. Due to its easy manufacturing, the demand for ethanol is through the roof as a biofuel. This results in making it a more affordable, clean energy source as compared to gasoline and diesel. Bioethanol is also used in the automobile sector as an octane booster to lower engine knocking.
- In addition to that, the aviation sector took advantage of the opportunity to experiment with ethanol blending which resulted in significant advancements in fuel innovation. Furthermore, ethanol production is known to be a cost-efficient procedure as the raw materials are produced in large quantities all over the world. It is possible to replace a crucial amount of crude oil imported from countries like India, where raw ingredients are generated in abundance.
- The surge in ethyl alcohol-containing beverages is gradually gaining traction in the majority of households all over the world. Furthermore, favorable government initiatives across the world to assist the production of fuel that is self-sufficient and to encourage the establishment of new businesses have boosted the sales of ethanol during the forecast period.
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