LONDON--(BUSINESS WIRE)--The global bioethanol market is expected to grow by USD 20.55 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The demand for alternative fuels is increasing around the world due to uncertainty in global energy security, fluctuation in fuel prices, and the continued rise in emission levels. Commercial industries are beginning to rely on clean fuels as they help in reducing carbon emission levels. Renewable sources such as cellulosic plants, energy crops, and carbohydrate-containing organic products are being used to derive biofuels such as bioethanol. The adoption of bioethanol blends is increasing in the automotive industry as it is used in vehicles to minimize sulfur and hydrocarbon emissions. Thus, the benefits of bioethanol and the growing demand for continuous supply of clean fuel will boost the bioethanol market during the forecast period.
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As per Technavio, rising investments in the bioethanol sector will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Bioethanol Market: Rising Investments in the Bioethanol Sector
Governments and private organizations around the globe are making huge investments in the global bioethanol market with the objective to develop the next generation of biofuels and also reduce volatility in the price of crude oil. Governments across the world grant special loans to industries engaged in the production of biofuels. In 2019, the Indian Oil Corp. proposed to set up a 2G bioethanol plant, which will utilize non-food biomass such as lignocellulosic feedstock and rice straw. The proposed plant will produce 10-15 billion liters of second-generation bioethanol annually. The company invested USD 98 million in this project. Thus, the rising investments in the bioethanol sector are expected to drive the growth of the market.
“Factors such as the advances in enzyme technologies and increasing preference for biofuels over conventional fuels will have a positive impact on the growth of the bioethanol market value during the forecast period,” says a senior analyst at Technavio.
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Bioethanol Market: Segmentation Analysis
This market research report segments the bioethanol market by type (starch, sugar, cellulose, and others), and geographic segmentation (North America, APAC, Europe, South America, and MEA).
The North America region led the bioethanol market in 2019, followed by APAC, Europe, South America and MEA. During the forecast period, the North America region is expected to register the highest incremental growth due to factors such as the support extended by countries in the region and the availability of lands to produce feedstock.
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Some of the key topics covered in the report include:
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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