Global Bioethanol Market Generated Around $38 Billion Revenue in 2020: P&S Intelligence
NEW YORK, July 29, 2021 /PRNewswire/ -- According to the market research firm P&S Intelligence, the global bioethanol market generated around $38 billion revenue in 2020 and is predicted to exhibit huge expansion during 2021–2030. The rapid depletion of natural resources, because of their large-scale usage for energy generation, increasing demand for sustainable fuels, and soaring concerns being raised over the escalating greenhouse gas emissions are the major factors driving the growth of the market.
In order to mitigate the spread of the COVID-19 virus, the governments of several countries imposed lockdowns, which massively hampered the advancement of the bioethanol market. Moreover, these lockdowns caused a sharp reduction in the demand for bioethanol, as people were told to stay inside their homes. This significantly reduced the demand for automobiles, which, in turn, caused a massive decline in the worldwide demand for automotive fuel.
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The bioethanol market is categorized into E10, E5, E75 & E85, and E15 & E70 categories, based on fuel blend. Out of these, the E10 category dominated the market in 2020, and it is predicted to register rapid expansion in the forthcoming years. This is ascribed to the fact that E10 is a highly reliable fuel and has excellent compatibility with a large number of petrol (gasoline)-powered automobiles across the world.
Depending on end use, the bioethanol market is classified into cosmetics, alcoholic beverages, transportation, and pharmaceuticals. Out of these, the transportation category dominated the market in 2020, and this trend is predicted to continue during the forecast period. This will be because of the increasing use of bioethanol as a transportation fuel in various countries. Additionally, the mushrooming number of automobiles, on account of the soaring disposable income of people and booming population, will also propel the growth of the category in the future years.
Browse detailed report with COVID-19 impact analysis on Bioethanol Market Research Report: By Fuel Blend (E5, E10, E15 to E70, E75 & E85), Feedstock Type (Gas, Liquid, Solid), End User (Transportation, Alcoholic Beverages, Cosmetics, Pharmaceuticals) - Global Industry Revenue Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/bioethanol-market
Globally, North America held the majority shares in the bioethanol market in 2020, and the situation will not change throughout the forecast period. This will be because of the surging production of bioethanol, on account of its soaring requirement in the region. Furthermore, the implementation of policies that mandate the use of bioethanol blends in automobiles is also contributing to the growth of the market in the region.
The players operating in the bioethanol market are focusing on geographical expansion in order to gain an edge over their rivals. For example, Raizen Energia SA bought certain areas at the ports of Vila do Conde and Miramar in April 2019 for storing liquids in bulk for strengthening their bioethanol distribution networks across Brazil.
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The Archer-Daniels-Midland Company, Tereos, Green Plains Inc., POET LLC, Flint Hills Resources LLC, Valero Energy Corporation, and Raizen SA are some of the major players in the global bioethanol market.
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