According to a new market research report published by Credence Research “Bio-alcohol MarketBy Product Type (Bio-ethanol , Bio-methanol, Bio-butanol, and BDO), By Application (Transportation, Power Generation, Medical, and Others (Construction, Chemicals, Alcoholic Beverages, etc.)), By Raw Material (Grains, Sugarcane, Industrial beets, Bio-waste, and Others (Jerusalem artichoke, Cassava, etc.)) and By Geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global bio-alcohol market is set to grow with a CAGR of 6.6 % throughout the forecast period to reach US$ 13,498.8 Mn by 2026.
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Bio-alcohol market is gaining traction owing to increasing crude oil prices, growing concern over greenhouse gas emissions, and the need for alternative renewable source of energy across the globe. Bio-alcohol is a direct substitute for gasoline which is used as fuel in transportation, energy, and industrial sectors. It is produced by fermentation of sugars derived from raw materials such as grains, sugarcane, industrial beets, bio-waste, etc. Bio-ethanol is the most common and the largest product type of bio-alcohol in terms of value and volume consumption. The transportation sector accounts for a major share of approximately 15% to 20% of the world’s CO2 emission, therefore bio-ethanol is being largely consumed by the transportation sector to address the rising GHG emission as its use helps reducing CO2 emissions significantly. Rising use of bio-ethanol in alcoholic beverages owing to increasing purchasing power and acceptance of drinking alcoholic beverages especially in developing countries contributing to the market growth. Governments in different regions are working to promote energy efficiency and GHG emissions mitigations by investing on alternative source of energy especially in large and organized industrial sectors. For instance, in November, 2017, Indian Government proposed to invest USD 745.6 million on bio-ethanol production to cut down the country’s energy import dependency and to increase the renewable alternative fuel production with low carbon footprints to tackle the prevailing climate change issues due to CO2 emissions.
Long-term energy requirements from the emerging economies, increasing energy demand, and the eco-friendly nature of bio-alcohols are some other factors fuelling the growth of the market. However, consumption of food grains as feedstock and inadequate supply of ethanol is projected to hamper the market growth in the coming years. Need for alternative fuel owing to increase in price of crude oil serves as an opportunity in the global bio-alcohol market.
The Bio-alcohol market is segmented on the basis of product type, raw material, application and geography. Based on application, the transportation led the market, in terms of value in 2017. This is primarily due to the growing transportation industry coupled with increasing demand for bio-alcohol particularly bio-ethanol as a fuel from transportation industry. Based on raw materials, grains segment dominated the market in 2017 owing to its widespread applications in food and feed industries. Based on product type, bio-ethanol led the market in terms of value in 2017 owing to increasing uses of bioethanol in energy oriented applications such as in power generation. Based on geography, North America led the global bio-alcohol market with a value share of 62% in 2017. Asia Pacific is identified as the fastest growing region, owing to increasing production of bio-alcohol leading to lower purchase price, increasing demand from economies such as China, Thailand, and India, and growth in automotive industry.
The key players operating in the market include BioAmber Inc., Cargill Inc., Fulcrum BioEnergy Inc., BASF SE, DuPont, Mitsubishi Chemical Corp, BP Biofuels, Genomatica Inc. among others.
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