According to a report by Reports and Data, the global Fuel Ethanol market is expected to reach USD 178.76 Billion by 2030. This growth is attributed to the rapid replacement of leaded fuel with ethanol additives and the availability of inexpensive feedstock for the production of ethanol fuel.
Ethanol fuel is considered a less expensive energy source because the production of fuels using waste from crops such as corn, sugar cane, or grains is more economical than fossil fuels. Developing countries, in particular, can benefit from adopting ethanol as a fuel source and boost the market for fuel ethanol.
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Furthermore, the constant emission of hazardous greenhouse gases from the use of fossil fuels such as natural gas, oil, and coal, contributes to global warming which results in catastrophic effects including rising sea levels, weather pattern changes, and excessive heat. The combustion of ethanol fuel only releases carbon dioxide and water, which is less harmful to the environment.
However, the lack of agricultural production required for ethanol production is one of the factors that limit the growth of the market.
The report also highlights that the market is segmented based on raw material, product type, application, industry vertical, and geography. Key findings from the report include the dominance of the crops segment in 2020 and its projected growth of 6.4% during the forecast period. The starch-based segment held the largest share of the global market in 2020 and is expected to grow by 5.0% during the forecast period.
North America dominated the market in 2020 with a forecasted CAGR of 6.0% during the forecast period, while the automotive segment dominated the market in 2020 and is expected to maintain its dominance with a growth of 6.5% during the forecast period.
Key participants in the market include:
- The Andersons, Inc.
- Advanced BioEnergy LLC
- BlueFire Renewables
- Archer Daniels Midland Company
- Cargill Incorporated
- BP PLC
- Mascoma LLC
- Flint Hills Resources
- Pacific Ethanol, Inc.
- Panda Energy International Inc.
These companies have adopted various strategies such as mergers, acquisitions, and partnerships to hold ongoing trails and come up with new developments in the market.
Fuel Ethanol Market: Drive Factors
The Fuel Ethanol Market is expected to grow due to several driving factors. One of the main factors is the increasing use of ethanol fuel as a replacement for leaded fuel. Another key factor is the availability of inexpensive feedstock for the production of ethanol fuel, which makes it a more economical and sustainable energy source compared to fossil fuels. Additionally, the adoption of ethanol fuel by developing economies can help boost the market for fuel ethanol.
Furthermore, the negative impact of greenhouse gas emissions from the use of fossil fuels, which leads to global warming and catastrophic environmental effects, has prompted the adoption of ethanol fuel. Combustion of ethanol fuel produces only carbon dioxide and water, which is less harmful to the environment.
Despite the market's potential for growth, the lack of sufficient agricultural production required for ethanol production remains a significant factor hindering its progress.
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