USD 85.9 billion
Report ID: SQSG15A2021 | Region: Global | Published Date: November, 2022 | Pages: 165 | Tables: 87 | Figures: 76
Global Ethanol Market size was valued at USD 85.9 billion in 2021 and is poised to grow from USD 90.1 billion in 2022 to USD 125.94 billion by 2030, growing at a CAGR of 4.9% in the forecast period (2023-2030).
Growing interest in using the ethanol as a biofuel is driving up demand for biofuels. Another primary determinant of market expansion is the increase in alcohol use. Emerging ethanol uses are expected to provide new business prospects for the major players in the global market. To lower total costs and cut carbon emissions, the aviation sector is concentrating on the research and innovation of ethanol-blend fuels. In the upcoming years, it is anticipated that the ethanol uses in ignition systems and emission reduction in the transportation industry would lead to improved chances. Additionally, the use of ethanol-based disinfectant has grown due to coronavirus outbreak, in return it is expected to witness a high global adoption in the coming years. Ethanol works as a good disinfectant against germs, viruses, and fungus, therefore it has a huge potential in the agro-chemical industry.
US Ethanol Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 85.9 billion
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The Global Ethanol Market is segmented based on source, purity, application and region. Based on type, ethanol market is categorized into second generation and grain-based. Based on purity, the market is categorized into denatured and undenatured. Based on application, market is categorized into beverages, fuel & fuel additives. Based on region, global market spans North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.
Analysis by Source
On the basis of source, the grain-based category dominated the global market with the largest market share in terms of volume. Easy access to corn and maize and the global development of effective technologies have accelerated the segment's expansion. Dry milling is the main method used to make grain-based ethanol, and one bushel of maize can provide 2.86 gallons of denatured ethanol. As manufacturers address issues related to yields and demand saturation, corn production is anticipated to slow down globally. One of the main methods for producing ethanol worldwide is presently sugar mills. Global acceptance of molasses-derived ethanol is growing, and developing nations are setting the pace. The demand is being driven by the qualities of disinfection and coalescence. The use of molasses as a feedstock for the synthesis of ethanol will increase when low-carbon fuel requirements are adopted.
Analysis by Purity
On the basis of purity, denatured alcohol is expected to experience the largest volume growth in the forecasted period, due to the rising demand of the fuel and home chemicals industries. To produce the necessary properties, it can be mixed with other compounds. It is mostly used in formulations for disinfecting and cleaning both indoor and outdoor spaces.
Denatured alcohol is ideal for use in domestic applications because it is mostly generated from natural sources like corn starch and cereals. The increased awareness of interior hygiene and the negative impacts of synthetic substances are two more significant growth-promoting elements.
Analysis by Application
On the basis of application, fuel and fuel additives accounted for the largest segment with the highest market share. Demand for ethanol, which is used to make gasoline additives to increase fuel economy, is being driven up by both the expanding demand for vehicle fuel and the evolving rules aimed at lowering air pollution. Due to its widespread use in important end-use sectors, industrial solvent is among the applications that is steadily expanding. The overall demand is anticipated to benefit from the increased demand from the pharmaceutical and paint & coatings industries. Macroeconomic variables including governmental policies and federal bank provisions to have a significant impact on the application segment's future growth.
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Based on region, North America has dominated the ethanol industry because of the supportive government regulations for its production and usage as a biofuel, as well as rising awareness of the need to reduce environmental pollution brought on by the use of conventional energy sources in the region's nations.
Due to its rising ethanol production capacity and the presence of major corporations, Asia Pacific is predicted to witness rapid expansion. The abundance of feedstock available for ethanol production is another important element driving the expansion of the ethanol business in Latin America. Due to Brazil's expanding ethanol production and export, Brazil is anticipated to hold a significant revenue share in the Latin American ethanol market in the near future.
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Regulatory relaxation and increase in beverage consumption to boost the market growth
Most people use ethanol as a biofuel because it is a cheap, clean energy source that is simple to generate, as opposed to gasoline and diesel, which are made via a labor-intensive process. Since biofuel is viewed as an environmentally benign substitute for gasoline, the ethanol market has grown quickly over the past ten years as a result of the regulatory authorities' quick backing of the industry. Global government initiatives to promote the production of fuel that is self-sufficient and to encourage the establishment of new businesses have a positive impact on the ethanol market.
Alcoholic drinks that include ethanol, which were once thought of as a premium offering, are now gradually evolving into a necessity that is present in the majority of families worldwide. Entry of expensive products into the market is the main aspect driving growth. The production of premium offerings has increased as a result of rising disposable incomes and growing ingredient understanding.
Increased costs of raw materials and supply-chain restrictions to impede the market growth.
One of the main obstacles to the worldwide ethanol market's expansion is the increase in raw material prices. The primary inputs for the production of ethanol include feedstocks including sugarcane, corn, wheat, and barley, all of which are susceptible to changes in rainfall or unfavorable monsoon conditions.
Supply-chain restrictions coupled with import restrictions are also unfavorable. As a result, there will likely be a shortage of maize with high material cost, which would likely have a detrimental effect on the expansion of the ethanol industry. Due to fluctuations in the source of raw materials, the impact of this limitation is anticipated to stay moderate during the projected period.
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The market players can expect new growth opportunities as the acceptance of eco-friendly products rise. The value chain has changed as a result of recent developments in the global market. Manufacturers are currently considering ways to lower the risk, such as buying stock in raw material businesses or signing forward contracts. Initially, manufacturers relied on two to three suppliers for raw materials, which poses a risk because contingency plans do not always work. Manufacturers are now looking into ways to reduce risk, such as acquiring stakes in raw material companies or entering into forward contracts.
Ethanol Market Top Players Company Profiles
Ethanol Market Recent Developments
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According to the global ethanol market report analysis the market is currently led by countries in the North America with grain-based and denatured ethanol segments dominating the market share, due to their increasing demand and government regulations supporting the production and use of ethanol as a biofuel.
|Market size value in 2021||USD 85.9 billion|
|Market size value in 2030||USD 90.1 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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MARKET DYNAMICS & OUTLOOK
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For the Global Ethanol Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Ethanol Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Ethanol Market:
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