OTTAWA, Jan. 18, 2021 (GLOBE NEWSWIRE) — Precedence Research, Recently Published Report on “Ethanol Market (By Source: Second Generation, Grain-based, and Sugar & Molasses Based; By Purity: Denatured and Undenatured; By Application: Industrial Solvents, Fuel & Fuel Additives, Beverages, Disinfectant, Personal Care, and Others) – Global Market Size, Share, Trends Analysis, Segment Forecasts, Regional Outlook 2021 – 2030”.
Ethanol is a flammable chemical which is also known as ethyl alcohol. It is a renewable and colorless chemical which is primarily manufactured by the fermentation of sugar-based materials, starch, as well as cellulose based feedstocks including corn, barley, wood, and wheat, among others. Ethyl alcohol is an organic solvent having high solubility, owing to which it is mainly used in the various end-use applications in industrial sector. Ethanol is a primary component in the production of alcoholic beverages and it is extensively used in the pharmaceutical industries as a preservative. Major applications of the ethanol include fuel & fuel additives, disinfectant, beverages, personal care, industrial solvents, and others. Further, the sudden rise of the COVID-19 pandemic has led to an increased usage of alcohol-based hand sanitizers due to which demand for ethanol has been augmented tremendously.
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Increasing usage of ethyl alcohol as biofuel is a major factor driving growth of the global ethanol market. Additionally, increasing consumption of alcoholic beverages is among the major factors boosting demand for ethanol worldwide. Currently, due to the rise of the COVID-19 pandemic, usage of alcohol-based hand sanitizers has been increased, which is expected to boost growth of the target market in the near future. Food and Drugs Administration has approved ethanol as active ingredient in the manufacturing of alcohol based hand sanitizers, hence leading players operating on the global ethanol market are focusing on the capacity expansion and production of the ethanol. These factors are supporting in flourishing the target industry. Moreover, government in the developed as well as emerging economies are promoting ethanol production, as ethanol is a renewable biofuel. Also, growing awareness among individuals regarding environmental safety is another factor to boost growth of the target industry in the near future. Ethanol is environmental fuel thereby reduces the level of pollution which is a crucial factor for the adoption of ethanol in most of the fuel blends which is fueling growth of the target industry during the forecast period. Nevertheless, emerging markets of ethanol is anticipated to create potential opportunities for the growth of the target market.
- Among the source segment, grain-based chemicals segment dominated the overall market in 2020, owing to enormous consumption of grain-based ethanol in several end use industries including automotive and food. The sugar & molasses-based source segment is expected to grow at a significant CAGR during the forecast time-frame.
- Among the purity, denatured segment accounted for the significant share. Undenatured segment is expected to grow at a significant CAGR during the forecast time-frame.
- Among the application, fuel & fuel additives segment accounted for the significant share. Beverages segment is expected to grow at a significant CAGR during the forecast time-frame.
- HPCL Biofuels Limited accounted for a significant share of the global ethanol market.
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The report covers data for North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America dominated the global market with a market share of more than 30%, in 2020. The growth of the region primarily attributed to growing industrialization, coupled with increasing consumption of the biofuel in North America especially in the United States. As per the data published by the Renewable Fuels Association, U. S. is the major exporter of ethanol. Further, presence of leading players, along with favorable government regulations for the biofuel usage are among major factors augmenting growth of the target market in the near future. Also, growing usage of the alcohol-based hand sanitizers due to increased numbers of COVID-19 cases in North American countries is projected to fuel target market growth in the next few years. Asia Pacific is expected to register significant market share over the forecasted period owing to increasing adoption of ecofriendly fuel in the countries especially in China, India, Japan, Thailand and in the region. Also, favorable government regulations for renewable products in order to reduce environmental pollution are responsible for the high demand for ethanol in the region. Moreover, growing research and development activities by the key companies in the country is other important factors to contribute to the high market share of the Asia Pacific over the forecast period. Growth in Latin America is accredited to plentiful availability of the raw material used in ethanol production along with growing product demand from the automotive industry. African and Middle Eastern regions will display noticeable growth over the forecast period.
Key Market Players and Strategies:
The major companies functioning in the worldwide ethanol include Flint Hill Resources LP, Braskem, Andersons Ethanol Group, Archer Daniels Midland Company, Cargill Corporation, Aventine Renewable Energy, HPCL Biofuels Limited, Butamax Advanced Biofuels LLC, Advanced Bioenergy LLC, British Petroleum among others. Noteworthy investment in the research and development of the ethanol coupled with acquisition, mergers, and strategic collaborations are the key business strategies undertaken by the companies operating in the global ethanol market.
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