Bio Alcohol Market Overview
The global bio-alcohol market could achieve a high growth pace of 8.8% during the forecast period (2016-2022), reports Market Research Future (MRFR). It is expected to reach the valuation of USD 110 billion by 2022, backed by rising scarcity of non-renewable resources as well as fluctuating prices of crude oil.
Market Drivers and Key Barriers
An increasing pressure to strike a balance between consumption and fuel supply has been noted around the world. With the rising rate of consumption, the strain on the environment is growing, which gives rise to extraction and exploration rates of crude oil. Surge in carbon emissions hinders the desire to sustain a healthy life as well as a balanced ecosystem.
Bio-alcohol comes into the picture backed by a host of benefits, especially when compared to conventional fuels. This factor is creating accelerated demand for the product in the market. Similar to various bio-based fuels, bio alcohol’s high demand comes from the fact that it is renewable and doesn’t leave much carbon footprint compared to crude-oil-based fuels. At present, a large number of bio alcohol producers make use of organic waste like biomass and other types of feedstock. The market could expect significant boost from the rising production rates on account of emergence of advanced technologies. With these technologies becoming commercially available, the global bio alcohol market could grow at an accelerated pace.
The bio alcohol market also benefits from the shortage of fossil fuels and the rising pollution level. Other than this, with bio alcohols’ power potential being high, its use is rising at a significant rate.
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The bio-alcohol market share is segmented on the basis of type and application.
The types of bio-alcohol are Bioethanol, Bio-Methanol, Biobutanol, And BDO.
Application-wise, the market has been considered for infrastructure, transportation, medical, power generation and others.
From a regional perspective, Asia Pacific, North America, Middle East and Africa and Europe are the key markets for bio-alcohol.
North America seizes the biggest share of the worldwide bio alcohol market. The United States (U.S.) leads the regional market backed by the rising adoption of biofuels in external combustion engines as well as power generation systems. Surge in consumption of bio-alcohol in alcoholic beverages, transportation, pharmaceutical and cosmetics industries has raised the product demand in Mexico and Canada.
Asia Pacific bio-alcohols market’s high growth pace from 2016-2022 is the result of the vigorously expanding transportation sector. Transportation sector is predicted to be the largest market, with context to revenue on account of the increasing use of bio-based fuels. China is evaluated to be the highest gaining market in the region, backed by the rising demand in the automotive industry. Stringent national regulations with regard to fuel consumption as well as CO2 emission from the transportation sector stimulates market growth in the region.
The bio-alcohol market in Europe is shaping up quite lucratively owing to the rising scarcity of non-renewable resources as well as unstable prices of crude oil. Bio-fuels find widespread demand in the region on account of the expanding population and subsequent growth in the demand for vehicles. With continuous advancement in technology, use of cellulosic biomass is rising within the industrial sector. This could be another critical factor driving future market growth.
Mitsubishi Chemical Corporation (Japan), Cool Plant Energy Systems (U.S.), DowDuPont (U.S.), POET, LLC (U.S.), Cargill, Incorporated (U.S.), INEOS (Switzerland), BP Biofuels Advanced Technology Inc. (U.S.), Mascoma LLC (U.S.), Myriant Corporation (U.S.), CropEnergies AG (Germany) and Abengoa Bioenergy S.A (U.S.), are some of the esteemed players enlisted by MRFR as the frontrunners in the worldwide bio alcohol market.
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