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Bio Alcohol Market Growth, Upcoming Trends, Size, Demand And Forecast by 2024
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Based on raw materials, the bio alcohol market is bifurcated into grains, sugarcane, industrial beets, biowaste, and others. In 2017, grains dominated the market and is expected to maintain its dominancy throughout the forecast period. Cereal grains are widely used for food and feed applications; however, overproduction of cereals and advancement in technology in tillage, seed production, and sowing led cereals to be used as an energy source.
The demand for fossil fuels is increasing substantially over the last decades. These are considered to be highly expensive and are claimed to be the main reason for global warming. Bio-based alcohols are considered to be an alternative for fossil fuels. The exhaust gases of these alcohols are much cleaner and their usage reduces the net emissions of greenhouse gases by more than 37.1%. All these eco-friendly factors are anticipated to drive the bio alcohol market through the forecast period. Apart from this, the power potential of bio-based alcohol is also high, making it a highly feasible fuel to be used at large scales.
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Asia-Pacific is expected to be the fastest growing region for bio alcohol market owing to the enduring growth in the end-user industries including construction, transportation, and electronics. The region has a presence of huge population and is witnessing a growing demand for high performance products with increase in the income of the middle class. The countries in the region including China, India, and Indonesia are investing highly on the construction and infrastructure projects. This coupled with growing automotive sector to make the region a prominent market for bio-based alcohols.
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