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Fuel Ethanol Market Trends, Growth & Forecast 2024-2033
Fuel Ethanol Market Trends
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According to The Business Research Company's, The fuel ethanol market size has grown strongly in recent years. It will grow from $96.06 billion in 2023 to $102.32 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to expansion of the automotive industry, government policies and regulations promoting the use of biofuels, demand for ethanol as an industrial solvent, consumer behavior shifts, economic growth.
The fuel ethanol market size is expected to see strong growth in the next few years. It will grow to $131.64 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to growing demand for biofuels and renewable energy sources, increasing adoption of ethanol as a fuel additive, expansion of the chemical and pharmaceutical industries, rising demand for ethanol-based beverages, growing demand for ethanol in the transportation sector. Major trends in the forecast period include focus on research and development by industry players, technological advancements, dominance of the fuel and fuel additives application segment, mergers and acquisitions.
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Market Drivers and Trends:
The rising consumption of ethanol in the automobile industry will propel the growth of the fuel ethanol market going forward. Automobiles, also known as motorcars or cars, are typically four-wheeled vehicles that are primarily used for transporting people. Fuel ethanol is used to power automobiles. For instance, in January 2022, according to S&P Global Commodity Insights, a UK-based energy company, the demand for fuel ethanol in Europe is predicted to increase by 10% to 6,490 million liters in 2022, while production is expected to rise by 4% to 6.016 billion liters. Therefore, rising ethanol consumption in the automobile industry is driving the growth of the fuel ethanol market.
Technological advancement is a key trend gaining popularity in the fuel ethanol market. Major companies operating in the fuel ethanol market are developing innovative technologies to strengthen their position in the market. For instance, in October 2022, Honeywell, a US-based conglomerate corporation, launched ethanol-to-jet fuel (ETJ) processing technology. The ethanol-to-jet fuel (ETJ) processing technology enables manufacturers to transform ethanol derived from corn, cellulosic biomass, or sugar into sustainable aviation fuel (SAF). The ethanol-to-jet fuel technology reduces greenhouse gas (GHG) emissions by 80% throughout its full lifecycle as compared to jet fuel made from petroleum.
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Major Key Players of the Market:
Mitsubishi Chemical Corporation, Valero Energy Corporation, The Andersons Inc., Aemetis Inc., British Petroleum Company plc, Cargill Incorporated, Archer Daniels Midland Company, LyondellBasell Industries Holdings B.V., Sasol Limited, Solvay SA, DuPont de Nemours Inc., Delta-T Corporation, Raízen S.A., Green Plains Inc., Renewable Energy Group Inc., Flint Hills Resources, CropEnergies AG, Abengoa Bioenergy, Aventine Renewable Energy Holdings Inc., Big River Resources LLC, Red Trail Energy LLC, Marquis Energy LLC, ICM Inc., Panda Energy International Inc., POET LLC, Pacific Ethanol Inc., BlueFire Renewables, Advanced BioEnergy LLC, White Energy Inc., Andersons Ethanol Group LLC, Glacial Lakes Energy LLC
Fuel Ethanol Market 2024 Key Insights:
• The fuel ethanol market size is expected to see strong growth in the next few years. It will grow to $131.64 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• The Surge In Ethanol Consumption Fuels Growth In The Automobile Industry And Propels The Fuel Ethanol Market
• Revolutionizing The Fuel Ethanol Market Through The Rise Of Technological Advancements And Sustainable Aviation Fuel Solutions
• North America was the largest region in the fuel ethanol market in 2023
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