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Bioethanol Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Bioethanol by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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https://www.thebusinessresearchcompany.com/report/bioethanol-global-market-report

According to The Business Research Company’s Bioethanol, The bioethanol market size has grown rapidly in recent years. It will grow from $41.55 billion in 2023 to $46.5 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to increased demand for clean energy sources, increasing fuel costs, growing demand from the automotive and transportation sectors, emerging markets growth..

The bioethanol market size is expected to see rapid growth in the next few years. It will grow to $72.65 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to government support, global population growth and urbanization, shift to alternative sources of power generation, favorable regulations for blending ethanol, increasing research and development (r&d) activities, and increasing global awareness to reduce greenhouse gas emissions. Major trends in the forecast period include investing in second-generation bioethanol, use of artificial intelligence, new plant expansions, collaborations and acquisitions, technological advancement, and product innovations..

The rise in environmental concerns is expected to propel the growth of the bioethanol market going forward. Environmental concerns refer to the worry about the quality of air, water, and soil in the natural environment. The use of bioethanol has had a positive effect on the environment, which diminishes the emission of exhaust gases and will improve the work of transport facilities and energy safety. For instance, according to the International Energy Agency (IEA), a Paris-based autonomous intergovernmental organization, CO2 emissions in India are expected to rise 50% by 2040. Therefore, the rise in environmental concerns will drive the growth of the bioethanol market.

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The bioethanol market covered in this report is segmented –

1) By Type: Corn-Based Ethanol, Sugarcane-Based Ethanol, Cellulosic Ethanol, Other Types

2) By Blend: E10, E20 And E25, E70 And E75, E85, Other Blends

3) By Production Technology: Dry Mill, Wet Mill

4) By Application: Automotive And Transportation, Food And Beverage, Pharmaceutical, Cosmetics And Personal Care, Other Applications

Major companies in the bioethanol market are focusing on new technologies and developing technologically advanced products to grow in the market. For example, in July 2021, MicroBioGen, an Australian biotech company, unveiled and demonstrated the production of both high-protein food and low-carbon bioethanol from non-food material using a single biological agent. The development of this technology is to enhance a genetically modified version of the common yeast, Saccharomyces cerevisiae. MicroBioGen’s technology, developed in Australia in collaboration with its global partner Novozymes, provides a technological solution to the problem of producing low-carbon fuels while also increasing food production.

The bioethanol market report table of contents includes: