Fuel Ethanol Market Forecast 2024-2033: Growth Rate, Drivers, And Trends|Mitsubishi Chemical Corporation, Valero Energy Corporation, The Andersons Inc., Aemetis Inc., British Petroleum Company PLC

Airplane and biofuel tank trailer. Decarbonization concept

The Fuel Ethanol Global Market Report 2024 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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According to The Business Research Company’s Fuel Ethanol Global Market Report 2024, 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.

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.

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The fuel ethanol market covered in this report is segmented –

1) By Product: Starch Based, Sugar Based, Cellulosic
2) By Source: Synthetic, Natural
3) By Raw Material: Maize, Wheat, Industrial Beets, Sugarcane, Cereal and Starch, Other Raw Materials
4) By Application: Conventional Vehicles, Flexible Fuel Vehicles
5) By End-User: Automotive, Oil and Gas, Other End Users

Major companies operating in the fuel ethanol market are forming partnerships to develop new products and strengthen their positions in the market. Collaborations and partnerships in the fuel ethanol market foster innovation, leverage complementary expertise, and accelerate the development and commercialization of advanced therapies by combining resources and capabilities. For instance, in March 2022, Twelve, a US-based chemical technology company partnered with LanzaTech Inc. a US-based biotechnology company that specializes in carbon capture and conversion of carbon-rich waste gases into sustainable fuels and chemicals. Through the use of Twelve’s carbon transformation technology to convert CO2 to CO and LanzaTech’s tiny Continuous Stirred Tank Reactor (CSTR) to convert CO to ethanol, this partnership seeks to completely eliminate fossil fuels from the manufacturing of ethanol. The collaboration demonstrates Twelve’s dedication to creating cutting-edge responses to climate change and its emphasis on turning CO2 into useful products.

The fuel ethanol market report table of contents includes: