Bio alcohol Market – Overview
The global bio alcohol market is growing with the rapid pace; mainly due to the expanding transportation sector. According to a recent study report published by the Market Research Future, the global market of bio alcohol is prospering and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a stunning growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2023).
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Globally, the market for bio alcohol is driven by the region North America, owing to implementation of stringent rules and regulations in alcoholic beverages, cosmetics and pharmaceutical industries, among others. Bio alcohol is extensively used as an alternative fuel in transportation sector due to its enhanced efficiency and optimal performance offered by the product. Moreover, the emission of greenhouse gases are reduced immensely due to adoption of biofuel in vehicles and engines. A surge in demand are prompting the manufacturers and investors to shift their focus from fossil fuels to bio products in the major industries.
Growing consumption of biofuels in various applications is the important reason behind their growth in the market. Moreover, end-use industries such as pharmaceutical, and cosmetics provide impetus to the bio alcohol market growth.
On the other hand, gasoline blended with alcohol is used extensively in the end-use industries to provide boosted engine performance and high standard systems
Bio alcohol is used as an advanced fuel in engines and other systems because it increases the performance and efficiency. The types of the product such as bioethanol, bio alcohol, bio butanol are used in heavy end-use industries that offer cost-effective nature and ease of application to the product. Bio alcohol are used in transportation, medical, pharmaceutical, cosmetics, pharmaceutical, aviation and automotive sectors to provide high performance operating systems.
On the other hand, the market is being hindered by an extensive use of food grains as a feed stock in the biofuel production due to growing population.
INEOS (Switzerland), CropEnergies AG (Germany), POET, LLC (U.S.), BP Biofuels Advanced Technology Inc. (U.S.), Cargill, Incorporated (U.S.), DowDuPont (U.S.), Abengoa Bioenergy, S.A (U.S.), Cool Plant Energy Systems (U.S.), Myriant Corporation (U.S.), Mascoma LLC (U.S.), and Mitsubishi Chemical Corporation (Japan) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global bio alcohol market.
Bio alcohol market – Competitive Analysis
The Bio alcohol market appears to be competitive with the presence of several large and small players operating in the global market. These major players are competing in the market on the basis of price, raw material type, quality, technology and innovation. Bio alcohol market is attributed to grow at a higher growth and likely to attract many newcomers in the market resulting in to strong competition in the future. Manufacturers operating in the bio alcohol market are striving to respond to the growing demand for the product in pharmaceuticals, cosmetics, automotive, and others. They ensure to produce best quality products based on feedstock, efficiency, performance and factors that are trending in the market.
Industry/ Innovation/ Related News:
June 3, 2015 – Mascoma LLC and the Department of Energy’s BioEnergy Science Center, have manufactured a strain of yeast that is set to boost the production of biofuels form non-food matter. This method is expected to increase the production of biofuels in the couple of years than the current one which is formed from corn. Moreover with this development, the biofuel market is expected to witness a rapid growth due to cost-effective nature of the product over the assessment period.
July 14, 2016 – Mitsubishi Chemical Corporation (Japan), a prominent bio fuel producing company, declared that the company has signed an agreement with Mitsui Zosen Machinery to form a corporate tie up for the production and supply of zeolite membranes. The production of these membranes is set to boost the bio alcohol market because they are used in industrial alcohol collection and bio-ethanol water removal systems. Moreover, the company also declared that they are primarily used in these purification systems due to its water and acid resistance features. Therefore, these factors are estimated to drive the market during the forecast period.
Bio alcohol Market – Regional Analysis
Geographically, North America region holds the major portion of global bio alcohol market. The U.S. is the leading country in the market owing to growing adoption of biofuels in external combustion engines and power generation systems. Increasing consumption of the product in transportation, alcoholic beverages, cosmetics and pharmaceutical industries has boosted the bio alcohol market demand in Canada and Mexico. Asia Pacific region is set to grow at a higher CAGR owing to growing demand of eco-friendly products. Additionally, the European region has witnessed a significant growth due to progress achieved in research & development activities of the product.
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