SEATTLE, Nov. 8, 2021
SEATTLE, Nov. 8, 2021 /PRNewswire/ -- According to Coherent Market Insights, The global ethanol market is estimated to account for 131.6 Bn in terms of value, witnessing a CAGR of 4.9% by the end of 2027.
Ethanol is an organic compound that is made from fermented agricultural products like grain, leafy vegetables and animal waste. Unlike other renewable fuel sources, ethanol can be directly converted into liquid fuels, also known as "biodiesel fuels," to meet automotive fuel demands.
Ethanol is produced through fermentation of sugars and starch with the help of the necessary bacteria and yeast. There are two ways to create ethanol: directly by using the animals' waste, and indirectly by using wood and pulp from forests or wood chips. Direct expression of the alcohol is done by distilling the alcohol. On the other hand, indirect expression of the alcohol is done through the process of trans esterification wherein the end products of the fermentation are treated with chemicals for the purpose of clarification and separation. The result is a mixture of sugars and starch, and sometimes, other elements such as nitrogen and phosphorous are added. When this mixture is fermented, the yeast converts it into ethanol, and the mixtures are then transferred to a vat, where they undergo further treatment for a period of time, during which time the mixtures ferment even more, resulting in more ethanol.
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Increasing investment to secure access of ethanol is expected to propel growth of the global ethanol market over the forecast period. For instance, in September 2021, the U.S. Department of Agriculture announced a US$ 7.5 million investment in the American Coalition for Ethanol-led Regional Conservation Partnership Program project to secure access to ethanol for farmers.
Moreover, increasing production of ethanol is also expected to propel growth of the global ethanol market over the forecast period. For instance, in September 2021, Triveni Engineering & Industries Ltd., an agriculture and engineering company in India, announced plans to invest more than US$ 47 million to double its ethanol production over the next nine months to 660,000 litters per day.
Expansion of production capabilities is expected to offer lucrative growth opportunities for players in the global ethanol market. For instance, in October 2021, Clariant AG completed the construction of Sunliquid plant for the production of cellulosic ethanol from agricultural residues in Podari, Romania.
Moreover, commercialization of sustainable ethanol-to-jet projects is also expected to offer lucrative growth opportunities for players in the global ethanol market. For instance, in October 2021, Gevo Inc. a renewable chemicals and advanced biofuels company, partnered with Axens North America Inc., a provider of solutions for the conversion of oil and biomass to cleaner fuels, for R&D in the commercialization of sustainable ethanol-to-jet projects in the U.S.
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Asia Pacific is expected to witness significant growth in the global ethanol market, owing to approval for use of ethanol as an automotive fuel. For instance, in March 2021, The Ministry of Road Transport and Highways, Government of India, approved the use of E20 – a blend of 20% ethanol and 80% gasoline – as an automotive fuel.
North America is also expected to witness significant growth in the global ethanol market, owing to increasing production of ethanol. For instance, in October 2021, the Energy Information Administration (EIA) data analysed by the Renewable Fuels Association reported that ethanol production expanded by 64,000 barrels per day (b/d), or 6.2%, to 1.096 million b/d, equivalent to 46.03 million gallons daily.
Major players operating the global ethanol market include Ace Ethanol LLC, Advanced Bio Energy LLC, Archer Daniels Midland Company, Cargill Inc., Flint Hills Resources, Grain Processing Corporation, MGP Ingredients, and Marquis Energy.
Major players operating the global ethanol market are focused on adopting partnership strategies to enhance their market share. For instance, in October 2021, Archer Daniels Midland Co. partnered with Gevo, Inc., a company focused on transforming renewable energy into low carbon, energy-dense liquid hydrocarbons, to support the production of sustainable aviation fuel and other low carbon-footprint hydrocarbon fuels using ethanol and isobutanol.
By End-Use Industry
Global Ethanol Market, By Region:
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