Fuel Ethanol Market
The Fuel Ethanol Market size is estimated to reach US$121.9 billion by 2027, after growing at a CAGR of 5.7% during the forecast period 2022-2027. The growth of the fuel ethanol market would be highly influenced by surging demand from automotive, oil & gas and others due to its excellent features such as renewability and reduction in carbon emissions. Fuel ethanol is produced from natural sources such as starch-based, sugar-based and cellulosic, which is increasingly utilized in flexible fuel vehicles, owing to its environment-friendliness, which further drives the fuel ethanol industry. According to the Renewable Fuel Association (RFA), 11 models are available as flexible fuel vehicles (FFVs) in 2021-22. The growing automotive industry due to rising vehicle electrification, an upsurge in production for flexible fuel vehicles and an established manufacturing base is fueling the growth of the Fuel Ethanol industry.
Fuel Ethanol Market: The Automotive Industry Leads the Market
Based on the end-use industry, the Fuel Ethanol market can be segmented into automotive, oil & gas and others. The leading segment in the fuel ethanol industry has been evaluated to be the automotive industry. During the forecast period 2022-2027, the automotive industry is projected to grow at a CAGR of 6.3%. This can be attributed to growth factors such as a significant upsurge in automotive vehicle production, rising vehicle electrification and industrialization.
According to the International Organization of Motor Vehicles Manufacturers (OICA), the global production of passenger cars increased from 55,834,456 units in 2020 to 57,054,295 units in 2021. Thus, the fuel ethanol industry would grow significantly as a result of emerging applications of fuel ethanol in the transportation sector, majorly in automotive for fuel cells, flexible fuel vehicles and others over the forecast period.
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Fuel Ethanol Market: North America Holds the Largest Share
Based on geography, the Fuel Ethanol market can be segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC's analysis, North America has emerged as the most profitable region. In 2021, North America held a 43% share of the total revenues earned by the market, globally. The North American region is estimated to grow rapidly due to the established manufacturing base, emphasis on fuel-efficient vehicles and significant urbanization trends. The automotive sector is lucratively growing in North America due to the rising of strict regulations for particulate emissions, production of fuel-efficient automotive vehicles and growing public transportation activities.
According to Statistics Canada, around 1.6 million new vehicles were registered in Canada in 2021, marking an increase of 6.5% over 2020. With robust growth scope for fuel ethanol in the automotive industry for flexible fuel vehicles, fuel cells and others across APAC countries, the fuel ethanol industry would emerge significantly in over the forecast period. The fuel ethanol market would also gain demand from the APAC region. China, India and others are emerging countries in the Fuel Ethanol industry.
Fuel Ethanol Market: Competitive Landscape
Key companies holding major shares in the fuel ethanol market are DowDuPont, Petrobras, Alcogroup, BlueFire Renewables Inc, BP PLC, Cristal Union, Cropenergies AG, Pacific Ethanol, Inc, Archer Daniels Midland Company and Valero Energy Corporation.
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