Fuel Ethanol Market: Demand Analysis and Growth Forecast
Ethanol Fuel, also known as ethyl alcohol, is an alternative to conventional fuel energy. It is the same element that is found in alcoholic beverages and its demand is gaining traction as the emission of CO2 and other pollutants create an imbalance in nature. In addition to the fact that continuous usage of gasoline affects the ozone layer in an irreversible manner, the limitation of natural crude oil resources is encouraging players to harness alternative energy.
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The lack of natural gasoline, emission of greenhouse gases, a sharp rise in crude oil prices, and the need for alternate energy are some of the primary growth drivers of the fuel ethanol market. Moreover, ethanol has multiple application, ranging from the industries of automotive and alcoholic beverage to chemical and pharmaceuticals. A recent market research report from IndustryARC has projected the global fuel ethanol market to return generous profits during the forecast period from 2018 to 2023.
Fuel Ethanol Market: Key Drivers & Disruptive Trends
Alternative energy is one of the keenly discussed agendas across the world today, with the automotive industry working tirelessly to achieve efficiency in the ethanol fuel market. Therefore, the concept of flexible fuel vehicles (FFVs) has emerged. Governments in several countries are contributing to this effort by revising their policies on natural crude oil and the rapid development of FFVs in regions such as North America, European Union, and Asia-Pacific are going to boost the usage of ethanol fuel exponentially in the near future.
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Fuel Ethanol Market: Leading Segments
Based on vehicle type, the fuel ethanol market can be classified into a passenger car, light commercial vehicle, and heavy commercial vehicle. According to end-user industry, the market can be segmented into automotive, pharmaceuticals, chemical and others. The IndustryARC market research report also explores the demand potential of all important regions including North America, Asia Pacific, and Europe.
Fuel Ethanol Market: Competitive Landscape
Pacific Ethanol, Inc. (PEIX) is one of the leading developer of low-carbon renewable fuels and high-end alcoholic products in the U.S. According to PEIX, the market of ethanol fuel vehicles is increasing on a yearly basis. Another company, DuPont, headquartered in the U.S., has developed an enzyme technology which enables the production of more than 68 billion liters of ethanol fuel yearly. This is one of the most remarkable achievements in this field. Apart from these two, Panda Energy, NewGen Technologies Inc., Aventine Renewable Energy Inc. are other players contributing in the ethanol fuel market.
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Alternative energy sources are the need of the hour. The simple fact that every type of natural energy source will end one day has brought the world together. Every country now shares the same agenda of alternative energy for survival. Ethanol fuel is one of that aspect that is going to help the humankind in future. The introduction of biofuel in the automotive industry is one big leap in this sector. This will reduce the emission of greenhouse gases to some extent. With every country investing in alternative energy, the market for ethanol fuel is going to see exponential growth.
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