Global ethanol market to reach $178.8bn by 2033
In Delaware, a report by Future Market Insights Global and Consulting stated that the global ethanol market is projected to reach $178.78 billion by 2033 after experiencing a CAGR of 4.6% from 2023 to 2033.
The ethanol industry had experienced a CAGR of 3.9% during the 2018-2022 period
“The main ethanol manufacturers are expected to benefit from emerging ethanol applications by creating new business opportunities. To lower total costs and cut carbon emissions, the aviation sector is concentrating on researching and developing ethanol-blend fuels,” the report said.
According to the research report, North America stands out as the dominant market. The supremacy of North America in the ethanol market can be attributed to several factors. The region benefits from favorable government policies that promote the production and utilization of ethanol as a biofuel. Also, the study stated that there is a growing awareness of the environmental benefits of using ethanol, especially compared to conventional fuels, which has spurred its adoption in the region’s countries.
“Asia Pacific is to witness the most rapid growth rate. This can be attributed to the expansion of ethanol manufacturing capacity in the region and prominent companies investing in ethanol production in various countries across the Asia Pacific,” the study added.
Category: Fuels
