The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, July 18, 2023 /PRNewswire/ -- According to The Business Research Company's Bioethanol Global Market Report 2023, during the forecast period, alternative sources of power generation will support the growth of the bioethanol market. Power generation companies are increasingly using alternate sources of energy such as natural gas, nuclear power and renewables to produce clean and sustainable electricity, driving the bioethanol market. The decreasing cost of installation of renewable sources of energy is also driving the use of these sources for power generation. For example, according to the US Energy Information Administration (EIA), coal's share of total world energy consumption is expected to decline from 25% in 2015 to 22% in 2040. Renewables are expected to be the fastest-growing energy source, with their consumption increasing at an average rate of 2.3% per year between 2015 and 2040. Therefore, the continuous shift to alternative sources for power generation is expected to support the bioethanol market.
The global bioethanol market size will grow from $36.4 billion in 2022 to $40.6 billion in 2023 at a compound annual growth rate (CAGR) of more than 11%. The bioethanol market size is then expected to grow to $60.9 billion in 2027 at a CAGR of more than 10%.
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Major players in the bioethanol market are Abengoa Bioenergia SA, Archer Daniels Midland, CropEnergies AG, Poet LLC, Green Plains Inc., BlueFire Renewables, Valero Renewable Fuels Company LLC, BP PLC, Royal Dutch Shell plc, Alto Ingredients Inc., Attis Biofuels LLC, Cristalco SAS, Ethanol Technologies Ltd., and GranBio Investimentos SA.
Major companies in the bioethanol market are focusing on new technologies and developing technologically advanced products to grow in the market. For example, in July 2021, MicroBioGen, an Australian biotech company, unveiled and demonstrated the production of both high-protein food and low-carbon bioethanol from non-food material using a single biological agent. The development of this technology is to enhance a genetically modified version of the common yeast, Saccharomyces cerevisiae. MicroBioGen's technology, developed in Australia in collaboration with its global partner Novozymes, provides a technological solution to the problem of producing low-carbon fuels while also increasing food production.
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The bioethanol market report 2023 describes and explains the bioethanol market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.
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