Market Analysis
The global bio-alcohol market is likely to touch USD 110 billion at an 8.8% CAGR between 2016- 2022, reveals the new Market Research Future (MRFR) report. Bio-alcohol is utilized as a fuel in different alcohols like butanol, ethanol, propanol, and methanol. This is an organic chemical that is used as fuels in different engines and is made by the action of microorganisms as well as enzymes during the process of fermentation of sugars or starches. Bio-alcohol is eco-friendly and has extensive applications, including power generation, medical, transportation, infrastructure, and others. The most widely used bio alcohol comprise of BDO, biobutanol, biomethanol, and bioethanol.
Various factors are adding to the global bio alcohol market share. These factors, as per the new MRFR report, include increasing investments to develop advanced technologies in bio-alcohol process, rising consumers’ preference towards adopting eco-friendly bio alcohols, increasing fluctuation in the prices of crude oil, increasing awareness about the advantages offered by bio alcohol, burgeoning demand for energy resources that are eco-friendly, and increasing demand for fossil fuels in different end use industries.
On the contrary, high bio alcohol cost is likely to limit the global bio alcohol market growth over the forecast period.
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Key Players
Key players profiled in the global bio-alcohol market report include Red Rock BioFuels LLC, Butamax Advanced Biofuels LLC, Mascoma LLC, Myriant Corporation, Mitsubishi Chemical Corporation, Harvest Power, Inc., E.I. du Pont de Nemours & Co., Cool Planet Energy Solutions, Fulcrum Bioenergy Inc, and BASF SE. Industry players have incorporated innumerable strategies to stay head & shoulders above others in the market and also cater to the burgeoning demands of the customers. These strategies include contracts, geographical expansions, strategic alliances, joint ventures, collaborations, new product launches and development, extensive R&D, and others.
Market Segmentation
The MRFR Report provides an inclusive segmental analysis of the global bio-alcohol market based on application and type.
By type, the bio-alcohol market is segmented into BDO, biobutanol, biomethanol, and bioethanol. Of these, the bioethanol segment will lead the bio-alcohol market over the forecast period as it is utilized for energy-oriented applications like power generation and provides higher-octane fuel alternative. Besides, its applications in fuel cells, medical industry, airplanes, trucks, and buses are also adding to the growth of this segment.
By application, the bio-alcohol market is segmented into power generation, medical, transportation, infrastructure, and others. Of these, the transportation segment will dominate the market over the forecast period.
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Regional Analysis
Based on the region, the bio-alcohol market report covers the recent trends and growth opportunities across Europe, the Asia Pacific (APAC), North America, and the Rest of the World (RoW). Of these, North America will dominate the market over the forecast period. The US is the key contributor in the region as automobile industries in this region are laying emphasis on bio-based fuels for increasing fuel efficiency.
The bio-alcohol market in Europe is likely to possess the second-largest share during the forecast period for strict government regulations concerning sustainable greener environment and carbon emission.
The bio-alcohol market in the APAC region is predicted to grow at the fastest pace over the forecast period. Factors adding to the bio alcohol market growth in the region include the increasing income of the middle-class population, burgeoning demand for high-performance products, huge population, and enduring growth in various end-user industries such as electronics, transportation, and construction. Indonesia, India, and China are the major contributors in the region as they are making heavy investments on infrastructure and construction projects along with the rapidly growing automotive sector are also adding market growth.
The bio-alcohol market in the Rest of the World is predicted to have healthy growth over the forecast period.
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