Bio-Alcohols Market Value to Grow USD11.6 Billion by 2022
Bio-Alcohols
Market Outlook 2014-2022:
Global Bio-Alcohols Market major
players are BioAmber Inc., Cargill Inc., Genomatica Inc., Myriant
Corporation, BASF SE, Cool Planet Energy Systems Inc., Fulcrum BioEnergy Inc.,
Mitsubishi Chemical Corporation, Harvest Power Inc., Valero Energy Corporation,
BP Biofuels, and Raizen S.A.
Bio-Alcohols Market is
expected to garner $11,574 million by 2022, registering a CAGR of 8.6% during
the period 2014-2022. Bioethanol is the largest segment by type and is expected
to grow at a CAGR of 7.6% during the forecast period, in terms of revenue.
Factors that drive the
growth of the bio-alcohols market are, the
demand for greener fuel coupled with providing long-term energy security to
supply energy in line with economic developments and sustainable environmental
needs. Volatility in crude oil prices is also expected to provide significant
growth opportunities to the bio-alcohol industry players. However, factors such
as utilization of food grains as feedstock and compatibility of biofuels with
automotive frameworks may hamper the market growth during the forecast period.
In 2015, bioethanol was the
leading segment, with more than four-fifths of the market share in terms of
revenue, followed by biomethanol. Bioethanol offers higher octane fuel
alternative for gasoline and it is used for other energy oriented applications such as power generation.
These biofuels are environment
friendly as
they minimize the emissions generated from vehicles. Furthermore, its
applications in airplanes, trucks, buses, as fuel cells, and medical industry
accentuates the growth of the market.
Transportation segment
generated the highest revenue in 2015, followed by power generation
applications. The use of biofuels will reduce pollution and reduce the global
dependence on non-renewable fuel sources. Bio-alcohols are generally used as
additives with gasoline owing to incompatibility with metal, composite, or
elastomeric components.
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Bio-Alcohols Market Key Findings:
- In 2015, North America dominated the global
market with over three-fifths of the share in overall market in terms of revenue.
- Power generation is the fastest developing
application growing at a high CAGR of 9.2% in terms of revenue, from 2016
to 2022.
- Biowaste is the fastest growing raw
material segment with a CAGR of 14.8%, in terms of volume, during the
forecast period.
- Biomethanol is estimated to develop with a
CAGR of 16.2 in terms of revenue from 2016 to 2022, highest among all
types.
- Thailand is expected to grow the fastest in
Asia-Pacific region with a high CAGR of 12.0% during the forecast period.
In 2015, North America is the leading region owing to the
Renewable Fuels Standard (RFS2) policy, which helped spur the production of
biofuels. This policy requires that gasoline sold in the U.S. to contain a
minimum amount of renewable fuels. Further, Asia-Pacific is projected to be the fastest growing region, with a CAGR of 11.5% followed by
Europe with 11.0% owing to the need for renewable fuels and increase in demand
for eco-friendly energy solutions.
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