New York, United States, March 26, 2024 (GLOBE NEWSWIRE) -- The Global Bio Alcohol Market Size is to Grow from USD 13.9 Billion in 2023 to USD 30.6 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 8.21% during the projected period.
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Bio-alcohol, often known as bioethanol or just ethanol, is a particular type of alcohol that is produced using renewable biological resources like cellulosic biomass or crops like wheat, corn, and sugarcane. It is made by fermenting the sugars or starches found in these organic resources, and distilling the concentrated alcohol is the subsequent process. Bioethanol is widely utilized as a biofuel to power machinery and vehicles since it is a more environmentally friendly and sustainable fuel than fossil fuels. It can be used alone or in combination with gasoline. The growing usage of bio-alcohol in agricultural chemicals and transportation fuel is one of the factors driving the global market for bio-alcohol-based medications. One type of biofuel made by fermenting organic materials is bio-alcohol. Waste materials like maize, sugar cane, or animal faces are used to make bio-alcohol. A further resource (apart from food) is the use of agricultural products grown, especially for the production of alcohol. Companies in the infrastructure and transportation sectors use bio-alcohol.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Bio Alcohol Market Size, Share, and COVID-19 Impact Analysis, By Product (Bio methanol, Bioethanol, Biobutanol, Bio-Bdo & Others), By End User (Transportation, Construction, Electronics, Pharmaceutical, & Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The bioethanol segment is expected to hold the largest share of the global bio alcohol market during the predicted timeframe.
Bio alcohol market is classified by product into bio methanol, bioethanol, biobutanol, bio-bdo & others. The bioethanol segment is expected to hold the largest share of the global bio alcohol market during the predicted timeframe. Bio-ethanol is a higher-octane fuel utilized in energy-related processes such as power generation. Its usage in vehicles, buses, airplanes, the medical industry, and fuel cells is expected to quicken market growth.
The transportation segment is expected to hold the largest share of the global bio alcohol market during the anticipated period.
On the basis of the end user, the global bio alcohol market is divided into transportation, construction, electronics, pharmaceutical, and others. Among these, the transportation segment is expected to hold the largest share of the global bio alcohol market during the anticipated period. The increasing depletion of fossil fuels and the escalating environmental problems associated with their usage are the primary drivers of the global bio alcohol industry.
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Asia Pacific is anticipated to hold the largest share of the global bio alcohol market over the predicted timeframe.
Asia Pacific is anticipated to hold the largest share of the global bio alcohol market over the predicted timeframe. Due to the continued growth of end-user industries like electronics and construction. A growing middle class and a huge population in the region are driving up demand for high-performance items. China, India, and Indonesia are among the countries in the region investing heavily in construction and infrastructure projects.
Throughout the projection period, North America is anticipated to increase at the quickest rate. Rising carbon dioxide emissions and the price of crude oil have led to stricter government rules in North America regarding the use of renewable resources. Governments in North America are providing loans to businesses that produce high-performance bio-based chemicals. Germany has a large market share because of the government's strict rules regarding carbon emissions and the usage of biofuels.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Bio Alcohol Market include Archer Daniels Midland Company (ADM), BASF SE, Cargill, Incorporated, Dow Chemical Company, Mitsubishi Chemical Corporation, Braskem, Genomatica, Fulcrum BioEnergy, DuPont de Nemours, Inc., Novozymes A/S, Solvay SA, POET LLC, Green Plains Inc., Raízen Energia S.A. and others.
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Recent Developments
- In October 2022, the Neopentyl Glycol factory, which BASF plans to construct in Zhanjiang Verbund, China, is scheduled to open, BASF and Hannong Chemicals announced plans to form a joint venture for the commercial production of non-ionic surfactants in the Asia Pacific area.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Bio Alcohol Market based on the below-mentioned segments:
Global Bio Alcohol Market, By Product
- Bio Methanol
- Bioethanol
- Biobutanol
- Bio-Bdo
- Others
Global Bio Alcohol Market, By End User
- Transportation
- Construction
- Electronics
- Pharmaceutical
- Others
Global Bio Alcohol Market, By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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