Bio-Alcohol Market Scope -
The strategic and competitive market of bio-alcohol is growing with high pace and is expected to reach ~110 billion by 2027 with CAGR of ~8.8% between 2021-2030.
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Soda Bio-Alcohol Market - Eminent Firms:
BASF SE, Fulcrum Bioenergy Inc, Cool Planet Energy Solutions, E.I. du Pont de Nemours Co., Harvest Power, Inc., Mitsubishi Chemical Corporation, Myriant Corporation, Mascoma LLC, Butamax Advanced Biofuels LLC, Red Rock BioFuels LLC, others.
BASF SE, Fulcrum Bioenergy Inc, Cool Planet Energy Solutions, E.I. du Pont de Nemours Co., Harvest Power, Inc. has dominated the global Bio-Alcohol market share in 2016.
Bio-Alcohol Market - Overview
The global bio-alcohol market is growing with the rapid pace; mainly due to the expanding transportation sector. According to a recent study report published by the Market Research Future, the global market of bio alcohol is prospering and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a stunning growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2021 – 2030).
Globally, the market for bio alcohol is driven by the region North America, owing to implementation of stringent rules and regulations in alcoholic beverages, cosmetics and pharmaceutical industries, among others. Bio alcohol is extensively used as an alternative fuel in transportation sector due to its enhanced efficiency and optimal performance offered by the product. Moreover, the emission of greenhouse gases are reduced immensely due to adoption of biofuel in vehicles and engines. A surge in demand are prompting the manufacturers and investors to shift their focus from fossil fuels to bio products in the major industries.
Growing consumption of biofuels in various applications is the important reason behind their growth in the market. Moreover, end-use industries such as pharmaceutical, and cosmetics provide impetus to the bio alcohol market growth.
On the other hand, gasoline blended with alcohol is used extensively in the end-use industries to provide boosted engine performance and high standard systems
On the flipside, fluctuating raw material prices are considered to restrict the market growth in the coming years. Strict government mandates restricting the use of sulfuric acid is likely to hinder the market growth. Moreover, ill effects of sulfuric acid on human health like irritation in the eyes and skin and skin sensitiveness are expected to vitiate the market growth in the coming years.
The availability of various substitutes such as iron ore, hematite, and celestite are expected to hinder market growth due to their reduced prices and the fact that some of these can be synthetically produced. However, barite is still the most preferred material in oil gas applications which is expected to encourage market growth. Moreover, its applications in the absorption of x-rays and gamma rays make it useful in the medical sector as well as to make special containers to store radioactive materials which are likely to encourage market expansion.
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Segment Study of Soda Bio-Alcohol Market-
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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Industry/ Innovation/ Related News:
June 3, 2015 – Mascoma LLC and the Department of Energy's BioEnergy Science Center, have manufactured a strain of yeast that is set to boost the production of biofuels form non-food matter. This method is expected to increase the production of biofuels in the couple of years than the current one which is formed from corn. Moreover with this development, the biofuel market is expected to witness a rapid growth due to cost-effective nature of the product over the assessment period.
July 14, 2016 – Mitsubishi Chemical Corporation (Japan), a prominent bio fuel producing company, declared that the company has signed an agreement with Mitsui Zosen Machinery to form a corporate tie up for the production and supply of zeolite membranes. The production of these membranes is set to boost the bio alcohol market because they are used in industrial alcohol collection and bio-ethanol water removal systems. Moreover, the company also declared that they are primarily used in these purification systems due to its water and acid resistance features. Therefore, these factors are estimated to drive the market during the forecast period.
Bio alcohol Market - Regional Analysis
On a geographical note, Asia-Pacific region leads the Soda Bio-Alcohol Market in terms of both, volume and value, which is expected to proliferate significantly at a higher CAGR by 2022. In the Asia Pacific, China has been a significant revenue generating country owing to growing end-user industry and an increase in the consumption rate of chemicals by manufacturers. Also, substantial expansion scope in the automotive industry in India, South Korea Taiwan, and leather industries in Vietnam may enhance the market growth. Besides, a surge in personal care and cosmetic products demands from the middle-class population may also stimulate the global Soda Bio-Alcohol Market substantially.
Whereas, North America for second market share in this segment. North America led by the U.S. Soda Bio-Alcohol Market may also witness gains of market by the end of the forecast period. U.S. market, driven by wood coatings and printing ink applications segment along with increased spending on lifestyle products and growing e-commerce industry may boost regional market growth during the projected period.
Europe is now estimated to witness moderate growth on account of rising demand from the automotive sector. Furthermore, stringent regulations for the storage and usage of this product have led to increased innovation and development in this sector.
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