Asia-Pacific Bio-Alcohols Market - Segmented by Product Type, Application and Geography - Growth, Trends and Forecasts (2018 - 2023)
The Asia-Pacific bio-alcohols market is estimated to grow at a higher rate during the forecast period 2018-2023. China is estimated to lead the regional market supported by the ongoing surge in demand from the country’s automotive industry. Transportation industry is expected to account for the largest share of the market in terms of revenue owing to the increasing usage of bio-based fuels mainly due to their low emission features.
Growing Stringent Regulations Driving the Market
The stricter national regulations for the fuels consumption and CO2 emission from transportation industry are driving the market for bio-alcohols in the region. The growth of both regulation and targets for low-carbon vehicles (LCV) in the region is shaping the growth of the bio-alcohol market. The usage of biofuel improves the octane rating fuels and reduce the carbon footprint. The region is considered to be the most polluting resulting from burning of fossil based fuels among all other regions. The countries in the region are exploring innovative clean and green financing products, such as green bonds, moving towards a sustainable, low carbon economy. These initiatives are driving the market in the region.
Transportation to be the Largest End-user Industry
Biofuels are the renewable fuels that can be blended into petrol and diesel. They are the cost-effective way to control CO2 emissions in the transport sector, as long as their production is managed in controlled environment. The two main bio-alcohols used as bio-fuels in transportation industry include bio-ethanol and bio-methanol. Most of the gasoline contains a part of ethanol made from the plant starches and sugars. With China and India’s consistently growing automotive sectors, the market for bio-alcohols in the transportation sector is expected to have upward trend over the forecast period.
Thailand to be the Fastest Growing Market in the Region
Currently, Thailand is implementing their Alternative Energy Development Plan 2015 (AEDP 2015), which covers the development of renewable and alternative energy in the country until 2036. The country has a goal that 30% of the energy consumed should be utilize from renewable source of energy by 2036. The government in the country is targeting to increase its consumption of ethanol from 1.18 billion liters in 2015 to 4.1 billion liters by 2036. They are promoting the use of gasohol through price incentives (tax relief at the retail level) and reduction of excise tax for cars compatible with E20 and E85 gasohol. All these initiatives makes the country to be the fastest growing market for bio-alcohols in the region.
Major Key Players include BioAmber, Cargill, Cobalt, DSM, Mitsubishi Chemical Corporation, Henan Tianguan Group Co. Ltd., etc., amongst others.
Reasons to Purchase this Report
To understand the impact of increasing stringent regulations on the market.
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the trend of end-user industries with application of bio-alcohols
Countries expected to witness the fastest growth during the forecast period
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimation sheet in excel
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