Global Bio-Alcohols Market - Segmented by Product Type, Application and Geography - Growth, Trends and Forecasts (2018 - 2023)
The bio-alcohols market is estimated to grow at a moderately high rate during the forecast period 2018-2023. Asia Pacific is expected to be the fastest growing supported by increase in energy demand, automotive industry, and stable economic growth. Bio-ethanol is the most widely used biofuel globally especially in Brazil, as the sugar industry in the country is growing at rapid pace in the coming years.
Environmental Effects and Shortage of Fossil Fuels Driving the Market
The demand for fossil fuels increased substantially in the last decades. These are considered to be more expensive and are claimed to be the main reason for global warming. Bio-alcohols are considered to be an alternative for these materials. The exhaust gases of bio alcohols are much cleaner and their usage decreases the net emissions of greenhouse gases by more than 37.1%. The amount of CO2 released is equal to the amount of CO2 consumed by the crops during photosynthesis. All these eco-friendly factors are to drive the market for bio-alcohols through the forecast period.
Bio-Ethanol to Lead the Market
Bioethanol offers higher-octane fuel alternative and is also used for energy oriented applications, such as power generation. Its applications in trucks, buses, airplanes, medical industry, and fuel cells is to lift the growth in the market. The blending of bioethanol with petrol can increase the life span of diminishing oil supplies and ensure greater fuel security globally. Bioethanol is also considered due to its biodegradability and low toxicity than fossil fuels.
Asia Pacific to Lead among Other Regions
Asia Pacific region is expected to be the fastest growing market for bio-alcohols owing to the ongoing growth in the end-user industries including transportation, construction, and electronics. The region has a presence of large population and is witnessing a continuously growing demand for high performance products with increase in the income of the middle class. The countries in the region including China, India, and Indonesia are investing highly on the construction and infrastructure projects. This coupled with growing automotive sector to make the region a prominent market for bio-alcohols.
Major Players: BASF, BioAmber, Braskem, Cobalt, CoolplanetBiofuels, DSM, amongst others.
Reasons to Purchase this Report
To understand the impact of environmental effects and shortage of fossil fuels 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 based 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 Estimate sheet in excel
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